LONDON, July 17, 2018 /PRNewswire/ -- Fruit and Vegetable Ingredients Market
Fruit and vegetable ingredients are projected to be superior and are expected to overtake fresh fruits and vegetables in the future, for the prevention of many diseases. The global fruit & vegetable ingredients market is projected to be USD 164.69 billion in 2016, growing at a CAGR of 4.5% from 2018 to 2023.
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The daily consumption of fruits and vegetables aids in preventing key diseases like cardiovascular ailments and certain cancers. Due to low fruit and vegetable consumption, around 1.7 million deaths have been observed across the world in 2014.
Time-scarcity, coupled with a desire to be healthier, is creating demand for convenient on-the-go snacks infused with fruit and vegetables ingredients. According to a study, nearly half of consumers globally agree that they depend heavily on products and services that help them to save time. Hence, most food manufacturers are developing convenient food products that are infused with fruit and vegetables ingredients.
Market Dynamics
Booming growth in the market for processed food & beverage industry is escalating the fruit and vegetable ingredients market, globally. Also, growing awareness of health and wellness among consumers, with elevation in income levels of people, has bolstered the sales of vegetables and fruit ingredients as colorants, flavor enhancers etc. This is leading to a rapid growth in the snacking trend and driving the market for nutrition bars, fruit snacks, R.T.E. cereals and associated markets, which are flavored with fruit & vegetable ingredients. However, increasing instances of unfair trade practices such as adulteration are expected to restrain the market growth and also the health concerns related to this product. Though the prices of fruit & vegetable ingredients are highly volatile and vary across different regions, the market is expected to grow at a significant rate. Keeping in view the benefits provided by fruit and vegetable based ingredients, and rise in demand for natural fruit and vegetable derived products, the governments of different nations are promoting the fruit and vegetable ingredients industry, thus intensifying the overall market.
Market Segmentation
The global fruit and vegetable ingredients market is classified by type into – fruit ingredients and vegetable ingredients. Further, the market is segmented by the type of ingredients, such as NFC juices, purees & pastes, pieces and powders, juice concentrates, flavors and others. Fruit & vegetable juice concentrate accounts for major share in the market driven by the increased consumption of juices. The market can also be segmented by the type of application such as beverages, dairy products, bakery & confectionary products, ready-to-eat products, sauces and soups, and others. The global fruit & vegetable ingredients market can be geographically segmented into North America, Europe, South America, Asia-Pacific, and Africa.
Regional Segmentation
Out of the total revenue of global fruit and vegetable ingredients market, the European region captured a major share in 2015, owing to a rapid growth in the processed food and beverage market. The market in the Asia-Pacific region is growing with high opportunities because it produces more than 50% of global fruit and vegetables. Asia-Pacific, and other emerging countries are projected to grow at a rapid pace in the forthcoming years.
Competitive Environment
Major players in the global fruit and vegetable ingredient market are focusing mainly on R&D initiatives and development of new products, to serve the needs of customers. Also, surging food & beverage industry is expected to have its impact on the demand for fruit and vegetable ingredients in the forecast period.
Key Players of global fruit and vegetable ingredient market includes Archer Daniels Midland Company (U.S.), Kerry Group plc (Ireland), AGRANA Group (Austria), Sensient Technologies Corporation (U.S.), Olam International Limited (Singapore) and DohlerGroup (Germany) amongst others.
Recent Insights
"ADM, GLG Partner to Bring Low-Calorie Stevia, Monk Fruit Sweeteners to Customers Worldwide."
"SunOpta Rebrands Citrus Extraction and Ingredients Operation as Fresh Pressed Industries(TM)"
"SunOpta Inc. Enhances Fruit Snack Capabilities with Accretive Acquisition of Niagara Natural Fruit Snack Company Inc."
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