New York, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Current worldwide consumption of horticultural ingredients is pegged at 4,459,602 tons and it is expected to reach 7,097,157 tons by the end of 2022. This rise is expected to be at a compounded annual growth rate of 4.8% for the next ten years.
Over the past couple of decades, the world has witnessed a shift in the preference of consumers toward vegan products, which is attributable to the critical health benefits associated with the consumption of these products. Growing concerns about animal welfare are increasing the percentage of the vegan population. Apart from this, the horticultural ingredients market is now increasing because of possible health benefits as well as environmental conservation.
“The market for horticultural ingredients is gaining traction due to their benefits in fulfilling nutritional requirements and versatility in consumption. The evaluation of consumption patterns in the study brings forward an opportunity to tap into potential markets where the current value share is low,” says a Persistence Market Research Analyst.
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Key Takeaways from Market Study
- The least market value is held by the Middle East & African region, and this market will expand at a CAGR of 3.3% through 2032.
- Demand for horticultural ingredients in North America is expected to reach a volume of 1,390,885 tons by 2032.
- Europe and East Asia together hold a 50% share of the global horticultural market.
- Based on end use, the food and beverage sector accounts for a market volume share of 58.2%.
- Based on product type, passion fruit shows the highest potential for growth with a forecasted value CAGR of 6.6%.
- Among the herbs and spices, turmeric holds the highest market value share of 52.2% in 2022.
Fruits, herbs, and nuts are a few of the foods that are not derived from animals and contain a large amount of nutrients. For vegans, these ingredients can play a major role in delivering the daily allowance of nutrients. North America has witnessed an increased number of vegan products launched owing to rising consumer preference for plant-based products. All in all, the rising number of vegan population, especially in Asia and North America, is driving the demand for horticultural ingredients and products.
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Competitive Landscape
In this highly competitive landscape, increasing production while reducing costs is paramount. Entering into strategic partnerships with producers and farmers to gather high-quality raw materials helps in gaining a strong foothold in the market. Moreover, the incorporation of latest technologies to make the production process more efficient will help market players increase their profits.
- FutureCeuticals, Inc. has in-house research and development capabilities that power product innovation. The company’s research team is experienced and studies nutrition at the cellular level. FutureCeuticals, Inc. regularly engages with the scientific community through peer-reviewed publications and presentation of its discoveries.
- Lemonconcentrate S.L.U. has a strong footprint in some of the developed markets across the world. The company has developed a worldwide commercial network to fulfill the needs of its customers. It distributes its products to different countries such as the UAE, Russia, Canada, Czech Republic, the U.K., and the Netherlands, among others.
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