Global Pomegranate Market Size, Share, Growth Analysis, By Application(Food & Beverage, Pharmaceutical), By Category(Organic, Conventional), By Product(Pomegranate Powder, Pomegranate Juice) - Industry Forecast 2023-2030

Global Pomegranate Market size was valued at USD 235.94 million in 2021 and is poised to grow from USD 248.4 million in 2022 to USD 338.6 million by 2030, growing at a CAGR of 5.3% in the forecast period (2023-2030).

The increased demand for pomegranate products, such as pomegranate powder, pomegranate juice, functional beverages, and other pomegranate-derived products, is the primary driver projected to fuel the expansion of the worldwide pomegranate market during the forecast period.

The increasing consumption and demand for processed pomegranate goods globally, with juice and cosmetics now enjoying the highest levels of appeal, is a noteworthy trend in the market that is projected to gain traction. The growth initiatives and investments made by governments of different nations, such as the provision of subsidies and training for farmers and exporters, are one element that is projected to open up opportunities for the participants in the target market. Pomegranates and similar items are more expensive in North America and Europe, thus efforts to reduce the price of the finished product are also becoming more and more important. As a result, it is projected that this element would create lucrative opportunities for players active in the North American and European markets. For example, automating the growing and harvesting process can help firms improve overall processes, lower labour costs, and boost production.

According to forecasts, pomegranate powder will continue to top all other type sectors in terms of sales share. Sales of pomegranate powder are projected to increase at a CAGR of about 4.8%. The pomegranate juice concentrate market holds the second-largest share in terms of revenue.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Pomegranate Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The global pomegranate market has been segmented based on application, category, product, and region. Based on application, the Pomegranate Market is segmented into food & beverage, pharmaceutical, and cosmetics. By product, the Pomegranate Market is segmented into pomegranate powder, pomegranate juice, and pomegranate concentrate. Based on the category, the Pomegranate Market is segmented into organic and conventional. Based on region, the global pomegranate market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

Various useful drinks and foods frequently contain pomegranate juice or powder. The growing health concerns of consumers have recently led to an increase in the use of functional foods and beverages. The flavour and nutritional content of many processed foods, such as cookies, cakes, and pastries, are enhanced by the inclusion of pomegranate. Many processed food producers are concentrating on the production of new products that contain pomegranate in order to meet customer demand.

In addition to the food and beverage industry, which has been the market leader, a wide range of businesses have adopted pomegranate-derived products due to their health-promoting qualities. Plant-based medicines have been increasingly popular in recent years due to their innate capacity to enhance health. As a result of the rise in demand for organic, minimally processed medicines, the pomegranate market has grown.

Restraint

Seasonal variations in pomegranate production and harvesting have a substantial detrimental effect on market growth. The cost of many pomegranate products is increased by the use of pricy methods and techniques during production. The growth of its market has been hindered as a result. The increased probability of microbial contamination in pomegranates also lowers product quality, which limits market growth.

Market Trends

The shifting of the supply nations is one important change in the world pomegranate market. For instance, Europe used to be Ukraine's primary source of pomegranates, but in recent years, Turkey has grown its proportion of the market. For example, Turkey's share of pomegranate imports into Ukraine increased from 70% to 92%.