Edible Animal Fat Market to Hit a CAGR of 4.9% by 2021-2028

 The global edible animal fat market size is expected to experience significant growth by reaching USD 63.98 billion by 2028. Fortune Business Insights in its latest report, titled, “Edible Animal Fat Market, 2021 – 2028.”, mentions that the market stood at USD 41.50 billion in 2020 and is projected to exhibit a CAGR of 4.9% between 2021 and 2028. Factors such as the increasing preference for sustainable animal fat oil is expected to propel the demand for the product worldwide. 

COVID-19 Impact: Market Exhibited a Sluggish Growth Rate of 15% in 2020

The shutdown of convenience stores and halted industrial operations have led to the slowdown of the market. The animal husbandry sector has also suffered owing to the lockdown announced by government agencies worldwide. These factors led to the market suffering from a falling growth rate of 15% in 2020.

Key Market Segmentation:

Based on type, the global market is segregated into butter, lard, tallow, and others. On the basis of source, the market is categorized into cattle, pig, and others. Moreover, on the basis of application, the market is bifurcated into food and non-industry.

Based on application, the food segment is expected to experience considerable growth backed by the increasing adoption of animal by-products in several food applications across the globe.

Lastly, on the basis of region, the market is segmented into Asia-Pacific, North America, Europe, Latin America, the Middle East and Africa.

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What does the Report Include?

The global market for the edible animal fat report includes 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, which are 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 collaborate that will further contribute to the market growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.

DRIVING FACTORS

Increasing Preference for Sustainable Animal Fat Oil to Aid Growth

The increasing awareness regarding the health benefits of sustainable animal fat oil such as fish oil is expected to boost its consumption across the globe. Fish oil contains Omega-3 fatty acids that are termed as vital nutrients, which aid in the prevention and management of heart ailments. Moreover, the carbon footprint of animal fat oil is far less compared to vegetable oils. Therefore, the increasing adoption of animal fat is expected to contribute to the global edible animal fat market growth in the forthcoming years.

REGIONAL INSIGHTS

Asia-Pacific to Remain Dominant; Increasing Consumption of Butter to Aid Growth

Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the largest global edible animal fat market share in the forthcoming years. This is attributable to the increasing consumption of butter and lard as they are perceived as healthy food products in countries such as India, China, and Australia. Asia Pacific stood at USD 12.64 billion in 2020.

The market in North America is expected to showcase considerable growth backed by the increasing adoption of edible animal fat in the food and non-food industry. For instance, butter is consumed in large quantities by consumers in countries such as the U.S. Moreover, tallow is adopted in industrial application to produce animal feed.

COMPETITIVE LANDSCAPE

 Facility Expansion by Major Companies to Intensify Industry Competition

The global market for edible animal fat comprises small, medium, and large companies striving to maintain their stronghold by focusing on expanding their facilities to cater to the growing demand from several industrial verticals. Moreover, other key players are striving to maintain their presence by adopting strategies such as collaborations and partnerships to gain a competitive edge over their rivals in the global marketplace.

Key Industry Development:

July 2019 - PTUE SARIA, a part of the SARIA Group, announced the development of a new production facility in Belarus. The company reports that EBRD will be providing them with an overall loan of EURO 17 million to develop the facility. This is expected to increase its production facility and manufacture high-quality animal by-products that will enable it to strengthen its position in the European market.

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List of the Companies Profiled in the Global Edible Animal Fat Market:

• Ten Kate Holdings (Musselkanaal, Netherlands)
• Cargill, Inc. (Wayzata, United States)
• Darling Ingredients, Inc. (Irving, United States)
• Archer Daniels Midland Company (Chicago, United States)
• Bunge Limited (Chesterfield, United States)
• Sanimax (Montréal, Canada)
• Baker Commodities Inc. (Vernon, United States)
• York Foods Pty Ltd (Goulburn, Australia)
• Saria Group (Selm, Germany)
• Colyer Fehr Tallow Pty Ltd. (Mount Druitt, Australia)

