by Fruit and Vegetable Ingredients play an important role in enhancing nutritional value and flavors of various food products. Commonly used in sauces, dressings, bakery products and beverages, Fruit and Vegetable Ingredients offer benefits like improved taste, texture and appearance to processed food items. The global Fruit and Vegetable Ingredients Market is estimated to be valued at US$ 224.37 Bn in 2023 and is expected to exhibit a CAGR of 22. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for nutritious food options among consumers has been a key driver for the fruit and vegetable ingredients market. There is a growing awareness regarding the health benefits of consuming fruits and vegetables. This has encouraged food producers to introduce product lines with fruit and vegetable ingredients. By offering nutritional enrichment as well as enhancement of sensory characteristics, fruit and vegetable ingredients help manufacturers develop healthy food products. The trend towards functional foods has further augmented the demand. Fruit and vegetable ingredients are increasingly being utilized to fortify food products with essential vitamins, minerals and antioxidants.
SWOT Analysis
Strength: The fruit and vegetable ingredients market is driven by increasing consumption of convenience and processed foods. Consumers are opting for food products offering nutritional benefits and natural ingredients from fruits and vegetables.
Weakness: High dependency on agro-climatic conditions which affects the supply of fruits and vegetables. Natural calamities can impact yields and increase price volatility.
Opportunity: Growing demand for plant-based and vegan food products presents an opportunity for fruit and vegetable ingredient manufacturers to develop new product formulations. Emerging economies offer scope for market expansion.
Threats: Stringent food safety regulations can lead to additional compliance costs. Competition from alternative food ingredients and certifications around organic and non-GMO status also poses challenges.
Key Takeaways
The Global Fruit And Vegetable Ingredients Market Size is expected to witness high growth over the forecast period owing to rising health consciousness among consumers. The market size for fruit and vegetable ingredients is projected to reach US$ 224.37 Bn by 2024.
Regional analysis: North America currently dominates the global market aided by increasing consumption of functional foods. Europe follows next supported by favorable policies around organic food. However, Asia Pacific is expected to emerge as the fastest growing market for fruit and vegetable ingredients driven by growing middle class population and shifting dietary preferences in countries such as India and China.
Key players operating in the fruit and vegetable ingredients market are Avery Dennison, CCL Industries, Constantia Flexibles, Jindal Films Americas LLC, Coveris, EVCO Plastics, and Inland labels. These companies are focusing on new product launches, capacity expansion, and mergers & acquisitions to strengthen their market position. They are also investing in sustainable packaging solutions to align with environment regulations
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
