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.
South America is expected to grow with the highest CAGR of 5.4% during the forecast period. Passion fruit is native to subtropical regions of South America. It is commonly eaten as fresh fruit and is processed for cooking purposes in South America. The demand for passion fruit concentrate is expected to increase in the region owing to the shift of consumer’s preference toward products with health benefits. High disposable income and changing lifestyles of the growing population also boosts the demand. A shift in the eating habits, living patterns, and rising disposable income of consumers also fuels the demand for passion fruit concentrate in the South American region. The wide-scale availability of fresh passion fruit in the region fruit is another factor that bolsters the growth of passion fruit concentrate in the South American region.
Passion Fruit Concentrate Market: Competitive Landscape and Key Developments
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.
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Based on source, the passion fruit concentrate market is segmented into organic and conventional. The conventional segment accounted for the largest share of the global passion fruit concentrate market in 2019; whereas, the organic segment is expected to grow at the highest CAGR during the forecast period. Conventional methods of growing passion fruit include the use of a variety of chemical pesticides, fertilizers, and weed killers that can harm human health. Conventional passion fruits concentrates are derived from the conventionally grown passion fruits. It contains a high amount of potassium and other elements. The plant should be sprayed with dimphite, a type of liquid potassium phosphate fertilizer which promotes the good fruit set, increased fruit size, and prevents the hollowness by filling flesh in the fruits. Biodistinction Xtra is a premium high concentrated liquid chelated suspension concentrate copper fertilizer that is required to meet the copper deficiency in passion fruits. Passion fruits require fertilizing twice a year after pruning and fruiting. The conventional passion fruit concentrate is rich in vitamin A, C, and minerals such as potassium and iron, and contains various cancer-fighting agents such as carotenoids and polyphenols.
End Use Insights
Based on end use, the passion fruit concentrate market is segmented into infant food, beverages, bakery and snacks, ice cream and yogurt, and others. The beverages segment accounted for the largest share in the global passion fruit concentrate market in 2019; whereas, the others segment is expected to register the fastest growth rate during the forecast period. Passion fruit is a fruit that has a tough rind but is juicy and filled with seeds inside. Passion fruit concentrate is tart but has the right amount of sweetness and is consumed by people even without sugar. Apart from having an exotic flavor, the passion fruit concentrate pairs well with the flavor it is added to. This is the main reason behind passion fruit concentrate being so famous amongst cocktails and virgin mocktails. Passion fruit concentrate syrup is made using water, sugar, and passion fruit concentrate. Majority of the beverage brand in Europe has a prominent passion fruit-based beverage, and almost every multivitamin drink in Europe includes passion fruit concentrate. It is used in different beverages ranging from beers to smoothies, vegetable blends, and in 100% juice blends. Passion fruit concentrate is a good source of dietary fiber, vitamin A and potassium and is low in sodium. It yields zero saturated fats and cholesterol. It is also believed to reduce the risk of cancer owing to the presence of plant compounds or phytochemicals like polyphenols and carotenoids that are abundantly present in passion fruit concentrate juices. Besides this, passion fruit concentrate possesses a unique and remarkable ability to mask inexpensive filler juices and unpleasant tasting ingredients due to its intense flavor. Since passion fruit is naturally concentrated, it reduces the amount of concentrate required making it an inexpensive ingredient for drinks and beverages.
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