Jackfruit Market - An Overview
The global jackfruit market is expected to witness strong growth during the forecast period between 2021 and 2031.
Jackfruit is a fruit, which is cultivated in the tropical regions of South Asia. The inflorescences of jackfruit are developed on the trunk of the tree and the ovaries of the flowers combine to form the fruit.
Jackfruits are also deployed as a strong aromatic product due to the presence of substances such as propyl isovalerate and ethyl isovalerate and has been used in the manufacturing of different products such as jams, jellies, ice creams, squashes, and candy.
The COVID-19 pandemic positively impacted the global jackfruit market. With growing awareness about health benefits among consumers, the demand for jackfruit witnessed a rise among population sections globally.
It is anticipated that owing to increased health benefits, the jackfruit demand will remain high in the post COVID-19 phase, in turn, propelling the overall market.
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Jackfruit Market - Trends and Opportunities
Rising awareness about jackfruit's immunity-boosting and nutritional characteristics is the key growth driver for the global jackfruit market.
In addition to this, increased production of jackfruit-flavored products by leading players is expected to bolster the growth in the jackfruit market, in future.
Increased deployment of jackfruit as a substitute for vegan meat is expected to fuel product demand, in the coming years.
The supermarket distribution channel segment is expected to make the largest contribution to the overall jackfruit market due to their increasing penetration in developing economies such as India and Thailand.
The fresh consumption application segment is anticipated to contribute the most to the overall market owing to increased product consumption due to its sweet flavor.
Jackfruit Market - Competitive Landscape
The global jackfruit market has very few players, many of whom could engage in different growth strategies such as new product launches in a bid to remain competitive in the overall market.
Research and development undertakings to manufacture products with improved natural flavor could be a key growth strategy for the leading players in the jackfruit market.
Leading players could also establish R&D centers in different parts of the world which would exclusively function to produce improved quality of products.
The smaller players in the jackfruit market will seek investments from private investors, which would help them in their long-term growth.
Some of the leading players in the global market include Mother Dairy Fruits & Vegetables, Nutty Yogi, The Jackfruit Company, Anna Food Products, and Artocarpus Food Pvt. Ltd.
In 2019, the Jackfruit Company announced the launch of new Complete Jackfruit Meals, which are single-serving food meals, available in four different flavors.
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Jackfruit Market - Regional Assessment
The global jackfruit market is classified into five regions, namely, North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
Asia Pacific is anticipated to be the dominant region in the global jackfruit market in the years ahead owing to increased product availability and demand in the south-eastern countries, contributing largely to the growth of the market.
North America is anticipated to witness substantial growth in the jackfruit market due to favorable climatic conditions for the growth of jackfruit in countries such as US and Canada.
The presence of prominent market players in these countries is expected to contribute to the jackfruit market growth in North America.
Europe is expected to offer lucrative growth opportunities for the jackfruit market owing to the increased awareness about the health benefits of jackfruit in maintaining cardiovascular health and improving the body immunity.
Other regions of the world such as Middle East and Africa and Latin America are expected to witness moderate growth in the jackfruit market, in the years ahead.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.