Fruit and Vegetable Ingredients Market to Reach $294.5 Billion by 2030
Author : Pallavi Garudkar | Published On : 02 May 2024
In its latest report, Meticulous Research® delves into the dynamics of the Fruit and vegetable ingredients market. Projections indicate a substantial surge, with the market poised to reach $294.5 billion by 2030, boasting a commendable CAGR of 5.5% from 2023 to 2030. This growth trajectory is underpinned by escalating demand for natural ingredients, the multifarious benefits of fruit and vegetable ingredients across the food and beverage landscape, and the rising popularity of ready-to-eat and ready-to-drink products. Despite promising prospects, challenges such as fluctuating raw material prices and logistical complexities in storage and handling present hurdles to market expansion.
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The market segmentation encompasses categories such as fruit ingredients and vegetable ingredients, along with types including concentrates, pieces & powders, NFC juices, paste & purees, and others. Nature-wise, the study scrutinizes organic and conventional ingredients, while applications span beverages, bakery & confectionery products, dairy products, soups & sauces, savory & prepared food products, and others. Geographically, the analysis spans North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, offering comprehensive insights at regional and country levels.
Among the categories examined, fruit ingredients emerge as the frontrunners, owing to their versatility, affordability, and widespread adoption across various applications. Concentrates lead the types of segment, favoured for their adaptability in beverages and other applications, offering enhanced taste, flavor, and convenience while minimizing costs and logistical complexities.
The organic segment is anticipated to witness the highest CAGR, fueled by surging demand for organic food and beverages, a growing preference for sustainable and natural products, and rising awareness regarding clean-label offerings. Organic ingredients are perceived as safer and healthier alternatives, devoid of chemicals and pesticides, further bolstering their appeal.
In terms of applications, beverages take center stage, buoyed by increasing awareness of the health benefits associated with natural flavors, a flurry of new product developments and launches, growing demand for organic beverages, and the rising popularity of flavored soft drinks. Europe is poised to dominate the regional landscape, fueled by rising consumer demand for healthier and natural products, a burgeoning market for ready-to-eat and ready-to-drink products with high nutritional value, and an uptick in health and wellness concerns. Key players shaping the competitive milieu include Archer-Daniels-Midland Company, Olam International Limited, Cargill, Incorporated, and others, with their innovative offerings and strategic maneuvers.
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