ALBANY, New York, July 11, 2019 /PRNewswire/ -- Transparency Market Research (TMR) predicts that the global raisins market is dominated by Europe. Despite the North American countries being leading contributors for production of the global raisins market, Europe held around 35% share in 2018. Thanks to the growing inclination toward the natural and healthy products and the emergence of natural sweeteners are driving growth of the market in the region. In order to cater to this rising demand, the key players are adopting the strategies and methods to improve the shelf life of products.
Moreover, some of the key players in the global raisins market are Bergin Fruit and Nut Company Inc., Sun-Maid Growers of California, Sunbeam Foods Pty Ltd., Geobres Nemean Currants, Decas Cranberry Products, Inc., and Sultana Raisins S.A. These players are offering newer products along with seedless raisins for attracting consumers.
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Highest Demand from Food Industry Boosts Market Growth
The raisins market is primarily driven by a large number of ready to eat food, snacks, and desserts manufacturers and bakers that are adding raisins to enhance the texture and taste of food. Raisin is one of the dry fruits that are added to various recipes. This increased usage of raisins is estimated to be the same in the coming years, which is a key factor driving growth of the global raisins market. In addition to texture and sweet taste, the raisins have excellent nutritional content, which is another factor encouraging demand across the food industry. Thus, the food industry is accounting for the major share in the global raisins market and is estimated to remain same in the coming years.
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Additionally, rising demand from household and other service providers is estimated to propel market growth. The rising inclination toward natural and organic products is driving growth of the global raisins market. Thanks to all these factors, the global raisins market stood at US$2,177.1 mn in 2018 and is estimated to expand by exhibiting a CAGR of 5.4% during the forecast period from 2018 to 2026, TMR estimated.
Research and Development to Offer Robust Opportunities for Growth
Risk of blood sugar coupled with increased attention toward health has impacted negatively on the sweets and dessert consumption to some extent. In addition, the traditional use of raisins majorly depends on the sweets and desserts, which is negatively impacting on the growth of the global raisins market. Nonetheless, rising research and development activities and attention from the Food and Drugs Administration (FDA) are estimated to offer the most lucrative opportunities for growth in the coming years. Thanks to these research and development activities, the researchers found one of the healthy compound allulose (D-psicose). This is a real or natural sugar and sweetener; emergence and capitalization in the product may offer the most lucrative and untapped opportunities for key players in the global raisins market.
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Additionally, the global raisins market features the highest degree of competition as the newer players are entering into the market. These newer players are estimated to increase the level of competition in the market. Furthermore, the factors such as the presence of very few countries, which are major producers of raisins coupled with high demand from consumers the other countries are a contributor to import. This is one of the constant opportunities for key players for expanding their businesses and to take a step toward global business.
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This information is encompassed in the report by TMR, titled, "Raisins Market (Product Type - Natural Seedless, Golden Seedless, Black Currant, Sultana, Muscat, Monukka; Nature - Organic, Conventional; End User - Food Industry, Food Service Providers, Households; Distribution Channel – B2B, B2C) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
For the study, the raisins market has been segmented as follows:
- Natural Seedless
- Golden Seedless
- Black Currant
- Food Industry
- Food Service Providers
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
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