Kombucha Market to Hit a CAGR of 23.2% by 2020-2027

 The global kombucha market size is projected to reach USD 10.45 billion by 2027, exhibiting a CAGR of 23.2% during the forecast period. The increasing presence of small-scale kombucha companies will redefine the contours of innovation in this market, postulates Fortune Business Insights™ in its report, titled “Kombucha Market Size, Share & COVID-19 Impact Analysis, By Type (Natural and Flavored), Distribution Channel (Supermarkets/ Hypermarkets, Convenience Stores, Health Stores, and Online Retail), and Regional Forecast, 2020 – 2027”. Kombucha is a type of fermented tea and has been gaining rapid popularity worldwide as it offers the ideal alternative to alcoholic beverages. To capture the burgeoning market for this beverage, several small-scale companies have cropped up over the past few years that have been providing innovative flavors to kombucha enthusiasts. For example, Delhi-based Atmospheric Kombucha, launched in April 2018, offers completely raw and organic fermented tea infused with fruit flavors and dried herbs. Their teas are also available in unique flavors such as lavender blueberry, mango, and guava. Similarly, US-based Health-Ade was started in 2012 and is today one of the largest and the most innovative kombucha-making company in the US, offering flavors such as jalapeño-kiwi-cucumber, cloves, and chocolates. The deepening presence of these kombucha-specializing entities is opening expansion portals for this market.

Humanity is reeling under the unexpected eruption of the COVID-19 pandemic that has severely damaged the global economy, triggered widespread supply-demand disturbances, and has caused unprecedented social, political, and economic anxiety worldwide. Several sectors, industries, and markets are experiencing a period of deep stress and unbearable apprehension. In such dire circumstances, businesses are in desperate need of holistic insights into the impact of the coronavirus outbreak on different markets. At Fortune Business Insights™, we aim to provide just that. Based on our experience and expertise, we offer market research reports with high-quality market analysis to enable your business to tide over these challenging times.

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List of Key Companies Profiled in the Kombucha Market are:

• Revive Kombucha (California, United States)
• Humm Kombucha, LLC (United States)
• Reed’s Inc. (Connecticut, United States)
• Molson Coors Beverage Company (Chicago, United States)
• The Hain Celestial Group (New York, United States)
• Health-Ade Kombucha (United States)
• PepsiCo, Inc. (New York, United States)
• The Coca Cola Company (Georgia, United States)

The report states that the global market value was at USD 1.84 billion in 2019 and shares the following:

• A detailed assessment of the trends, drivers, and restraints influencing market growth;
• Holistic analysis of the regional developments impacting the market;
• Thorough research into the key players’ profiles and their strategies; and
• A comprehensive study of all market segments.

Driving Factor

Multiple Health Benefits of Fermented Tea to Ensure Stable Market Growth

The health benefits of kombucha have been proven through several scientific studies and the growing awareness about these benefits is expected to further augment the adoption of this beverage. For example, a study by researchers from University College Cork in Ireland found that since kombucha is fermented, it contains a large amount of lactic acid bacteria that can function as a probiotic. As a result, this drink can be made part of regular diets as probiotics are known to strengthen gut health, improve digestion, and even aid in weight loss. Further, evidence gathered by researchers from the University of Toulouse in France shows that kombucha prepared from green tea can stimulate calorie-burning processes in the body, improve cholesterol levels, control blood sugar, and reduce belly fat. With consumers becoming more health conscious, especially in urban areas, the demand for this beverage is likely to spike as its visibility increases in retail stores and supermarkets around the globe.

Regional Insights

Rising Demand for Alternative Beverages to Accelerate Market Growth in North America

North America, with market size of USD 0.97 billion in 2019, is expected to retain its leading position in the kombucha market share throughout the forecast period. The changing dynamics of the market in North America have backed by the increasing preference of drinkers in the region towards healthy beverage alternatives to regular soda and soft drink products. Europe is set to emerge as the second-largest region for this market owing to the booming popularity of probiotic drinks in major economies such as the UK and Germany. In Asia Pacific, rising disposable incomes of consumers is leading to a steady increase in the demand for unique and premium beverages.

