The processed fruit market includes canned, dried and frozen fruit segments.
Statista predicts that revenue in the processed fruit market will grow to US$112.6 billion in 2021. The market is expected to grow annually by 2.1% (CAGR 2021-2023), with a revenue growth of 11.9% in 2021.
The top 5 economies predicted to generate the most revenue in the processed fruit market are China, the United States, India, Japan and the United Kingdom. China is expected to generate the most revenue with a market volume of US$69.75 billion in 2019.
Mordor Intelligence reports that North America dominated the processed fruit market in 2015, with high consumption rates of frozen fruits in the United States and Canada. Additionally, demand for processed fruits has grown strongly in the developing countries of the Asia-Pacific over the past five years.
Major growth drivers for the industry include the convenience factor of processed canned fruit, which offering longer shelf-life than fresh produce. The influence of western culture has also seen changing dietary patterns for consumers, a trend which is also fueling the demand for the fruit processing market. New product development, high investment in R&D and growing demand in the developing world are growth opportunities for the canned food industry in particular.
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