Meticulous Research® – a leading global market research company, published a research report titled “Butterfly Pea Flowers Market by Type (Whole Dried Flowers, Powder, Extract), Application (Food Products, Beverages, Tea), Distribution Channel (Direct, Indirect), and Geography - Global Forecast to 2027.”
According to this latest publication from Meticulous Research®, the butterfly pea flowers market is expected to grow at a CAGR of 5.5% from 2020 to 2027 to reach USD 102.4 million by 2027. The key factors contributing to the growth of the butterfly pea flowers market include the growing use of butterfly pea flower products as natural food colors, increasing demand for healthy tea alternatives, and a wide range of butterfly pea flower benefits. However, dynamic government regulations are expected to restrain the future growth of this market marginally.
The butterfly pea flowers market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027— by type (whole dried flowers, sterilized powder, and extract), distribution channel (direct and indirect), application [beverages (tea and other beverages), food products, and other applications], and geography. The study also evaluates industry competitors and analyzes the market at country levels.
Based on type, the sterilized powder segment is estimated to command the largest share of the butterfly pea flowers market in 2020. The high absorption rate of powder form to provide effective color and use in various applications due to its ease in mixing and handling, transportation, and storage is one of the major drivers for the growth of this segment.
Based on distribution channel, the indirect/B2C segment is expected to hold the largest share of the butterfly pea flowers market in 2020. The leading position of this segment is mainly attributed to the adoption of butterfly pea flowers tea due to its industrial use ad color additive and well-established commercial farming for these flowers in the Asia-Pacific region, especially in Thailand and Malaysia; and increased online shopping and social media use.
Based on application, the beverages segment is expected to witness the fastest growth during the forecast period. The rapid growth of this segment is mainly attributed to the consumer inclination towards traditional beverages, growing consumer awareness for health & wellness and functionality, increasing per capita spending on beverages, the growing retail sector, and rising use of butterfly pea flowers as a raw material for producing various color hues for beverages.
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This research report analyzes major regions and countries and provides a comprehensive analysis for North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is estimated to hold the largest share of the butterfly pea flowers market in 2020, followed by North America and Europe. The well-established commercial farms for butterfly pea flowers in some parts of the Asia-Pacific region, especially in Thailand, the presence of various key market players in the region, growing application areas for butterfly pea flowers along with cultural beverages, the emerging trend of healthy food & food ingredients, and rising awareness about the health benefits of butterfly pea flowers are the key factors contributing to the leading position and fastest growth of this regional market.
The butterfly pea flowers market is very fragmented with the presence of many small manufacturers. The key players operating in the butterfly pea flowers market are TSUJIKO Co., Ltd., Siam Industries International, Siam Hibiscus Limited, Arisun ChemPharm Co, Ltd., EverforEver BioTech, Paraman Food Works, Shaanxi Hongda Phytochemistry Co., Ltd., Specialty Natural Product Co., Ltd., Woodland Foods, My Blue Tea, Wild Hibiscus Flower Co., and Yumchaa, among others.
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