Passion Fruit Concentrate Market Growing at 4.7% CAGR to be Worth USD 668.83 Million by 2027- Says The Insight Partners

Rising consumer spending for packaged and convenience foods to escalate passion fruit concentrate market growth at 4.7% CAGR during 2019–2027

NEW YORK, UNITED STATES, March 30, 2022 /EINPresswire.com/ -- 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.

Report Coverage- Details
Market Size Value in- US$ 464.57 Million in 2019
Market Size Value by- US$ 668.83 Million by 2027
Growth rate- CAGR of 4.7% from 2020-2027
Forecast Period- 2020-2027
Base Year- 2020
No. of Pages- 152
No. Tables- 56
No. of Charts & Figures- 66
Historical data available- Yes
Segments covered- Source and End Use
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Passion Fruit Concentrate Market: Competitive Landscape and Key Developments

The key players operating in the Passion Fruit Concentrate market include 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 Private Limited, Quicornac S.A., The Perfect Purée of Napa Valley.

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.

Impact of COVID-19 Pandemic on Passion Fruit Concentrate Market

The COVID-19 pandemic has negatively impacted various industries due to lockdowns, travel bans, the shutdown of manufacturing units, and supply shortages. The food and beverage industry faced operational difficulties caused by disruption of supply chains, labor shortage, and shortage in raw material supply. Moreover, the prices of Passion Fruit Concentrate got significantly dropped as there was a decline in demand from various industries, such as food and beverage and personal care. This factor also affected the profitability of the market players and the farmers engaged in cultivating Passion Fruit Concentrate. Thus, the COVID-19 pandemic substantially affected the global Passion Fruit Concentrate market's growth. However, as the governments of various countries introduced relaxation in the restrictions and rising vaccination rates, the food and beverage industry is recovering from its losses. The demand for Passion Fruit Concentrate is projected to grow over the forecast period. 

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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.
 
The Passion Fruit Concentrate market is segmented into five main regions - North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM).
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