Superfruits are whole fruits rich in various nutritional content such as vitamins and minerals. Pomegranates, blueberries, cranberries, and grapes are some of the processed superfruits and are available in the form of frozen, liquid, powder, and canned. They are widely used in the food & beverage industry for the preparation of ice-creams, fruit salad, beverages, and smoothies.
The global processed superfruits market was estimated to be valued more than US$ 47,678.7 Million in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.9% during the forecast period (2020 to 2027).
Expanding online retails such as Alibaba, Amazon, and Walmart which are popular e-commerce platform for processed superfruits around the globe is projected to stimulate the market growth. Online retails offer ease of purchasing at customers convince along with the various discounts to the customers. In addition to this, increasing penetration of smartphone and growing use of the internet is shifting consumer’s preferences towards online shopping which is again anticipated to augment the market growth.
Strong and effective marketing strategies by the manufacturer to reach the target customer and promote their brand is expected to serve major growth opportunities to the market of the processed superfruits. Moreover, growing demand for processed superfruits as they have multi-usage is further expected to show lucrative opportunities to the market of the processed superfruits over the forecast period. In addition to this, the growing demand for premium quality food ingredients is also expected to accelerate market growth.
High cost associated with processed superfruits as it includes processing and preservation of processed superfruits cost which ultimately increased overall price of the processed superfruits is expected to restrict the market growth. Moreover, other processes such as distillation and encapsulation are expensive. Thus, the high cost of the processed superfruits is expected to negatively impact the market growth over the forecast period.
On the basis of form, powder/dried segment dominated the global processed superfruits market in 2019 with around 70.1% of market share in terms of revenue, followed by liquid/concentrated and canned respectively.
On the basis of application, beverages segment dominated the global processed superfruits market in 2019 with around 66.2% of market share in terms of revenue, followed by food and cosmetics respectively.
On the basis of region, North America dominated the global processed superfruits market in 2019 with around 27.8% of market share in terms of revenue, followed by Western Europe and APEJ respectively.
Increasing consumption of frozen superfruits and smoothies is expected to foster the market growth of the processed superfruits. For instance, in March 2020, Juice It Up! launched back two antioxidant powerhouses, the Superfruit Sunrise Smoothie, and the Mighty-C Immunity Shot. The Superfruit Sunrise® Smoothie, a refreshing blend of acerola, fresh ginger, ripe banana, orange and passion fruit juice, and tangy pineapple, is formulated to energize the body and senses. The Mighty-C Immunity Shot is a powerful add-on to any raw juice, smoothie or bowl, and features an uplifting blend of raw ingredients such as pineapple, ginger, red grapes, and lemon juice.
Growing demand for superfruits in dairy products and preserves & spreads such as jams is projected to augment the market growth. Increasing preferences for mocktails that incorporate superfruits such as pomegranate and apple are also projected to accelerate the market growth of the processed superfruits. Furthermore, the growing demand for convenience food especially among the working population is another major factor expected to foster market growth in the near future.
Global Processed Superfruits Market - Impact of Coronavirus (Covid-19) Pandemic
The increasing demand of packaged and nutrition food products in recent times has resulted in inability to maintain levels of supply. However, rising demand for processed superfruits owing to rising use in food & beverages industry during Coronavirus (Covid-19) Pandemic is expected to stabilize the growth of the market after the end of 2020.