Papaya Market size to grow by 2852.59 thousand t during 2023-2027, Market growth at 3.61% CAGR expected during the forecast period, Technavio
NEW YORK, April 10, 2024 /PRNewswire/ -- The Papaya market size is expected to grow by 2852.59 thousand t between 2022 and 2027. However, the growth momentum of the market will be progressing at a CAGR of 3.61% during forecast period. The market is segmented by Application (Pharmaceutical and healthcare, Cosmetics, and Others), Distribution Channel (Offline and Online), and Geography (APAC, Middle East and Africa, South America, North America, and Europe). The global papaya market is driven by the increasing demand for papaya pulp, particularly in the food industry. Papaya extract is used in beverages, infant foods, baked goods, snacks, and dairy products, enhancing flavor and nutritional value. This trend is expected to drive market growth.
The report analyses the market size and growth and provides accurate predictions on the growth of the market.
Key Highlights:
- The report recognizes the following as some of the key players in the papaya market: ABC Fruits, Brooks Tropicals LLC, Calavo Growers Inc., Galla Foods, Harvest Fresh Farms, Riverford Organic Farmers Ltd., RK Growers Srl, and Super Starr International
- Papaya Market is concentrated in nature.
- Market to observe 3.01% YOY growth in 2023.
Market Dynamics:
Growing demand for papaya pulp is the key factor driving the growth of the global papaya market:
The global papaya market is driven by the increasing demand for papaya pulp, particularly in the food industry. The rise in popularity of flavored beverages and consumer preferences for ready-to-eat foods have heightened the demand for papaya extract. Papaya pulp, processed into puree, is widely used in beverages like smoothies, fruit juices, and cocktails, enhancing both taste and nutrition. Moreover, it serves as a common ingredient in infant foods, baked goods, snacks, and dairy products like ice cream and yogurt, contributing to their flavor and nutritional value. This growing demand for papaya pulp is expected to fuel market growth during the forecast period.
- Growing demand for organic fruits is the primary trend in the enterprise indoor global papaya market.
- High dependence on weather conditions is a major challenge to the growth of the global papaya market.
The report also covers information on the upcoming trends and challenges. Explore detail information by
Keg Segments:
The pharmaceutical and healthcare segment is poised for significant growth due to the increasing utilization of papaya in medicines and health products. Papaya is recognized for its health benefits, including cancer prevention, diabetes management, and immune system support. Its extracts are used in various medicinal forms, and their demand is expected to rise further. For instance, products like Caripill by Micro Labs Ltd., made from papaya extracts, aid in increasing platelet count for dengue patients. Additionally, papaya extracts are increasingly incorporated into skincare products due to their effectiveness in treating skin issues. These factors will drive growth in the pharmaceutical and healthcare segment during the forecast period.
Get a glance at the market contribution of the segments
Analyst Review:
The global Papaya Market, driven by the fruit's botanical name Carica papaya, has witnessed significant growth in recent years, fueled by increasing demand for its nutritious and flavorful fruit. Papaya, known for its vibrant colors, including purple, plays a vital role in the tropical fruit sector and contributes significantly to global fruit trade volumes. According to FAOSTat data and industry reports from prominent organizations such as EVANS & BALLEN and LUCENA, major papaya-producing regions include Guatemala, Mexico, and Hawaii. These regions cultivate various papaya varieties, including Solo-type papayas such as Sunrise Solo, sunset, and Tainung Papaya, along with other popular varieties like Coorg Honey Dew Papaya, Khak Dum Papaya, Holland Papaya, and Formosa Papaya.
In the global papaya market, Hawaiian papayas and Mexican papayas, including Mexican Red, Mexican Yellow, Maradol Roja, and Vista Solo, hold significant market shares. These varieties are highly sought after for their taste, color, and nutritional value. However, the industry faces challenges such as the Papaya ringspot virus, aphid infestations, and the need to develop genetically modified papaya cultivars like Sunup and Rainbow to combat these threats. Market players such as KHCP/FINTRAC, Kamiya, BRI FOODS, Red Stick Spice, Organic Dehydrated Foods, Daulos Organic Products, and THAI AO CHI FRUITS are actively involved in the papaya market, focusing on innovation, cutting-edge technologies, and organic production methods to meet consumer demands for high-quality papaya products. Papayas are rich in antioxidant nutrients such as carotenes, vitamin C, flavonoids, B vitamins, folate, pantothenic acid, potassium, magnesium, and fiber. The fruit's digestive enzyme papain makes it popular in brewing, meat tenderizing, pharmaceuticals, and beauty products industries.
Despite its popularity, the papaya market faces challenges such as post-harvest losses due to fungal diseases, physiological disorders, and mechanical damage. Infrastructure development, including road access and electricity supply, is essential for mitigating these challenges and ensuring the smooth flow of papaya supply chains. In conclusion, the papaya market continues to grow, driven by increasing consumer awareness of its health benefits, demand for tropical fruits, and innovations in cultivation and processing techniques. With the right focus, strategies, and infrastructure investments, the papaya industry is poised for further expansion in both developed and developing economies.
Market Overview:
The papaya market is diverse, with varieties like Solo-type, Hawaiian, and Mexican papayas dominating. Brands like KHCP/FINTRAC and BRI FOODS play significant roles, leveraging post-harvest treatments and organic options. Papayas are rich in nutrients like carotenes, vitamin C, and minerals, driving demand for their health benefits in developing economies. However, threats from papaya ringspot virus and competition persist. Innovators like Red Stick Spice utilize papaya fruit extracts for brewing and meat tenderizing, while cosmetics and pharmaceutical industries harness papain, a digestive enzyme. Infrastructure development, including road access and electricity supply, is crucial for reducing post-harvest losses and expanding the papaya market's reach.
Related Reports:
The fruit pulp market in India is estimated to grow at a CAGR of 7.96% between 2022 and 2027. The size of the market is forecast to increase by USD 151.3 million.
The super fruit juices market size is projected to increase by USD 7.50 billion, at a CAGR of 9.74% between 2023 and 2028.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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