According to the market research study by Transparency Market Research, in 2017, the global market for guava puree was worth US$ 313.8 Mn and is predicted to reach a significant value in the next few years. The market is estimated to register a healthy 5.60% CAGR between 2017 and 2025. The rising number of collaborations and mergers and acquisitions is estimated to accelerate the growth of the overall market and enhance the competitive environment of the market in the coming few years.
The rising focus of key players on innovations is expected to accelerate the growth of the global guava puree market in the next few years.
Technological developments in the processing of guava puree and the enhanced distribution channels are further predicted to accelerate market growth.
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Asia Pacific to Showcase Immense Growth Potential in Near Future
The global market for guava puree has been classified on the basis of geography into the Middle East and Africa, Europe, Asia Pacific, North America, and Latin America. Among the mentioned segments, Asia Pacific is estimated to account for a high share of the global market in the next few years. The strong growth of this region can be attributed to the rising consumer dependence on guava puree. In addition to this, the rising demand for guava puree for nectars and beverages in the beverages industry is another major factor that is estimated to accelerate the growth of this region in the next few years. Furthermore, Latin America is anticipated to witness a substantial growth in the coming few years, further followed by North America.
On the basis of application, the global guava puree market has been categorized into dressing and sauces, bakery and snacks, beverages, ice cream and yogurt, and others. The leading players in the market are focusing on innovations, especially in bakery products, ice cream and yogurts, and bakery products, which is estimated to enhance the growth of the overall market in the coming years. Thanks to the factors, these segments are projected to witness a significant growth in the next few years. Furthermore, on the basis of nature, the global market for guava puree has been categorized into conventional and organic. The rising trend of preferring organic products is likely to accelerate the growth of this segment throughout the forecast period.
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Rapid Development of Food and Beverages Industry to Encourage Market Growth
The global guava puree market is projected to witness a healthy growth in the next few years. The high development of the food and beverage industry is considered as one of the major factors estimated to accelerate the growth of the market in the next few years. The rising technological advancements in the guava cultivation and processing is another key factor that is projected to enhance the growth of the overall market throughout the forecast period. Furthermore, the rising demand is highly concentrated in North America, whereas the supply of guava puree is concentrated in the eastern part of the globe.