Jackfruit Market Overview
The Jackfruit Market size is estimated to reach $359.1 million by 2026, growing at a CAGR of 3.3% during the forecast period 2021-2026. Jackfruit, also known by its scientific name Artocarpus heterophyllus, is a tree fruit that grows in tropical regions of South Asia, Southeast Asia, Africa, Brazil, and the Caribbean. The inflorescences are formed on the trunk, branches, or twigs of the tree, and the ovaries of these flowers fuse together to develop the fruit. Ripe Jackfruits are naturally sweet and, therefore, used in a variety of dishes. Moreover, jackfruits are also used as a strong aromatic substance owing to the presence of compounds such as ethyl isovalerate and propyl isovalerate. The market is driven by the rise in the use of Jackfruit flavored food dishes by manufacturers. However, the high perishability and low shelf-life of jackfruits is a significant challenge to the Jackfruit Industry.
Report Coverage
The report: “Jackfruit Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Jackfruit Market.
Key Takeaways
- Geographically, the Asia Pacific region accounted for the highest revenue share in 2020. It is poised to dominate the Jackfruit market over the period 2021-2026 owing to the high popularity of the fruit in the region and the presence of a favorable climate for its cultivation.
- An increase in awareness of the health benefits provided by jackfruits such as cardiovascular health, immunity boost, and anti-inflammatory properties are driving the market. However, the dearth of adequate storage facilities for these perishable fruits act as a significant challenge to the Jackfruit market.
- Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Jackfruit Market report.
Jackfruit Segment Analysis-By Application
The Jackfruit Market based on the Application can be further segmented into Fresh Consumption, Beverages, Confectionery, Aroma, and Others. The Fresh Consumption segment accounted for the largest share of the market in 2020 and is predicted to continue being the largest segment over the forecast period 2021-2026. This is attributed to the fact that ripe jackfruits have a sweet flavor similar to bananas or pineapples. Moreover, the jackfruit seeds are edible once cooked and are consumed as snacks or used as an ingredient in curry. The Confectionary segment is anticipated to register the highest growth during the forecast period with a CAGR of 3.5% owing to the increase in the development of jackfruit flavored products such as candies, jellies, cakes, and so on. The Aroma segment is also anticipated to exhibit growth during the forecast period. Ripe jackfruits emit a strong aroma owing to the presence of volatile compounds such as ethyl isovalerate, propyl isovalerate, isobutyl isovalerate, and butyl isovalerate. The roasted jackfruit seeds are used as a commercial alternative for chocolate aroma.
Jackfruit Market Segment Analysis-By Distribution Channel
On the basis of Distribution, the Jackfruit market is segmented into Online Retail, Retail Stores, Supermarkets, and Food & Drink Specialty Stores. The Supermarket segment accounted for the largest share of the market in 2020 owing to their rapid expansion in major developing regions and their high penetration in developed countries. The large size of Supermarkets allows them to house a wide variety of jackfruit products which is not possible for specialty stores. Moreover, they have temperature-controlled shelves to ensure the jackfruit products remain fresh for a longer duration. The E-commerce segment is predicted to be the fastest growing during the forecast period with a CAGR of 3.8% owing to the increase in the use of smartphones and rise in awareness regarding online shopping. Moreover, the Covid-19 pandemic and the resulting restrictions placed on traveling and shopping have further boosted the growth of E-commerce sites. The growth in internet connectivity in major developing nations is another reason for the surge in online shopping. For instance, the internet penetration rate in India increased from 18% in 2014 to 50% in 2020.
Jackfruit Market Segment Analysis-By Geography
The Jackfruit Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The Asia Pacific was the largest segment in 2020 with 37% of the Jackfruit market share and is predicted to remain as the dominant segment during the forecast period 2021-2026. The growth in this segment is owing to the high investment by private companies in the development of new and innovative jackfruit products. Moreover, the policies implemented by the governments of the region in order to increase production and supply of the fruit have also aided in boosting demand. The North American segment is projected to register the highest growth during the forecast period owing to the increase in awareness regarding the fruit’s nutritional benefits.
