Market Synopsis
Market Research Future (MRFR) expects the fruit puree market 2020 to secure a growth rate of 4.4% from 2018 to 2023 (review period). The market size by 2023 is estimated to be USD 14,549.8 million, indicating favorable prospects for fruit puree worldwide. We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
Primary Boosters and Restraints
The lockdown following the COVID-19 outbreak has negatively impacted farming practices across the world, leading to weaker supply of fruits. This has had a domino effect on the prices of raw materials used in the manufacturing of fruit puree. The COVID-19 impact on logistics has also boosted the prices of raw materials, which has slowed down the market growth to a large extent. With bans on cross-border commodities’ transportation in the pandemic era, manufacturers are now relying on local suppliers to maintain their operations and prevent revenue losses.
Since the SARS-CoV-2 infection affects the immunity, people are now more inclined towards food products that claim to be healthy and organic. The novel coronavirus has also induced a major shift towards products and goods that facilitate hygiene and ensure strong immunity. The fact that World Health Organization has also been encouraging the consumption of immunity-boosting foods seems to be working in favor of the fruit puree market. The demand for fruit purees is especially high in the food industry, with extensive applications in segments like dairy & frozen desserts, bakery & confectionery, baby food as well as beverages, to mention a few.
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Furthermore, rising adoption of advanced food-processing technologies by top manufacturers to boost their production capacities could also foster fruit puree’s demand in the upcoming period. Strict guidelines imposed by authorities pertaining to the use of chemicals and artificial ingredients in food products can open promising avenues for the renowned firms in the market. Additionally, many of the reputed players are engaged in acquisition and merger strategies, while also introducing better featured products, with the aim to clinch a higher position in the global market.
To cite a reference, in August 2020, Beavertown (London) launched a passion fruit Berliner Weisse –Passion Phantom. The brewery’s latest beer has been infused with passion fruit purée and made using malted wheat and extra-pale barley along with kettle-soured lactobacillus.
Market Segmentation
Fruit type, category and application are the top segments analyzed in the MRFR study.
The primary fruit puree types considered in the report are plum puree, banana puree, strawberry puree, apple puree, and more. Banana puree has secured the leading position in the global market and is all set to procure the fastest CAGR to touch USD 2,935.1 million by 2023-end. Banana puree has gained high traction as an essential ingredient in smoothies, baby food, to mention a few. On the other hand, apple puree remains in the second place, trailed by strawberry puree, which can hit a valuation of USD 2,340.1 million by 2023.
Depending on category, the report has reviewed segments like organic as well as conventional.
Baby food, beverages, bakery (cakes as well as pastries and other baked items) and many more are the key application areas of fruit puree.
Regional Study
The regional study of the fruit puree industry in the MRFR report covers APAC or Asia Pacific, Europe along with North America as well as RoW or Rest of the World.
APAC is brimming with a host of business opportunities, since the region encapsulates some of the fastest emerging countries in the world that are characterized by rapid urbanization and fast economic growth. Considering this aspect and many more, APAC successfully established itself as the leading market with a share of 40.21% in 2017 and can even accrue the fastest CAGR of 4.9% over the conjectured period. The regional market’s outstanding performance is the result of the soaring demand for nutritious baby food and the rising consumption of smoothies. Accelerated purchasing power of consumers and their growing preference for yogurts, snacks, ice creams and infused with fruit puree in the wake of mounting health consciousness can also add to the market attractiveness in the following years.
North America is all set to surpass USD 4,635.6 million by 2023 and has emerged as the second biggest gainer in the global market. The US has been the top performer since 2017, having captured a total share of 63.8% in the region, thanks to the growing health awareness among consumers that is encouraging food manufacturers to integrate healthy and natural food ingredients like fruit puree in their offerings. Also, an increasing number of vendors in the region are introducing fruit purees that are citrus in nature, in light of the escalating demand for the latter. To illustrate, in March 2020, Oregon Fruit Products introduced its Lemon Puree in the US market, which has a smooth consistency, bright flavor and is pale-yellow. This new offering is projected to appeal to manufacturers of beer, cider, sodas, spirits, wine, kombucha and mead.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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