Market Overview:
These ingredients offer various functional benefits including flavoring, coloring and texturing. They are widely used in the food and beverage industry for preparation of beverages, dairy products, confectionary, bakery products and other processed food items. Common fruit ingredients include fruit purees, concentrates, extracts and pieces. Vegetable ingredients include non-dairy creamers, pickled products, sauces & dressings, soups and extruded vegetable pieces.
Market Dynamics:
Growing health consciousness among consumers is driving the demand for fruits and vegetables in their various forms. Consumers are increasingly preferring fruit and vegetable-based natural ingredients over synthetic and artificial ones due to associated health benefits. Furthermore, rising application of fruits and vegetables in fortified and functional food and beverage products is also fostering market growth. For instance, high nutritional fruit purees are increasingly being used as natural sweeteners along with fruit-based snacks and beverages. Additionally, vegetable purees, along with greens and sprouts are finding increased usage in soups, sauces, and extruded snacks. Changing lifestyle and rising disposable income in developing countries is further supporting the market growth.
Segment Analysis
The fruit and vegetable ingredients market is dominated by the fruits segment. This segment accounts for over 60% of the overall market share due to the wide applications of various fruit ingredients like citrus, berry, fruits etc. in food and beverages industry. Fruits find applications in various products like yoghurt, bakery products, snacks, juices, flavored beverages etc. which drives the demand for fruit ingredients.
PEST Analysis
Political: The regulations related to use of fruits and vegetables and their ingredients vary across countries and regions which affects the trade of these ingredients. Standardization of rules can boost the industry.
Economic: Growing health consciousness and demand for natural ingredients is fueling the market growth. However, fluctuations in raw material prices impacts the processing industry.
Social: Changing lifestyle, increasing disposable income and rising awareness about benefits of fruits and vegetables drive the consumption. Customers prefer clean label and naturally sourced products.
Technological: Advancements in processing and extraction technologies have improved the stability, functionality and sensory properties of fruit and vegetable ingredients. This is supporting new product development.
Key Takeaways
The global fruit and vegetable ingredients market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing health consciousness. The market size for 2023 is estimated at US$ 224.37 Bn.
The global Fruit and Vegetable Ingredients Market Demand is estimated to be valued at US$ 224.37 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Regional analysis – Asia Pacific dominates the market and is expected to grow the fastest during the forecast period. Countries like China and India offer immense growth opportunities owing to rising Healthy food consumption and expanding food processing industry.
Key players operating in the fruit and vegetable ingredients market incorporate Hans Zipperle AG, Archer Daniels Midland Company, Kerry Group, Sensient Technologies, AGRANA Beteiligungs-AG, Kanegrade Natural Ingredients, Taura Natural Food Ingredients, Olam International Limited, Sunopta, Inc., Roquette Freres, Sensoryeffects Ingredient Solutions, Yaax International Ltd, Diana SAS, Svz International BV, DMH Ingredients Inc., Cargill Incorporated, Tate & Lyle PLC, and Dohler Group.Key players are focused on new product development, capacity expansions and mergers and acquisitions to strengthen their market position and cater to increasing demand.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