Jackfruit Market Drivers
Increase in the Involvement of Food Manufacturers is Projected to Drive Market Growth.
The development of multiple jackfruit-flavored food products by major companies coupled with the high awareness of the fruit’s nutritional and immunity-boosting properties is anticipated to drive the market during the forecast period. Jackfruits are rich in vitamin C, Vitamin B, fibers, and antioxidants such as carotenoids. These nutrients provide various health benefits, such as lowering the risks of high blood pressure, diabetes, ulcers, and constipation. Furthermore, the presence of phytonutrients in jackfruit may prevent the growth of cancerous cells in the body. These health benefits have increased the popularity of food and beverage products containing jackfruit. The launch of jackfruit flavored dishes such as jams, squash and jellies by major companies is resulting in deeper market penetration by attracting younger customers to jackfruit products.
Rise in the Use of Jackfruits as Vegan Meat Substitute is Projected to Boost Demand.
The unique texture of jackfruit has led to its increased use as a vegan meat substitute which will drive the market during the forecast period. The fruit is heated, distilled and dried to create vegan fish dishes, nuggets, and other meaty textures. The growth will be drastically high in countries such as India and the US owing to the high prevalence of vegetarian or vegan diets. Around 23% to 38% of the population in India and 4% of men and 7% women in the US identify as vegetarian. Furthermore, jackfruit has become a popular choice for vegan pizza toppings, especially in Europe and North America. For instance, Jackfruit topped vegan pizza is served by the Italian restaurant chain Zizzi and the American pizza restaurant franchise Papa John’s.
Jackfruit Market Challenges
Low Shelf-Life is Anticipated to Hamper Market Growth.
The compositional and textural characteristics of jackfruit make them highly perishable. Cut jackfruits will only last around 3 days in unrefrigerated conditions while they will last up to 1 week under refrigerated conditions. This is a major challenge for the storage and transportation of fresh jackfruit products for consumption or processing. Moreover, the majority of the jackfruits are cultivated in developing regions of South Africa, South East Asia, and South America. The availability of large-scale refrigerated storage facilities is usually not available for the farmers, and therefore, the shelf-life is greatly reduced. Moreover, the low shelf-life limits market growth as it may be difficult to export the product from Asia Pacific to distant regions such as Europe and North America. The use of chemical substances to increase shelf-life is anticipated to further decrease jackfruit demand owing to the increase in health consciousness and demand for organic food products.
Covid-19 related restrictions can curb the growth in demand for jackfruits
The restrictions imposed by the governments of the major jackfruit manufacturing countries such as India have caused difficulties for growers in finding workers to pluck the fruits from trees, causing significant financial damage for the farmers. This has had a drastic impact on jackfruit production, which is anticipated to cause shortages and price hikes of jackfruit products. This issue is further worsened by transportation restrictions and the closure of wholesale markets. As visits to supermarkets and specialty stores declined owing to the pandemic, the consumption of jackfruit products also reduced. The food manufacturing companies that use jackfruit as a key ingredient also face difficulties owing to the limitations imposed on the number of workers allowed in the plant which is restricting production capacity. Therefore, the reduction in both supply and demand of jackfruit products is anticipated to hamper growth opportunities during the forecast period.
Jackfruit Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Jackfruit Market. The top 10 companies of this market include
- Anna Food Product
- Artocarpus Foods Pvt. Ltd.
- Frubites
- Island Valley Delights
- Jackfruit365
- Madam Sun
- Mother Dairy Fruit Vegetable Pvt. Ltd
- Natureloc
- Nutty Yogi
- The Jackfruit Company
Partnerships/Product Launches:
- In July 2020, Mother Dairy Fruit Vegetable Pvt. Ltd., announced its product expansion into the bakery and confectionery business with the launch of three varieties of bread in Delhi NCR.
- In February 2019, The Jackfruit Company announced the launch of the new Complete Jackfruit Meals. The single-serving meals come in four, globally inspired flavors.
Relevant Links:
Fruit And Vegetable Ingredients Market - Forecast (2021 - 2026)
Report Code: FBR 0095
Jam, Jelly, And Preserves Market - Forecast (2021 – 2026)
Report Code: FBR 31746
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