Competitive Landscape

Promotion of Novel Preparations to be the New Growth Strategy of Key Players

Recognizing the broad scope for creativity in the kombucha category, key players in the market are aggressively promoting novel preparations of this beloved drink among consumers. Additionally, companies, especially large organizations, are adopting innovative design strategies to expand the visibility of their products across supermarkets, departmental stores, and retail outlets.

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Key Industry Developments:

• September 2020: UK-based Woodies announced the launch of a new line of kombuchas infused with cannabidiol (CBD). The drink will combine the health benefits of CBD and fermented tea and will be available in Hibiscus & Raspberry, Orange, and Ginger flavors.
• March 2020: KeVita unveiled the new, enhanced look for its kombucha bottles, promoted by the company’s new owner, PepsiCo, to enable the brand to gain prominence on store shelves. The move is being advocated by PepsiCo to boost the slow sales of the company in the fermented tea category.

Shrimp Market To Reach USD 53.63 Billion by 2021-2028 | Rising Demand for High Protein Diet and Sustainable Seafood Choices to Foster Market Growth

The global shrimp market size was USD 28.45 billion in 2020. It was valued at USD 33.81 billion in 2021 and reached USD 53.63 billion in 2028, exhibiting a CAGR of 6.81% during the forecast period. Innovations in the seafood sector and the rising trend of flexitarian diet are expected to boost the market growth. Fortune Business Insights™ presents this information in its report titled “Shrimp Market, 2021-2028.”

Rising technological advancements in the seafood sector are expected to boost seafood products' demand. The rising demand for healthy snacking leads to the adoption of shrimp in consumers’ diets. Further, rising focus on the supply and storage of seafood is expected to surge the product demand. Moreover, the rising trend of flexitarian trends is expected to boost the product adoption. In addition, the entry of new players is expected to bolster market development in the coming years.

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COVID-19 Impact:

Disruptions in Supply Chain and Reduced Seeding Activities to Impede Market Progress

This market is expected to be negatively affected during the COVID-19 pandemic due to disruptions in the supply chain. The sudden spike in COVID infections led to the adoption of lockdown, thereby negatively affecting seeding and storage activities. Furthermore, the halt on transport led to wastage, thereby affecting business. Moreover, lack of raw materials led to a decline in seeding activities. However, the adoption of reduced capacities, technologically advanced production machinery, and sanitization methods may enable manufacturers to recover their losses. These factors may positively impact market development during the pandemic.

Segmentation

Type, Form, End-user, Distributional Channel, and Region are studied for the Market

By type, the market is segmented into brown, white, pink, and others. As per form, it is classified into canned and frozen. Based on end-user, it is classified into commercial and residential. On the basis of distributional channel, it is categorized into online sales channels, specialty stores, convenience stores, and hypermarkets/ supermarkets. Geographically, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Rising Demand for High Protein Diet and Sustainable Seafood Choices to Foster Market Growth

Consumers' demand for a healthy protein-rich diet and rising spending is expected to propel the demand for the product. As a result, manufacturers focus on developing better storage and preservation techniques to provide fresh foods to consumers. Furthermore, support for fishing activities from several countries is expected to boost industry growth. In the U.S., sustainable fishing initiatives are helping to spread awareness regarding seafood consumption. The National Oceanic and Atmospheric Administration (NOAA) supports U.S. participation in several global fisheries agreements and takes several measures to tackle illegal fishing. These factors may bolster the shrimp market growth during the upcoming years.

However, trade wars between several countries are expected to hinder the market's progress.

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Regional Insights

Rising Adoption of the Crustaceans in Cuisines to Foster Market Development in Asia Pacific

Asia Pacific is expected to dominate the shrimp market share due to the adoption of seafood in several cuisines in India, China, Japan, Vietnam, and Australia. The market in Asia Pacific stood at USD 10.74 billion in 2020 and is expected to gain a considerable share globally. Further, the rising adoption of crustaceans from the foodservice sector is expected to bolster market development. These factors may propel industry development.

