The global passion fruit extract market is valued at US$ 634.9 million in 2023. The overall demand for passion fruit extracts is expected to develop at an 8.4% CAGR over the forecast period from 2023 to 2033. Global sales of passion fruit extracts are anticipated to reach US$ 1,420.3 million by 2033.
Passion fruit extract, known for its exceptional antioxidant capabilities, has been recognized as a very significant functional food source. Worldwide consumption of passion fruit extract has increased as health-conscious people want to include this natural source in their diets.
After passion fruit extract’s rising applicability across a range of end-user applications, it has attracted a lot of interest and appeal in recent years. During the forecast years, the use of passion fruit extracts as an effective treatment for insomnia is poised to boost the market further.
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Key Takeaways from the Global Passion Fruit Extract Market Report
- The US passion fruit extracts market is highly developed and currently leads the global market in terms of demand and sales. In the year 2022, the country alone contributed almost 24.8% of the revenue generated by the market worldwide.
- In Europe, France is figured to be the leading regional market for passion fruit extracts with a 7.1% global market share in 2022. Italy follows France in the consumption of passion fruit extracts and acquired a global market share of 6.1% in 2022.
- China, with a strong food processing industry base, is the leading country for the production of passion fruit extracts. At the end of the year 2022, the overall market in China’s passion fruit extract industry was figured to capture 11.3% of the global share.
- India is another remarkably growing country in sales of passion fruit extracts contributing to nearly 6.1% of the global share.
- Among the different types of species of passion fruit used in the making of its extracts, Passiflora flavicarpa is the most preferred. It provided for almost 53.8% of the global passion fruit extract production in 2022.
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Competition Analysis of the Passion Fruit Extract Market
The overall market for passion fruit extracts is fairly consolidated owing to the presence of a few authentic players in the present market. However, the proliferation of passion fruit extract sales over online channels has created favorable opportunities for the entry of passion fruit processing industries.
“The increasing demand for passion fruit extracts in developing economies such as China and India is creating opportunities for industry participants to set up business units. Additionally, emerging trends regarding the medicinal properties of passion fruit extracts are expected to foster innovation and growth in the passion fruit extract market” – FMI analyst.
Recent Developments in the Passion Fruit Extract Market
- In December 2022, Making Cosmetics LLC introduced its new product line of passion fruit extracts by the name Fragrance Pink Grapefruit Passion Fruit. It incorporates fresh fragrance produced with both natural and synthetic fragrance ingredients. Also, the product is water-insoluble and phthalate-free which gives it an advantage over other brands.
- PASSION FRUIT EXTRACT H.GL – M.S. was introduced by Provital Company in October 2022, with an extract that dissolves in water. It is specially designed as a moisturizing additive to prevent surfactant agents from acting aggressively. Supplying chemicals and ingredients for making personal care and cosmetics are Provital’s areas of expertise in both manufacturing and sales.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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