According to recent study, the global passionfruit seed oil market has been projected to be valued at ~US$ 2 Bn in 2020 and likely to reach at ~US$ 4 Bn by 2030 at the CAGR of 5.4%. The study published by Transparency Market Research (TMR) on the passionfruit seed oil market includes in-depth research, global opportunity assessment, and industry analysis for 2020-2030.
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Gradual Shift toward Organic Passionfruit Seed Oil Supporting Market Growth
Consumers are becoming increasingly conscious about their health and wellness. In addition, the rising ‘move-to-organic’ trend is one of the significant factors that is affecting various industries, such as food and beverages, resulting in high demand for organically produced passionfruit seed oil. Making consumers aware of the same with the use of proper labeling and advertisements can propel the growth of the passionfruit seed oil market during the forecast period.
According to USDA (United States Department of agricultural), consumer demand for organic fruit is registering double-digit growth in the current scenario. In the U.S., according to recent industry statistics, organic sales account for over 4 percent of total US food sales of approximately 47.9 billion.
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Medicinal Properties of Passionfruit Seed Oil to Boost Sales
Changes in consumer lifestyles and food preferences, and increasing cases of vitamin deficiency are major factors increasing the demand for passionfruit seed oil, which is a rich source of vitamin A and fiber. This is one of the key factors supporting the growth of the passionfruit seed oil market. Moreover, passionfruit seed oil has high antioxidant content, which helps to protect skin from environmental stressors such as noise and dust. This oil also contains B vitamin riboflavin and niacin. Women are suffering from many diseases such as thyroid, as a result of changing lifestyles, and the demand of passionfruit seed oil is increasing, as it helps in regulating the thyroid activity in the human body.
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Growth of Functional Food Industry to Increase Application of Passionfruit Seed Oil
The functional food industry is growing as a result of changes in consumer preferences. Consumers prefer food that not only satisfies their appetites but also helps to enhance their immunity levels. Product innovation leading to diverse flavor combinations and the availability of a wide variety of products are attracting an increasing number of consumers toward functional food products. This change is anticipated to create ample opportunities for new players to enter the functional food industry. The growing functional food industry directly impacts the expansion of passionfruit seed oil market, as it is one of the key ingredients in functional foods. Due to the rapidly increasing number of consumers who like eating healthy food as compared to those who prefer junk food, a significant change in dietary and eating pattern is being noticed. This is one of the major factors that is propelling the growth of the passionfruit seed oil market. Moreover, passionfruit seed oil is popular across the globe as a modern-day super food, owing to its health benefiting properties.
Surging Demand for Exotic Fruits and Fruit Juices and Concentrates
An increasing number of health conscious consumers are willing to spend on exotic fruits as it offers several health benefits. Moreover, exotic fruits are often more attractive and colorful, and thus are very often used in brewing. Furthermore, the demand for attractive looking and unique tasting fruit juices and concentrates is rising, which subsequently fuels the demand for exotic fruits as well as products made from exotic fruits such as passion fruits. On the back of these factors, the passion fruit seed oil market is anticipated to grow considerably in the foreseeable future.
Global Passionfruit Seed Oil Market: Segmentation
Passionfruit Seed Oil Market by Nature
- Organic
- Conventional
Passionfruit Seed Oil Market by Grade
- Refined
- Unrefined
Passionfruit Seed Oil Market by End Use
- Household/Retail
- Food & Beverages
- Bakery
- Confectionery
- Dressing & Condiments
- Sauces & Spreads
- Ready Meals
- Beverage Processing
- Others
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