Raisins Market to grow at a CAGR of 5.4% in Terms of Revenue over 2018-2026
Posted by Amy on March 4th, 2020
The global raisins market is wide-spread, competitive, and fragmented. The food manufacturing companies are following customer centric approach to gain the competitive edge in the global raisin market, says Transparency Market Research (TMR). These companies are focusing on introducing organoleptic properties in raisins as a strategy to penetrate into the global raisins market.
With emergence of organic food industry, these companies are focusing on introducing natural raisins keeping health at the forefront. They are also keen on introducing innovative s and value-added products in the global market for raisins. Some of the prominent players in the global raisins market include Sunbeams Foods Pty Ltd, Sun-Maid Growers of California, Decas Cranberry Products, Inc., Bergin Fruit and Nut Company Inc. and Kiantama Oy.
Due to fast-paced life people are adopting fast and nutritious breakfast options. Cereals such as cornflakes, rice flakes, and muesli, etc. contain dry fruits such as almonds, walnuts, and raisins. Rising demand for cereal-based breakfast is expected to provide growth opportunities to the global raisins market. The global raisins market is expected to increase at a 5.4% CAGR during the forecast period 2018 to 2026.
In terms of geography, the global raisins market is expected to be dominated by Asia Pacific. The growth can be attributed to rapid urbanization, changing lifestyle, and rising presence of players involved in the industry. The global raisins market is segmented into natural seedless, golden seedless, monukka, sultana, muscat and black currant. But, natural seedless raisins is expected to register a higher growth during the forecast period. This is mainly due to consumer preference and growing demand for the same.
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Cakes & Bakes Industry to Provide Impetus to Global Raisins Market
Large number of food manufacturers and bakers add raisins to their products to enhance the taste and smell of the products. Raisins are the most common dry fruit added to various recipes. This increases the demand for raisins across the globe. Thus, pushing the global raisins market towards expansion during the forecast period. Additionally, bakers use raisins to improve the texture of their baked cakes and cookies. Therefore, it results in higher demand for raisins, owing to growth in the global raisins market.
Moreover, raisin is one such dry fruit that can act as a substitute in any recipe that requires any other dry fruit. Such a versatile feature of raisins nudges the global raisins market to achieve growth during upcoming years.
Convenience Food to Boost Growth in Global Raisins Market
Changing and busy lifestyle calls for ready-to-eat and convenience food. The food and beverage companies add raisins to such ready to eat food, smoothies, sweets, and savories. This creates a huge demand for raisins in the global market. High consumption of ready to eat and convenience food provides impetus to growth in the global raisins market. Furthermore, people always look for nutritious food on-the-go, so raisins are largely incorporated in granola bars and protein bars. Raisins are also added as a flavoring and taste enhancing agent in chocolates. Juice extracted from raisins can be incorporated in dips, sauces, and marinades. Further, this juice or raisins can be added as a topping or a flavor to ice-creams, flavored yogurt, etc. Thus, rising demand for such products expected to direct the global raisins market to expand during the forecast period.
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About the AuthorAmy
Joined: June 11th, 2019
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