The global processed mango products market size is expected to reach USD 25.55 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 6.4% during the forecast period. Increasing demand for fruit-based food and beverages is anticipated to the primary growth driver.
Secondary processed mango products occupied the largest market share in 2018 owing to increasing demand for the juices. Mango is one of the most consumed and cultivated fruits in India. To leverage the consumer preference for mango flavor and increase product offering, Coco-Cola launched a new mango-flavored premium juice — Maaza Gold in December 2017. Similar product launches in different regions are expected to drive the demand.
Primary processed product segment, on the other hand, is anticipated to witness significant growth owing to increasing export and consumption of mango pulp. The pulp and concentrates are used to make carbonated beverages, juices, confectioneries, jams, and marmalades among others. Increasing application of the pulp in various food and beverages is expected to further propel the segment growth.
Online distribution channel segment is anticipated to register the fastest CAGR over the forecast period, due to growth of e-commerce and digital marketing. Introduction of online grocery websites like Walmart, Costco, and BigBasket among others is expected to drive the overall food and beverage market via online distribution. This is expected to positively influence online sales of processed mango products over the forecast period. Key manufacturers are launching their own websites and are investing in efficient logistics and customer services to increase online sales and to improve their market reach.
Asia Pacific held the largest market share in 2018 due to the presence of the major players as well as concentration of global production of the fruit in countries like India and China. Moreover, the regional production is expected to increase due to rising demand from the countries like Japan. North America, on the other hand, is expected to register the fastest CAGR during the forecast period, attributed to high demand for mango flavored food and beverages coupled with rise in demand for organic mangoes. U.S. is one of the major importers of mangoes and mango-based products.
In March 2019, Amul entered the fruit juice market by launching ‘Amul Tru’ in mango, orange, apple, and lychee variants. This packaged fruit drink is Amul’s strategy to compete with Frooti, Mazaa and other drinks in the global market. In April 2018, Bisleri launched Bisleri Fonzo, a mango-based carbonated beverage to increase its product offering and serve the consumers who prefer mango-based beverages.
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Further key findings from the report suggest:
- Primary processed product segment is expected to ascend at a CAGR of 6.9%, attributed to the rise in demand for the pulp in confectioneries, smoothies, and beverages
- Offline distribution channel accounted for the maximum processed mango products market share in 2018 and is anticipated to continue leading over the forecast period
- In Middle East and Africa, countries like UAE and Saudi Arabia are expected to witness a rise in demand due to increased exports from India, Pakistan, and Kenya.
- Mexico has opened its market to import of dried mango slices from India after conducting a thorough pest risk analysis of the product consignments. This factor is anticipated to bode well for the overall growth in near future