The global pomegranate market size is projected to showcase growth in the forthcoming years. This information is published by Fortune Business Insights in its report, titled “Pomegranate Market, 2021-2028”. The fruit is consumed for its Vitamin C and Vitamin E rich content. Moreover, properties such as antioxidant, antiviral, and anti-inflammatory of the berry has its utilization in cosmetics, food industry, and pharmaceuticals. For instance, in May 2021, Strainge Beast introduced a line of hard kombucha in flavors such as watermelon, pomegranate, grapefruit, lime and mint.
Increased Sales of Product amid COVID-19 Crisis to Aid Growth
The availability of the fruit was not stable during the lockdown owing to the travel restrictions imposed by various governments across the globe. However, the demand for the fruit continued to grow throughout the lockdown. The fruit is considered one of the effective immunity boosting fruits found in the tropical regions. The market experienced a high demand due to the antiviral and anti-inflammatory properties of the product. People recovering from COVID-19 consumed this fruit to regain strength during the recovery, thus, leading to a positive impact on the growth amid the pandemic.
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Based on product type, the market is segmented into pomegranate powder, pomegranate juice, and pomegranate concentrate. On the basis of category, the market is segmented into organic and conventional. Additionally based on application, the market is trifurcated into food and beverage, pharmaceuticals, and cosmetic and personal care. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Rising Popularity among Health-conscious Consumers to Augment Growth
The fruit is included in various forms as an additive to drinks/food due to its nutritional properties. The increasing awareness regarding health due to the COVID-19 crisis has led to the high demand for nutritional food products. This has created a lucrative opportunity for the market players globally. For instance, in 2021, UK’s top canned fruit brand Del Monte announced their collaboration with Iceland to develop innovative fruit ranges. The products are extensively available online in Iceland and The Food Warehouse stores. Additionally, the adoption of natural medicinal products has established itself as a trend in the millennials. The natural health benefits and properties of the fruit is attracting a large section of the young population towards using this fruit and is expected to aid pomegranate market growth.
Presence of Major Cultivators in Asia Pacific to Augment Growth
Asia Pacific is predicted to hold the largest pomegranate market share in the forthcoming years. This is due to the presence of major cultivating countries such as India and China. These countries are known to export large volumes of the fruit to the Western regions. Furthermore, the presence of multinational companies in the region is creating potential markets for production of the product in the region.
North America is expected to experience substantial growth during the foreseeable future. This is due to the surging consumption of functional drinks over the traditional ones. Also, the veganism trend in the region is boosting the consumption of plant-based products such as fruits to lead a healthy lifestyle.
Prominent Companies Focus on Facility Expansion to Amplify Their Market Position
The competitive landscape of the market has prominent multinational companies as well as small scale producers. Due to agricultural factors, the producing bases of the fruit is limited to certain tropical regions. This gives an advantage to the domestic producers in the region of China, India, Bangladesh, and others. The market is profiting not only the end users but also exporters as a large volume of the product is exported every year to various countries. The widespread end use of the product allows new entrants to easily enter the market and establish their business.
- January 2020: Shamrock farms recently launched Rockin protein range in two flavors- cherry cream and Blueberry pomegranate. These are ready-to-drink (RTD) beverages with zero added sugar and lactose free properties.
List of Key Players Profiled in the Market:
- POM Wonderful llc
- Lakewood, Inc.
- The Coca Cola Company
- The J.M. Smucker Company
- Gilan Gabala Canning Factory
- Gateway Group
- TTM Food
- Taj Agro Products Ltd.
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