In North America, robust demand for big-sized decapod crustaceans and brown shrimps is expected to fuel the industry's development. Further, the rising adoption of seafood as a protein source and increasing import activities are expected to bolster the market growth.

In Europe, the rising popularity of decapod crustaceans from consumers is expected to bolster market development. In addition, the rising adoption of seafood products may fuel market development.

Competitive Landscape

Major Players Acquire Companies to Increase Resources and Establish Market Presence

Prominent companies operating in the market devise acquisition strategies to increase their resources and dominate their presence. For example, Cooke aquaculture acquired a Honduras-based decapod crustacean producer “Seajoy” in February 2019. This acquisition may enable Cooke to establish a remarkable brand presence globally. Furthermore, the adoption of research and development, mergers, novel product launches, partnerships, and expansion strategies may enable companies to boost their brand image globally.

Industry Development

• March 2021: BioMar acquired a major share of Viet-Uc to expand its presence in fish hatcheries, shrimp farming, and shrimp hatcheries industries.

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List of Key Players Profiled in the Report

• Aqua Star Corp. (Seattle, U.S.)
• Avanti Feeds Ltd. (Hyderabad, India)
• Clearwater Seafoods Inc. (Bedford, Canada)
• High Liner Foods Inc. (Lunenburg, Canada)
• Marine Harvest (Bergen, Norway)
• Maruha Nichiro Corporation (Tokyo, Japan)
• Nippon Suisan Kaisha (Tokyo, Japan)
• Nordic Seafoods A/S (Hirtshals, Denmark)
• Surapon Foods (Muang, Thailand)
• Thai Union Group (Bangkok, Thailand)

North America Sugar-Free Chocolate Market to Hit a CAGR of 5.42% by 2021-2028 | Rising Awareness Regarding the Benefits of Sugar-Free Chocolates to Incite Market Growth

 The global North America sugar-free chocolate market size is expected to touch USD 391.8 million by 2028, exhibiting a CAGR of 5.42% during the forecast period. The market value stood at USD 242.0 million in 2020 and reached USD 270.7 million in 2021. Increasing health awareness and rising cases of diabetes globally are expected to boost the market growth. Fortune Business Insights™ mentions this information in its report titled “North America Sugar-Free Chocolate Market, 2021-2028.”

Sugar free chocolate is a healthier and low-calorie snack with antioxidants, increasing its demand. Rising awareness regarding good health led to the adoption of healthier snacks, thereby increasing the adoption of sugar-free chocolates. Rising per-capita income and evolving buying preferences led to the adoption of healthy food alternatives in North America, which, in turn, may boost the product’s sales. Furthermore, rising cases of diabetes lead to the adoption of sugar-free food, which in turn may positively impact the industry. As per the International Diabetes Federation, nearly 463 million adults suffer from diabetes, which is expected to spike drastically. Therefore, these factors are likely to spike the market’s progress in the upcoming years.

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COVID-19 Impact

Rising Demand for Healthy Comfort Foods to Fuel Market Progress

The North America sugar-free chocolate sector is expected to be positively impacted by the COVID-19 pandemic because of the rising demand for healthy comfort foods. Rising consumer preferences for a healthier lifestyle and snacking may boost the demand for the product. Further, the adoption of reduced capacities, part-time shifts, and production machinery may boost the market’s growth during the pandemic. Moreover, rising cases of diabetes led to the adoption of sugar-free alternatives, thereby promoting industry growth during the pandemic.

Segments

By product type, the market is segmented into white chocolate, dark chocolate, and milk chocolate.

By distributional channel, it is classified into online retail, convenience stores, specialty stores, and supermarkets/hypermarkets. By country, it is grouped into U.S., Canada, and Mexico.

Report Coverage

The North America-sugar free chocolate sector report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Rising Awareness Regarding the Benefits of Sugar-Free Chocolates to Incite Market Growth

Rising shift to healthier foods, rising per-capita income, and evolving preferences fuel demand for healthier food products. Rising trends of healthy snacking have led to the adoption of sugar free chocolates, which, in turn, may propel sales. Manufacturers focus on the development of products that adhere to consumers’ demands. For example, As per the International Food Information Council's Food and Health Survey in 2020, approximately 76% of U.S. consumers look forward to eliminating sugar intake from their diets. Furthermore, incorporating the product in muffins, puddings, cakes, and others is expected to boost sugar-free chocolate. These factors are likely to drive the North America sugar free chocolate market growth.

