Report : Passion Fruit Concentrate Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Source (Organic and Conventional) and End Use (Infant Food, Beverages, Bakery and Snacks, Ice Cream and Yogurt, and Others)
Rising consumer spending for packaged and convenience foods to escalate passion fruit concentrate market growth at 4.7% CAGR during 2019–2027
According to our latest market study on “Global Passion Fruit Concentrate Market Forecast to 2027 – Covid-19 Impact and Global Analysis – By Source (Organic and Conventional); End Use (Infant Food, Beverages, Bakery and Snacks, Ice Cream and Yogurt, and Others); and Geography,” the market was valued at US$ 464.57 million in 2019 and is projected to reach US$ 668.83 million by 2027; it is expected to grow at a CAGR of 4.7% from 2019 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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Passion fruit is a tropical nutritious fruit that grows in warm climates. It is majorly cultivated in South America, Africa, and other regions. Passion fruit concentrate is processed from ripe passion fruit to retain the characteristic flavor and color of the whole fruit. Passion fruit concentrate is an affordable alternative to fresh passion fruits. Passion fruit concentrates have more shelf life and are convenient for consumers who do not have access to fresh passion fruits. Passion fruit concentrate offer nutrients that reduce inflammation and promote healthy skin. Moreover, it is affordable than packaged passion fruit juice and doesn’t spoil easily. As passion fruit concentrate is rich in antioxidants, which helps mop up harmful free radicals from the human body, it is gaining momentum among health conscious consumers. Additionally, growing urbanization, changing lifestyles, hectic schedules, busy and fast life as well as rising disposable income are fueling the demand for convenience foods. Passion fruit concentrate is convenient and easy to consume as it does not require laborious peeling and cutting, thereby saving the time of consumers. Hence, the advantages offered by passion fruit concentrate coupled with its health benefits is improving its momentum among consumers, thereby amplifying the market growth.
Nowadays, consumers prefer to purchase food products that offer both convenience and health benefits. Passion fruit concentrate is one of the best economic and convenient alternatives for fresh passion fruits in various applications, thereby escalating its demand in the global market. Growing demand for healthy and convenient food, growing urbanization, changing lifestyles, and rising disposable income are the major factors that are fueling for market growth. The demand for passion fruit and other fruit concentrates are increasing due to busy and fast life, hectic schedules, and increasing awareness about the health benefits of fruits. There are various technological advancements emerging in the food processing industry, which assists in improving the growth of the passion fruit concentrates market. Also, passion fruit concentrate is convenient and easy to consume as it does not require laborious peeling and cutting, thereby saving the time of consumers. Moreover, passion fruit concentrates are also used in infant foods. The use of nutritious passion fruit concentrate in infant foods will aid in the proper growth of infants. The rise in the number of working women attributed to changing lifestyles and urbanization resulted in improved demand for baby food products, further amplifying the market growth.
Britvic Plc, Ceres Fruit Juices Pty Ltd., CO-RO A/S (Sunquick Concentrate), Dafruta, Ingredion Incorporated, Kiril Mischeff Group Ltd., Passi AG, Planters Treasure Enterprises Pvt Ltd. are among the well-established players present in the global passion fruit concentrate market.
Impact of COVID-19 Pandemic on Passion Fruit Concentrate Market
The COVID-19 pandemic first began in Wuhan (China) in December 2019, and since then, it has spread around the globe at a fast pace. The COVID-19 outbreak has affected economies and industries due to imposed lockdowns, travel bans, and business shutdowns. Food & beverages is one of the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. This is further projected to impact the demand for passion fruit concentrate products globally.
The report includes the segmentation of the global passion fruit concentrate market as follows:
By End Use