Product Profile: Dried Fruit Powder
• Estimated market size: US$ 13.52 billion.
• Expected growth rate (2017-2025): 7.4%
• HS CODES: 121190, 210690 & 330210
• Benefits of fruit powder: Flavour, nutrition & shelf life
The global dried fruit powder market size is expected to reach US$ 23.96 billion by 2025 as a result of a positive outlook towards the nutraceutical industry. Consumers are continuously striving for the fulfilment of their nutritional intake through functional food and drinks. Rising awareness regarding the importance of micronutrients including vitamins, minerals and amino acids has resulted in increased product demand.
With changing lifestyle patterns, consumers are inclined towards convenience foods meeting specific nutritional requirements. The aforementioned trends have led to a growth in the demand for nutraceuticals and in turn, will fuel the market for fruit powder.
Europe was the major region for the fruit powder market, reporting a revenue exceeding US$ 3 billion in 2017. Favourable trends in the lucrative food segments such as superfood, probiotic supplements, and dietary fibers goods are expected to bode well for regional growth
Geographically, the global fruit powders industry can be bifurcated by major regions, which include North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Surging usage of fruit powders in the meat industry coupled with rising demand for natural colorants, has strengthened the growth of global fruit powders market and hence is expected to significantly expand the revenue contribution of the market over the estimate period (2017-2025).
Rationale for Growth
Rising health-conscious consumers who are tending towards a healthier lifestyle have been shifting their preferences from artificial ingredients to completely natural products. This in turn creates growth opportunities for the fruit powders market. Key players and manufacturers in the fruit powders market are planning to develop innovative fruit powders in order to cater to the rising needs of nutraceutical, pharmaceutical and food and beverage applications.
Availability of customized fruit powders is a significant trend that is likely to gain traction in fruit powders market in the forthcoming years. Strawberry and apple fruit powders are observing notable popularity in the cosmetic industry. Super fruit powders are anticipated as the vital factor driving growth of the global market over the forecast period (2017-2025).
There is an increasing demand for a variety of fruit powder-based health drinks that contain a high amount of vitamins, minerals and antioxidants. The fruit powders market is estimated to have growth potential in developing and developed countries as a result of consumer preference towards health drinks along with variety of fruit flavours in the drinks. Fruit powders are a convenient and economical substitute to fresh fruits in various applications. The use of fruit powders in infant formulas is seen to have robust growth due to consumer preference towards fruit flavoured infant formula, which also provides essential vitamins and minerals for infants.
Along with increasing usage of fruit powders in various industries and economic potential due to increased fruit production in the market, the global fruit powders market is expected to observe robust growth over the forecast period.
The Indian perspective
With 100% FDI and various support measures by the Ministry of Food Processing Industries for value addition, it is essential for players to focus on value added exports for better revenue realisation.
Dried fruit powder is one such segment where India has the potential to be a significant player in the international market. Known as the fruit and vegetable basket of the world, India produces a wide variety.
It ranks first or second in most of the fruits produced. Currently, India exports around US$ 300 million worth of dried fruit powder, which is significantly below its potential. Some of the major fruit powders that India can export are apple, banana, amla, litchi, mango, guava and mixed fruit.