However, higher production and raw material costs may hinder the market’s progress.

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Country Insights

High Chocolate Consumption Among the U.S. Population to Foster Market Development in U.S.

U.S. is expected to dominate the North America sugar-free chocolate market share because of the rising consumption of chocolates in the U.S. Rising obesity is expected to boost the adoption of chocolate in the country. As per the information provided by the Centers for Disease Control and Prevention (CDC), diabetes cases touched 42.4% in 2018 compared to 30.5% in 2000.

Canada is expected to be driven by the consumption of locally produced premium chocolates. Further, in Toronto, approximately 20 chocolatiers aim to differentiate their product range. In addition, festivals such as Christmas, Thanksgiving, Easter, and others are likely to boost sugar free chocolate adoption.

Competitive Landscape

Major Players Launch Novel Products to Boost Market Position

Prominent companies operating in the North America sugar free chocolate sector sector launch novel products to attract consumers and boost their market position. For example, in June 2021, Russel Stover Chocolates, a brand owned by Lindt & Sprungli AG, announced its Joy Bites chocolate bars. It is a sugar free chocolate made from Fairtrade cocoa and sweetened using stevia extract. This launch may enable the company to attract consumers and boost its market position. Furthermore, the adoption of research and development may enable manufacturers to develop innovative chocolates with flavors to attract consumers’ attention and improve their brand image.

Industry Development

• July 2021: Kohler Co., a leading organization in the North America sugar-free chocolate sector announced their latest handmade and sugar free chocolate containing enhanced cocoa and premium ingredients. The flavors are available in nine, four, and two pieces and are extremely healthy.

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List of Key Players Profiled in this Market Report

• The Hershey Company (Pennsylvania, U.S.)
• Ferrero SpA (Alba, Italy)
• Chocoladefabriken Lindt & Sprüngli AG (Kilchberg, Switzerland)
• Godiva Chocolatier (Midtown Manhattan, U.S.)
• KOHLER Co. (Wisconsin, U.S.)
• Jackie’s Chocolate (Wisconsin, U.S.)
• Pascha Chocolate (Toronto, Canada)
• Pobeda Confectionery Ltd. (Moscow, Russia)
• Asher's Chocolate Company (Pennsylvania, U.S.)
• Barry Callebaut AG (Zürich, Switzerland)

Hummus Market To Reach USD 6.60 Billion by 2021-2028 | Rising Usage of Functional Ingredients to Improve Immunity will Aid Growth

The global hummus market size is set to gain momentum from the increasing shift of people towards the vegan diet, especially in Europe and North America. The surging awareness of environmental sustainability and animal welfare is compelling people to opt for plant-based dips. As per Statista, in the U.S., sales of refrigerated plant-based dips went up to USD 11 million in April 2019. As per the report, the market size was USD 2.62 billion in 2020. It is predicted to grow from USD 2.95 billion in 2021 to USD 6.60 billion in 2028 at a CAGR of 12.17% in the forecast period.

Companies profiled in the hummus market report are:

• Nestlé S.A. (Vevey, Switzerland)
• Cedar’s Mediterranean Foods, Inc. (Massachusetts, U.S.)
• Haliburton International Foods, Inc. (California, U.S.)
• Strauss Group, Ltd. (Sabra Dipping Company, LLC) (Petah Tikva, Israel)
• Bakkavor Group Plc (London, United Kingdom)
• Tribe Hummus (Massachusetts, U.S.)
• Boar’s Head Brand (Florida, United States)
• Hummus Gourmet, LLC (Lantana Foods) (Texas, U.S.)
• The Kraft Heinz Company (Illinois, U.S.)
• Hope Foods, LLC. (Colorado, U.S.)

