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.
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.
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Based on end use, the passion fruit concentrate market has been segmented into infant food, beverages, bakery and snacks, ice cream and yogurt, and others. The beverages segment held the largest share in the global passion fruit concentrate market in 2019. Passion fruit concentrates are extensively used in beverages such as juice and cocktails. The increasing health consciousness among consumers coupled with the convenience in using the product is encouraging beverage manufacturers to use passion fruit concentrates, subsequently aiding in the segment growth.
The global passion fruit concentrate market is segmented into five main regions — North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. Europe contributed to the largest share in the global passion fruit concentrate market. The growth of the passion fruit concentrate market in this region, especially in Germany, France, and UK is primarily attributed to the shift in the preference of consumers toward healthy lifestyle. Moreover, consumers are increasingly attracted to the organic trend, which also contributes to the growth of passion fruit concentrate market in the region.
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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