Fruit Pomace Global Market Report 2024: Exploring Prominent Trends and High-Growth Market Segments
Fruit Pomace Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Will the Current Market Growth in the Fruit Pomace Industry Continue?
The fruit pomace market size has exhibited a strong growth pattern in recent years. Expanding from $3.32 billion in 2023 to $3.51 billion in 2024, the market is poised to register a compound annual growth rate CAGR of 5.9%. Increasing disposable incomes, adoption of sustainable agricultural practices, implementation of quality assurance programs, investments in agricultural research, and consumer loyalty programs have been key contributors to the growth in the historic period.
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What Does the Future Hold For the Fruit Pomace Market?
The future looks bright for the fruit pomace market as it is set to exhibit strong growth in the coming years. Projections suggest an escalation to $4.44 billion in 2028, manifesting a compound annual growth rate CAGR of 6.0%. This predicted growth can be attributed to the growing demand for plant-based beverages, development of biodegradable packaging, escalated interest in homemade products, burgeoning cosmetics industry, rising awareness about dietary fiber, and sharper focus on reducing sugar content. The forecast period is also teeming with major trends including advancements in processing technology, AI-driven analytics, innovative smart packaging, enhanced blockchain technology, and integration of IOT in supply chain management.
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Which Factors Are Driving the Fruit Pomace Market?
The rising popularity of plant-based foods is expected to steer the fruit pomace market's growth trajectory. The surge in plant-based foods is linked with increasing consumer awareness of health advantages, sustainability, and environmental benefits associated with plant-based diets. Fruit pomace significantly boosts the development of plant-based food by augmenting nutritional value, amplifying fiber content, and encouraging sustainable practices in production. Notably, in 2023, the Good Food Institute Europe, a Belgium-based non-profit organization, reported a significant increase of 9% in plant-based food sales in the UK, amounting to a total of $1.2 billion.
Who Are the Key Players and What's New in the Fruit Pomace Market?
The market also sees considerable interest and activity from key industry players. Recently, these players have been involved in developing innovative products like fruit pomace-based packaging, focusing on providing eco-friendly and sustainable alternatives to traditional packaging. A case in point is the Oregon State University launching apple pomace-based molded pulp packaging in February 2022. This bio-based solution not only uses fruit by-products to reduce waste but also improves water resistance, thereby emerging as a potential sustainable packaging option.
How is the Fruit Pomace Market Segmented?
The fruit pomace market demarcates into several segments, which are:
1 By Product: Powder, Pellets, Other Products
2 By Source: Apple, Citrus, Banana, Berries, Grape, Mango, Other Sources
3 By Nature: Organic, Conventional
4 By Application: Dairy Products, Food Processing, Edible Oils and Fats, Animal Feed, Biofuel Production, Cosmetic and Personal Care, Pectin Production, Other Applications
5 By Distribution Channel: Offline, Online
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