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Report Coverage:

We have conducted extensive primary and secondary research to gather information about various aspects of this report. Our special interviews with end-user respondents and supply side respondents helped in gaining insights into the average pricing, per capita consumption trend, and average spending on products, growth rate, market size, and dynamics. We have also taken information from reputed journals, articles, and press releases of companies operating in this industry.

Drivers & Restraints:

Rising Usage of Functional Ingredients to Improve Immunity will Aid Growth

Consumers across the globe are nowadays demanding for unique flavors in their dips. Hence, several manufacturers are striving constantly to come up with novel products to cater to the taste and preferences of consumers. O'Dang Foods, for instance, introduced two new flavors of balsamic feta and classic Mediterranean hummus in the U.S. in June 2020 to fulfill the high demand for Mediterranean cuisine. A few other companies are equipping their dips with various functional ingredients, such as lime, turmeric, blueberry, and lavender because of the ongoing COVID-19 pandemic for enhancing immunity. However, the increasing availability of substitutes, namely, salsa and tahini may hamper the hummus market growth.

Regional Insights:

North America to Dominate Fueled by Higher Consumption of Dips and Spreads in the U.S.

Geographically, North America held USD 1.33 billion in terms of revenue in 2020. It is anticipated to dominate the market in the upcoming years. The surging consumption and production of spreads and dips, especially in the U.S. would bolster growth. Also, companies are trying to produce attractive and new dips to generate more sales. Argania Foods, for instance, introduced vegan cauliflower keto hummus dip in the U.S. in December 2019. On the other hand, Europe is likely to remain in the second position backed by the high popularity of the product in the U.K. In Asia Pacific, the rising disposable income of people is expected to aid growth.

Segments:

Classic Segment Earned 41.40% Share in 2020: Fortune Business Insights™

Based on type, the market is divided into red pepper, classic, black olive, white bean, roasted garlic, and others. Out of these, the classic segment is set to remain at the forefront in the near future because of its versatility and easy availability. It can be consumed as a dip, spread, or appetizer. At the same time, it is highly nutritious and naturally gluten-free. The segment generated 41.40% in terms of the hummus market share in 2020.

Competitive Landscape:

Key Players Focus on New Product Development to Intensify Competition

The global market houses a large number of international and local companies that are constantly launching state-of-the-art products in various sizes to meet consumers’ needs. Most of them are conducting R&D activities to create unique dips.

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Detailed Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Emerging Trends
• Key Insights
  • Overview on the Parent/Related Market
  • Supply Chain
  • Regulatory Analysis
  • Industry SWOT Analysis
  • Recent Industry Developments - Policies, Mergers & Acquisitions, and
  • New Product Launches
  • Market Analysis and Insights (in Relation with COVID-19)
    • Impact of COVID-19 on the Market
    • Supply Chain Challenges due to the Pandemic
    • Potential Opportunities to Support the Market during the Global Crisis
  • Global Hummus Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Size Estimates and Forecast
      • By Type (Value)
        • Classic Hummus
        • Roasted Garlic Hummus
        • White Bean Hummus
        • Black Olive hummus
        • Red Pepper Hummus
        • Others
      • By Distribution Channel (Value)
        • Supermarkets/Hypermarkets
        • Convenience Stores
        • Grocery Stores
        • Online Retails
      • By Region (Value)
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East & Africa

TOC Continued…!

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KEY INDUSTRY DEVELOPMENTS:

• April 2021: Ithaca Hummus unveiled two popular flavors, namely, Lemon Dill and Lemon Garlic in the sharing-size 17 oz. container for the first time. It would help the company to offer innovative products to those who consume the product on a regular basis.
• May 2020: Brami launched a new hummus made from lime juice, sunflower & olive oil, and lupini beans. It does not require refrigeration or contain artificial preservatives.

