The global vegetable puree market size is expected to gain momentum by reaching USD 14.40 billion by 2028 while exhibiting a CAGR of 5.40% between 2021 to 2028. In its report titled “Vegetable Puree Market, 2021-2028,”. Fortune Business Insights mentions that the market stood at USD 9.59 billion in 2020.
Convenience foods have taken populations by storm due to their schedules getting increasingly hectic and health taking a back seat. Vegetable mashes offer an immediate solution to nutrition needs and prevent people from eating unhealthy in-between meals. Puree, in particular, has garnered roaring popularity, and its demand is escalating in households as well as restaurants and hotels.
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List of Key Market Players Profiled in this Market Report
- Nikken Foods Co. Ltd. (Tokyo, Japan)
- Sun Impex (Dubai, UAE)
- Conrox Agro and Food Pvt. (Maharashtra, India)
- Dohler GmbH (Darmstadt, Germany)
- Del Monte Foods Inc. (California, United States)
- Ingredion Incorporated (Illinois, United States)
- SVZ Industrial Fruit and Vegetable Ingredients (Netherlands)
- Baby Gourmet Foods Inc. (Calgary, Alberta)
- Encore Fruit Marketing Inc. (San Dimas, California)
- Kagome Co. Ltd. (Tokyo, Japan)
COVID-19 Impact
The market growth suffered a setback due to the severe downturn in groceries and supermarket activities amid the COVID-19 pandemic. When the contagion broke out in March 2020, several countries announced strict lockdowns and imposed social distancing rules to curtail the coronavirus spread. As workers in the food industries were not at work, it severely impacted its production, and it further led to a sharp dip in revenues. However, the sales of vegetable puree and other plant-based foods remained functional through online services. Thus, the market is expected to regain its momentum during the forecast period.
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Market Segmentation:
By the product type, the market is divided into carrot, spinach, tomato, and pumpkin.
Based on product type, the carrot segment held a market share of 15.50% in 2020. This is attributable to increased demand for carrot purees in infant food preparation as well as adults owing to its high health benefits.
On the basis of application, the market is segmented into ready-to-eat/ cook products, infant nutrition, and beverages. By nature, the market is divided into organic and conventional. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, and South America.
The market for vegetable puree provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships and collaboration that will further contribute to the market growth.
Driving Factor
Shift towards Veganism to Favor the Market Growth
The rising awareness about veganism worldwide is expected to fuel vegetable puree market growth. Reports from Forbes suggest that in the U.S. inclination towards veganism has increased. It grew from 1% to 6% between 2014-2017. Consumers are replacing meat with plant-based products, to maintain their protein intake while keeping their cholesterol in check. As animal protein is high in fat, this leads to heart problems. Apart from being vegan it also promotes gut wellness and boosts immunity, which is of high importance in these pandemic times. Thus, in the middle of a pandemic, the demand for plant-based food and everages is expected to rise.
Regional Insights
Increasing Demand for Healthy Food is Expected to Drive North America’s Market
North America is expected to hold the highest vegetable puree market share during the forecast period. The market stood at USD 3.53 billion in 2020. The growing consumer preference toward healthy food has witnessed a dramatic rise. For instance, in February 2021, the National Center for Health Statistics of the Centers for Disease Control and Prevention, U.S., stated in its research report that 95.1% of adults in the U.S consume vegetables on any given day. Thus, demand for vegetable products is expected to see growth in the region. North America stood at USD 3.53 billion in 2020.
Europe is expected to showcase significant market growth in upcoming years. In this region, the market is primarily driven by sales of ready-to-cook products. For instance, the report from the Ministry of Foreign Affairs mentioned that in Europe 2020, consumers’ eating habits shifted from traditional breakfast to convenient food such as smoothies and shakes. Thus it has promoted demand for plant-based products in the region. are choosing new options such as smoothies and soups has prompted the demand for vegetable puree.
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Competitive Landscape
Key Players to Focus on Acquisitions to Strengthen Their Positions
The market is consolidated by major companies striving to maintain their position by focusing on facility expansion and launching new products. For instance, SVZ Industrial Fruit and Vegetable Ingredients declared that the company increased its production capacity in Othello (WA). This was done by merging aseptic puree processing and packaging units, to meet the demand for quality fruits and vegetable products. Moreover, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years.
Key Industry Development
February 2020: Kagome Foods India Pvt Ltd. launched its tomato-based range in India. This new range comrises crushed tomatoes, tomato concentrate and tomato puree, and other products.
