What is Passion Fruit Extract Market?
The global passion fruit extract market will reach unprecedented heights in the years to come. The use of passion fruit in the beverage industry has played a vital role in the growth of the global market. In the past decade, a number of new flavors for fruit juices and soft drinks have hit the market. Consumers have agreed on the wide range of beverages available on the market by spending more. Hence, the availability of new flavors in fruit juices such as passion fruit has contributed to the benefit of the beverage industry. From now on, the global passion fruit extract market is ready to invest more in the years to come. Weaker consumer demand for lifestyle and wellness products due to social restrictions and lockdown policies is believed to have a negative impact on the demand pattern for cosmetic ingredients and certain categories of food additives. However, the easing of restrictions and public discourse on the resumption of economic activity in the consumer goods market suggest that demand recovery is imminent.
The market study is being classified by Type (Powder, Oil and Concentrate), by Application (Skin Care [Sunscreens, Moisturizers, Creams, and Body Lotion, Eye Revilitizers, Face Cleansers and Body Wash], Hair Care [Shampoo, Conditioners, Oil, and Serums], Cosmetics [Lip Care, Nail Care] and Others) and major geographies with country level break-up.
Monterey Bay Spice Company (United States), Saw Palmetto Harvesting Company (United States), Vitacost (United States), Dennick Fruitsource (United States), Passi AG (Concentra Holding AG) (Switzerland), Making Cosmetics Inc. (United States), Caribbean Natural Products, Inc. (United States), The Good Scents Company (United States), Indena S.p.A. (Italy) and Naturalin Bio-Resources Co., Ltd. (China) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Alchem International Pvt. Ltd. (India), Avena Botanicals (United States) and Martin Bauer Group (United States).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Passion Fruit Extract market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Passion Fruit Extract market by Type, Application and Region.
On the basis of geography, the market of Passion Fruit Extract has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- The Rise In The Presence Of Middle-Income Groups in Developing Economies
- Rising Consumer Awareness Regarding the Hazardous Effects Associated With Chemical Compounds in Medicines
- Health Benefits of Passion Fruit Extract
Market Trend
- Popularity On Account Of Being a Source of Antioxidant Compounds
- Increasing Demand for Tart-Flavored Fruit Juices and Drinks
- Promote Its Utility as a Functional Ingredient for Manufacturing Various Products in Food & Beverage, Personal Care, and Pharma Sectors
Restraints
- Restrictions Put Forth For Food & Beverage Industries
Opportunities
- Increasing Online Popularity of Passion Fruit
- Diverse Applications Are Anticipated To Create Growth Opportunities
Challenges
Stassen Exports Private Limited, which is a renowned tea producer from Sri Lanka. The company expands its business by venturing into the Chinese market by selling Ceylon tea. Entering the Chinese market should be a new source of income for the Sri Lankan provider. This move is also expected to fuel demand in the global passion fruit extract market, largely due to the popularity of Passen's passion fruit tea flavor.
As per the U.S.-based National Center for Complementary and Integrative Health (NCCIH), passionflower extract is safe to use as an ingredient in sleeping pills.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Manufacturers of Passion Fruit Extract, Suppliers and Distributors of Passion Fruit Extract, Venture Capitalists and Private Equity Firms and End-Use Industry