Olive Oil Market to Hit a CAGR of 3.2% by 2020-2027 | Increasing Incidence of Heart Disease to Favor Growth

 The global olive oil market size is expected to showcase considerable growth by reaching USD 16.64 billion by 2027. This is attributable to the increasing prevalence of heart disease and the growing demand for functional food products across the globe. Fortune Business Insights published this information, in its latest report, titled, “Olive Oil Market Size, Share & COVID-19 Impact Analysis, By Type (Refined Olive Oil, Virgin Olive Oil, Olive Pomace Oil, and Others), End-user (Household/Retail, Food Service/HoReCa, Food Manufacturing, and Others), and Regional Forecast, 2020 - 2027.” The report further observes that the market stood at USD 13.03 billion in 2019 and is projected to exhibit a CAGR of 3.2% between 2020 and 2027.

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from the governments, as well as from several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

Olive oil is naturally extracted from olives obtained from the olive tree. A major component of the Mediterranean diet, the oil is rich in antioxidants and has a rich source of monounsaturated fatty acids (MUFAs). Undergoing least processing amongst other edible oils, it protects the body from cellular damage that may otherwise lead to several diseases and health conditions

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What does the Report Include?

The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027. 

DRIVING FACTORS

Increasing Incidence of Heart Disease to Favor Growth

According to the World Health Organization (WHO), around 48% of adults living in the United States suffer from some form of cardiovascular ailments. This is nearly half of the American population. The rising prevalence of heart ailments is propelling the people to turn towards healthy food products that are likely to surge the demand for extra virgin olive oils, which are a rich-source of antioxidants. Additionally, the growing popularity of functional food products owing to the increasing awareness regarding consumption of nutritious foods is expected to drive the global olive oil market in the forthcoming years.

SEGMENTATION

Virgin Olive Oils Segment Held 73.07% Market Share in 2019

The virgin olive oils segment, based on type, held a market share of about 73.07% in 2019 and is projected to showcase a significant growth owing to the presence of oleic acid and Omega-3 in the oil that aid in the prevention of lifestyle-related disorders such as cardiovascular diseases and obesity.

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REGIONAL INSIGHTS

Europe to Remain Dominant; High Production of Edible Oils to Augment Growth

Among all the regions, Europe is expected to remain at the forefront and hold the highest position in the global olive oil market during the forecast period. The dominance is attributable to the large production of this oil in countries such as Italy and Spain. According to the Food and Agriculture Organization of the United Nations (FAO), Spain produces around 1.75 million tons of olive oil out of which about 46% is exported across the globe. The region stood at USD 6.67 billion in 2019.

The market in Asia-Pacific is expected to showcase a considerable growth backed by high disposable income of the population that propels the demand for premium healthy food products in the region between 2020 and 2027.

COMPETITIVE LANDSCAPE

Major Companies Focus on Facility Expansion to Strengthen Their Market Positions

The global olive oil market is consolidated by the presence of major companies that are striving to maintain their presence by expanding their facility to cater to the growing demand for nutritional extra virgin olive oils. Additionally, adoption of strategies such as merger and acquisition, partnership, and collaboration by key players will bode well for the growth of the global market in the forthcoming years.

INDUSTRY DEVELOPMENT

• August 2020 – Orfeu, a Brazil-based company, announced the production of a new range of olive oils. The company aims to cater to the surging demand for this oil in Brazil and further amplify its market position in the global marketplace.

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List of the Companies Operating in the Market:

• Salov SpA (Tuscany, Italy)
• Deoleo S.A. (Madrid, Spain)
• Aceites Ybarra S.A. (Sevilla, Spain)
• Sovena Group (Alges, Portugal)
• Del Monte Foods, Inc. (California, U.S.)
• Cargill, Inc. (Minnesota, U.S.)
• Bertolli, Inc. (Madrid, Spain)
• Aceites La Masia (Barcelona, Spain)
• Gallo (California, U.S.)
• Nutrinveste SGPS, SA (Alges, Portugal) 

Hemp Seeds Market To Rise At A CAGR Of 11.1% by 2020-2027 | Increasing Number of Health Conscious Consumers to Augment Growth

 The global hemp seeds market size is expected to rise at a CAGR of 11.1% and reach USD 1,634.6 million by the end of 2027. This is owing to the increasing availability of hemp-based products in most nations. A recent report by Fortune Business Insights titled, “Hemp Seeds Market Size, Share & COVID-19 Impact Analysis, By Form (Whole Hemp Seed, Hulled Hemp Seed, Hemp Seed Oil, and Hemp Protein Powder), Application (Food & Beverage, Personal Care Products, Industrial Products, and Others), and Regional Forecast, 2020 – 2027,” states that the value of this market was USD 710.7 million in the year 2019.

