Jackfruit Market size is $286 Million in 2019, growing at a CAGR of 3.2% during the forecast period 2020-2025. Jackfruit is a genus of tropical fruit found in the world’s tropical, high rainfall, coastal and humid areas. Jackfruit is commonly consumed as a table fruit, but apart from that, pickles, chips, jams, squashes, jack leather, sweets and various other items are also used for preparation. Jackfruit is used to make a wide range of dishes for human consumption, owing to its sweet taste. Jackfruit, owing to its rich Nutritional quality, offers different health benefits. It strengthens the immune system, protects against cancer, helps to digest healthily, increases stamina, helps to maintain healthy skin and eyes, reduces blood pressure, controls asthma, strengthens bones and prevents anemia. It is also globally manufactured into noodles, flour, papad, ice cream, squash, and many other products. Owing to its texture, jackfruit is also eaten as a vegan meat substitute which acts as a driver for the growth of the market.
Jackfruit Market Segment Analysis – By Distribution Channel
In 2019, E-Commerce segment dominated the Jackfruit Market in terms of revenue is estimated to grow at a CAGR of 3.9% owing towards ease of availability wide variety of goods with different flavors offered by all brands with reasonable discounts. The main factor behind the segmental increase is the increasing number of smartphones and internet users. The cash back and home delivery services are offered by these companies which further provide growth towards the market. In order to save time, the increasing hectic lifestyle often encourages customers to buy drinks or food products from online websites. Major businesses are working to expand their client base with online retailers, including Big Basket. They also create their online portals and websites to promote the growth of the market in order to increase product sales.
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Jackfruit Market Segment Analysis – Geography
In 2019, the Asia-Pacific region dominated Jackfruit Market in terms of revenue with a market share of 43% owing towards rising public & private funding for R&D in this region. Jackfruit production in this region is high owing towards selection, characterization, conservation and use of germplasm, varietal improvement, cultivation practices package, diversified uses and value added products, economics and marketing which aids to the market’s growth. Government has taken initiatives to promote technological advancements and initiatives to escalate the product development process are key factors in the growth of the Jackfruit market. North America is expected to record the fastest growth rate during the forecast period 2020-2025 owing to its high nutritional content and the wide range of tastes it offers in various dishes.
Jackfruit Market Drivers
Increasing Involvement Of Food Manufacturers
Innovative jackfruit flavored dishes such as jams, jellies, squash, or chutney are being produced by food manufacturing and processing companies, mainly driving the growth of the jackfruit sector. The growing consumer awareness regarding the health benefits with the use of jackfruits and its consumption in urban regions in various field applications is also aiding to the market’s growth.
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Jackfruit Market Challenges
Limited Self-Life and Regulatory Concerns
Owing to its inherent compositional and textural characteristics, jackfruit is a perishable fruit and has a limited shelf life, restricting market development. Regulatory concerns regarding usage of Jackfruit in varied range of products and growing stringent government policy and regulation in regards to production and supply of jackfruit is restraining growth of the market. Furthermore, the lack of sufficient storage facilities is also hindering the market’s growth.
Jackfruit Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in the Jackfruit Industry. Jackfruit top 10 companies include Anna Food Products, Artocarpus Foods Pvt. Ltd., Frubites, Island Valley Delights, Jackfruit365, Madam Sun, Mother Dairy Fruit Vegetable Pvt. Ltd, Natureloc, Nutty Yogi and The Jackfruit Company.
In July 2020, Mother Dairy Fruit Vegetable Pvt. Ltd., has announced its product expansion into bakery and confectionery business with the launch of three varieties of bread in Delhi NCR. This expansion will provide opportunity to leverage the industry-leading capabilities.
In February 2019, The Jackfruit Company launched Complete Jackfruit Meals and Smoked Pulled Jackfruit. This launch helped the company by driving its growth across multiple categories and in reaching more consumers accelerating the innovation and address emerging product needs.
The increasing health benefit factors like maintaining cardiovascular health, boosting immunity, anti-inflammatory and others are accelerating the Jackfruit demand over the forecast period 2020-2025.
Owing towards the numerous applications in food dishes, such as chips, jam, soup, candy, and ice cream, the growth of the jackfruit market is expected to rise.
North America region is projected to record the fastest growth rate during the forecast period 2020-2025 owing to its high nutritional content and the wide range of tastes it offers in various dishes.
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