Dublin, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The "Global Pomegranate Market Size, Share, Growth Analysis, By Application, By Category, By Product - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global pomegranate market, valued at USD 235.94 million in 2021, is set to grow significantly, reaching USD 338.6 million by 2030, with a projected Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period from 2023 to 2030.
Rising Demand for Pomegranate Products
The primary driver propelling the growth of the global pomegranate market is the increasing demand for various pomegranate-derived products, including pomegranate powder, pomegranate juice, functional beverages, and cosmetics. Notably, processed pomegranate goods, such as juice and cosmetics, are witnessing significant popularity and demand on a global scale.
Government Initiatives and Investments
Governments worldwide are taking initiatives to boost the pomegranate industry. These efforts include providing subsidies and training to farmers and exporters. Additionally, there is a focus on cost reduction in the production of pomegranate-related items, as they tend to be more expensive in North America and Europe. This emphasis on cost-effectiveness is expected to create lucrative opportunities for market players in these regions.
Pomegranate Powder Leading the Way
Pomegranate powder is expected to dominate the market among different product types, maintaining its position throughout the forecast period. Sales of pomegranate powder are projected to grow at a CAGR of 4.8%. Pomegranate juice concentrate holds the second-largest revenue share in the market.
Segments Covered
The global pomegranate market is segmented based on application, category, product, and region:
- Application: Food & Beverage, Pharmaceutical, Cosmetics.
- Product: Pomegranate Powder, Pomegranate Juice, Pomegranate Concentrate.
- Category: Organic, Conventional.
- Region: North America, Europe, Asia-Pacific, South America, MEA.
Market Drivers and Restraints
While the increasing use of pomegranate-derived products in functional foods and beverages drives market growth, challenges related to seasonal cultivation and harvesting, costly processing methods, and microbial contamination are restraining factors.
Market Trends
The market is witnessing a shift in the countries that supply pomegranates. For example, Turkey has expanded its pomegranate supply to Ukraine, indicating changing trade dynamics.
Key Players
Leading companies in the global pomegranate market include PomWonderful LLC, The Wonderful Company LLC, POMONA VALLEY JUICE COMPANY, Purely Pomegranate, Lakewood Organic, Minute Maid, Tropi, Sun Pacific, Prohut Organics, ASITExpo, Valley Produce Group, The Good Foods Co., A&B Ingredients, JFC International, Del Monte Foods Inc., Fruition Fruits & Fills, HPMC, Navneet Impex, Bellavista Exportaciones, Alpine Food Products, and others.
For more information about this report visit https://www.researchandmarkets.com/r/ix5x73
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