LONDON–(BUSINESS WIRE)–Technavio market research analysts forecast the global fruits and vegetables ingredients market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
The report further segments the global fruits and vegetables ingredients market by type (concentrates, pastes and purees, NFC juices, and pieces and powders), by application (beverages, confectionery, RTE products, bakery, soups and sauces, and dairy products), and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global fruits and vegetables ingredients market:
- Increased consumption of fruits and vegetables to maintain a healthier diet
- Rise in veganism
- Convenience factor
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Increased consumption of fruits and vegetables to maintain a healthier diet
Urbanization and consumerism trends impelled extensive changes in consumer lifestyles and a shift toward healthy eatables. Good health of the people is an essential factor for the social and economic prosperity of a nation. Thus, the health-conscious population is demanding food with essential nutrients. Fruits and vegetables are important components of a healthy diet if consumed in sufficient amount. They help in preventing major diseases such as cancer. Fruits and vegetables play a significant role in human nutrition as they are a great source of vitamins and other dietary fibers.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “Fruit and vegetable ingredients have showcased increasing demand across the world as they provide essential nutrients needed by the human body. Fruit and vegetable ingredients also help in weight management, lowering blood cholesterol, and controlling insulin and glycemic responses. This is expected to drive the growth of the fruits and vegetables ingredients market over the forecast period.”
Rise in veganism
Veganism is the practice of refraining from the use of animal products, particularly in the diet. People who follow veganism are known as vegans. The rising adoption of vegan lifestyle around the globe will drive the fruits and vegetable ingredients market during the forecast period. People are turning vegan due to reasons such as better prosperity, detoxification, sense of morality towards creatures, and assurance of health benefits by consuming fruits and vegetables. Veggie lovers have witnessed an exponential development with three-fold growth in the recent decade.
Owing to an increase in hectic lifestyle, consumers are gradually understanding the need for instating a healthy diet in their daily life. This is fueled by growing awareness through social media and online advertisements. The impact of social media is huge in the lives of consumers and any information posted on social networking website is quickly adopted by most of the consumers.
Urbanization has prompted changes in the lifestyle and eating habits of consumers. There has been an increase in the consumption of processed food products. Ready-to-eat products that include fruits and vegetable ingredients are becoming hugely popular among consumers as they save time and effort and are consistent in taste. The growing demand for convenience in food preparation and increasing disposable incomes have led to an increase in the demand for ready-to-eat food products, including fruits and vegetable ingredients.
“The increasing number of working women around the world has boosted the consumer's demand for fruits and vegetable ingredients. Consequently, manufacturers in the market are developing marketing and advertising strategies to increase the use of ready meals that include fruits and vegetable ingredients. This has increased the demand for fruits and vegetable ingredients,” says Manjunath.
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