The global passion fruit concentrate 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 2020 to 2027.
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.
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 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.
Geographically, the global passion fruit concentrate market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa. In 2019, Europe held the largest share in the global passion fruit concentrate market, followed by South America and North America. Rest of Europe is dominating the passion fruit concentrate market in Europe region, followed by the UK and Germany. The increasing consumption of passion fruit concentrate is fueled by several factors including the growing baby food segment, fruit beverage applications, and the consumer desire for convenient and faster-to-prepare foods, such as breakfast smoothies. Germany, the Netherlands, France, and the UK offer lucrative opportunities for developing country suppliers. Europe is a base for the leading players who deal with the production and consumption of passion fruit concentrate such as BRITVIC PLC, CO-RO (SUNQUICK CONCENTRATE), and KIRIL MISCHEFF. The increasing competition among the key players has further driven the growth of the passion fruit concentrate market. Supportive and favorable government regulations are stimulating the growth of the market. Moreover, the rising demand for organic passion fruit concentrate is also augmenting the growth of the market.
COVID-19 outbreak first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the world. As of August 2020, India, China, Brazil, Italy, Iran, Spain, Republic of Korea, France, Germany, and the US are some of the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are ~25,118,689 confirmed cases and ~844,312 total deaths globally. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food & beverage industry is one of the major industries that are suffering serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns, etc. as a result of this outbreak. Due to the global pandemic crisis and the indefinite lockdown across nations, the food & beverage industry witnessed high demand for household staples, healthy food items, and food products with longer shelf lives. Owing to the fear of scarcity, the populace started to buy huge amounts of shelf?stable and processed food. This panic buying has positively affected the demand for fruit concentrates. However, supply chains are facing severe challenges. Lack of enough workers to harvest crops and international logistics has become expensive and inefficient. The logistics sector encountered problems in finding enough truck drivers, the restrictions on sea transporters, and a lack of air freight, which is a major problem for exporters from developing countries. The changes in consumer buying behavior, food habits, and the significant shifts towards online distribution channels are expected to have serious implications on the growth of the passion fruit concentrate market during the forecast period.
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., and The Perfect Pur?e of Napa Valley are among the players present in the global passion fruit concentrate market.
Overall size of the global passion fruit concentrate market has been derived using primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global passion fruit concentrate market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global passion fruit concentrate market.