Passion Fruit Extract Market to Reach US$ 1,420.3 million by 2033, Fueled by Insomnia Treatment | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Passion fruit extract, a potent antioxidant, gains popularity in diverse applications, including insomnia treatment, driving global demand. Making Cosmetics, Passi, and DENNICK are the top brands for the product.
NEWARK, Del, Oct. 17, 2023 (GLOBE NEWSWIRE) -- 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 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 various end-user applications, it has attracted much interest and appeal in recent years. During the forecast years, passion fruit extracts as an effective treatment for insomnia is poised to boost the market further.
“The increasing demand for passion fruit extracts in developing economies such as China and India creates 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,” – says Nandini Roy Choudhury client Partner for Food and Beverages at Future Market Insights, Inc.
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 2022, the country alone contributed almost 24.8% of the revenue generated by the market worldwide.
In Europe, France is the leading regional market for passion fruit extracts, with a 7.1% global market share in 2022. Italy followed France in consuming 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 producing passion fruit extracts. At the end of 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 making its extracts, Passiflora flavicarpa is the most preferred. It provided almost 53.8% of the global passion fruit extract production in 2022.
Competition Analysis of the Passion Fruit Extract Market
The overall market for passion fruit extracts is fairly consolidated owing to 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.
Recent Developments in the Passion Fruit Extract Market
In December 2022, Making Cosmetics LLC introduced its new product line of passion fruit extracts, 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.
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions, and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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