Market Trends of Fresh Pumpkin Industry
Increase in Various Food and Beverage Application of Pumpkin
Pumpkin is being grown in high quantities due to the high demand for pumpkin from processing industries for different purposes. For instance, dried pumpkin is widely consumed by the food services sector, such as bakeries and quick-service restaurants, to cook dishes instantly. Moreover, as dried pumpkin is intact with several nutrients such as Vitamin A, C, E, and B12, it is highly popular among retail consumers for home use as it helps make quick meals at home with no food preparation time. Another form of use of pumpkin is pumpkin puree which is widely used for making different beverages, such as juices and alternatives to coffee. For instance, millennials and the young population in the United States are increasing their consumption of healthy drinks, which is propelling the demand for pumpkin powder.
An increasing number of beverage manufacturers are demanding pumpkin concentrate because of the launch of several healthy drinks in the United States. There has been a prominent shift in consumer preference for healthy, safe, and refreshing beverages over drinks that contain caffeine, high-calorie content, and preservatives, which is expected to increase the demand for the product in the country. The United States has been importing pumpkins from countries such as Mexico, Canada, and others, and its import accounted for USD 414.9 thousand in 2021. However, it was low due to the pandemic effect. But the demand for fresh pumpkins is expected to remain high during the forecasted period due to high demand from processing industries.
Asia-Pacific Dominates the Global Pumpkin Production
The Chinese pumpkin market is growing at a steady pace. Nearly half of the global pumpkin production is from China, but it consumes most of its domestic production. In order to promote vegetable production, the Chinese government has launched several vegetable programs, which are driving the growth of the market in this region. The second largest producer of pumpkin globally is India as it has ideal climate conditions and soil. For instance, in 2021, China produced 7.5 million metric ton of pumpkin, and the area cultivated is 401.6 thousand hectares.
In India, production increased due to high prices as there was an increase in prices by 10%-15% and government subsidies for purchasing seeds. The Indian government and companies operating in emerging countries such as Thailand have been providing growers with advanced seed varieties for encouraging them to grow pumpkins instead of other crops. For instance, in 2021, Enza Zaden launched a new seed variety for improving the crop yield of pumpkin and helping in increasing the Return on Investment (ROI). Therefore, the availability of improved seed varieties, high production, and government support in form of subsidies are expected to help in driving the market in the Asia-Pacific region during the forecasted period.
