Wilmington, Delaware , Aug. 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Fig Ingredient Market by Type (Fig Powder and Others), Application (Food And Beverage, Cosmetic & Personal Care, Dietary Supplements, Dairy Products, Confectionary and Other), Distribution Channel (Pharmacies/Drugstores, Hypermarket/Supermarket, Direct Selling and Online): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the fig ingredient market was valued at $615.3 million in 2023, and is estimated to reach $907.9 million by 2034, growing at a CAGR of 3.6% from 2024 to 2034.
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Prime determinants of growth
The growth of the fig ingredient market is primarily increased owing to shifting consumer preferences towards natural, healthy, and versatile ingredients in the market. The perceived health benefits and nutritional value of figs ingredients, including their high fiber content, vitamins, and minerals, influence consumer purchasing decisions and product formulations. Moreover, fig ingredients have gained popularity in skincare due to its possible benefits for hydration and general skin health. This natural ingredient is produced from figs, a fruit high in antioxidants, vitamins, and minerals that can provide numerous skin benefits. In addition, fig ingredients may improve blood pressure and blood fat levels, which can help improve vascular health and decrease risk of heart disease.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2034 |
| Base Year | 2023 |
| Market Size in 2023 | $615.3 Million |
| Market Size in 2034 | $907.9 Million |
| CAGR | 3.6% |
| No. of Pages in Report | 200 |
| Segments Covered | Type, Application, Distribution Channel And Region. |
| Drivers | Growing Awareness Of And Demand For Natural And Healthy Food Alternatives |
| Improves Diet Quality And Aids Weight Management | |
| Growing Vegan And Plant-Based Trends | |
| Opportunities | Partnering With Retailers To Develop Private Label Fig Products Or Co-Branded Offerings |
| Collaboration With Foodservice Industry | |
| Restraints | Excessive Consumption Can Result In Diarrhea |
Segment Highlights
The demand for fig powder is driven by its versatility, nutritional benefits, and convenience. Fig powder offers a convenient alternative to fresh figs, allowing for easier storage, transportation, and incorporation into various food and beverage products. Its rich nutritional profile, including high fiber content, vitamins, and minerals, appeals to health-conscious consumers seeking natural and functional ingredients. Moreover, fig powder's long shelf life and ease of use in both sweet and savory applications make it attractive to food manufacturers looking to enhance the nutritional value and flavor profile of their products. These factors contribute to the growing demand for fig powder in the food industry, catering to a diverse range of consumer preferences and dietary needs.
The demand for dietary supplements in fig ingredient is influenced by multiple factors. Firstly, consumer awareness of figs' health benefits, including their high fiber content, vitamins, and minerals, drives demand among individuals seeking natural and functional supplements. Secondly, lifestyle trends, such as the growing interest in preventive healthcare and wellness, boost the demand for supplements enriched with fig extracts or powders. In addition, marketing strategies emphasizing figs' digestive health benefits, weight management properties, and antioxidant properties further stimulate consumer interest. Furthermore, regulatory support for dietary supplements, advancements in supplement formulations, and distribution channels' accessibility all contribute to the increasing demand for fig ingredient-based dietary supplements.
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The demand for hypermarket/supermarket in fig ingredient is raised by the convenience and one-stop shopping experience offered by these retail outlets make them preferred destinations for consumers seeking a wide variety of food ingredients, including figs. Secondly, the extensive product assortments and competitive pricing in hypermarkets and supermarkets attract consumers looking for value and choice. In addition, effective merchandising and promotional activities in these stores increase product visibility and consumer awareness of fig ingredients, stimulating purchase intent. Furthermore, the availability of fig ingredients in hypermarkets and supermarkets enhances accessibility for a broad demographic of consumers, driving overall demand in these retail channels.
Regional Outlook
Middle East & Africa has a significant share and dominance in the fig ingredient market owing to its rich history of fig cultivation, benefiting from a favorable climate, expertise in farming practices, and strong supply chains. Figs hold cultural significance in the region's culinary traditions, driving local demand and export opportunities. Additionally, MEA's strategic geographical location facilitates trade, with countries like Turkey and Iran exporting high-quality figs globally. With increasing consumer focus on health and natural ingredients, coupled with diverse applications in food and beverage products, the MEA region continues to play a pivotal role in shaping the fig ingredient market.
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Key Players
- Go Figa
- Diptyque
- Tuscan Fig
- Pixi Beauty
- The Body Shop
- Marc Jacobs
- Rutherford Meyer
- Stonewall Kitchen
- Newmans Own
- Dairy Farmers
The report provides a detailed analysis of these key players in the global fig ingredient market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development
- In March 2024, Beauty brand The Body Shop India has expanded its footprint to 100 more brands touchpoints by focusing on travel retail, beauty specialty and quick commerce segment. Currently, the brand has 200 stores nationwide and claims to cater to more than 1, 500 cities through its online reach.
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