The COVID-19 pandemic has created a major dent on the world economy. Most of the businesses are temporarily shut owing to the imposition of lockdown by the governments of various nations. Other businesses operating within the four walls of their homes are barely able to manage meager revenue.

Fortune Business Insights is offering special reports describing the impact of COVID-19 on various markets. These reports will help investors analyze the various markets and accordingly prepare for future competition.

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Objectives of the Report:

• A 360-degree overview of this market
• Factors driving, restricting, challenging, and creating opportunities for the market
• List of key segments and names of the leading segments
• Marketing strategies adopted by players to gain competitive edge in the market

Drivers & Restraints:

Increasing Number of Health Conscious Consumers to Augment Growth

Hemp seeds are derived from the hemp plant, a different variety of the cannabis or marijuana family. They are highly nutritious and rich in minerals, healthy fats, proteins, and others. The increasing awareness about the nutritional properties of these seeds are considered the key factors promoting the global hemp seeds market growth. Besides this, they are also used by patients suffering from chronic diseases for its medicinal properties, thereby accounting to its growth.

On the flipside, most of the nations do not approve the use of hemp seeds or products based on hemp and have imposed complex regulations on the use of industrial hemp. This may hamper the growth rate in the coming years. This, coupled with the current spread of the novel coronavirus is also causing major hindrance to the market in the coming years.

 Despite this, the increasing demand from various applications such as personal care products, animal feed, food and beverage, and other industrial products are likely to create lucrative growth opportunities for the market in the coming years.

Segmentation:

Food & Beverage Segment Covered Major Shares Due to Rich Nutritional Properties

Among all segments in application type, the food & beverage segment accounted for the highest hemp seeds market share. In 2019, this segment earned 44.52% and emerged dominant on account of its high nutritional properties.

Regional Analysis:

Asia Pacific Held the Largest Share Owing to High Consumption by Developing Nations

Regionally, Asia Pacific earned USD 238.7 million in 2019 and emerged dominant accounting to the increasing demand for personal care products and high demand from emerging nations such as India, Australia, China, and Japan. Furthermore, the legalization of industrial hemp for use in food supplements will also aid in expansion of the market in the coming years.

On the other side, the market in Europe is expected to rise at a CAGR of 12.01% and emerge as the fastest growing region. This is accounting to the increasing consumption of these seeds in food products such as cereals, bars, smoothies, yogurt, and others from nations such as the U.K., Italy, Germany, and Netherlands.

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Competitive Landscape:

Players Focusing on Innovative Product Launches to Gain Momentum

Most of the players functioning in the global hemp seeds market are engaging in research and development to produce innovative products. Manufacturers with a large base are also engaging in merger and acquisition, and joint ventures with smaller companies in order to maintain a strong foothold in the market cmpetition.

Industry Developments:

February 2019 – Tilray Inc., a company based in Canada signed a pact with Manitoba Harvest to allow the entry of Nanaimo, a company growing pot based in British Columbia into the market in the United States.

List of the Leading Companies Profiled in the Hemp Seeds Market Research Report are:

• GFR Ingredients Inc. (Alberta, Canada)
• Manitoba Harvest (Winnipeg, Canada)
• Hemp Oil Canada Inc. (Manitoba, Canada)
• Canah International (Salonta, Romania)
• Yunnan HuaFang Industrial Hemp Co. Ltd. (Kunming, China)
• Hempflax BV (Oude Pekela, Netherlands)
• BAFA neu GmbH (Malsch, Germany)
• Liaoning Qiaopai Biotech Co., Ltd. (Jinzhou, China)
• North American Hemp & Grain Co. (Vancouer, Canada)
• Naturally Splendid Enterprises Ltd. (Pitt Meadows, Canada)
• Others