PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421624
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421624
The global packaged sprouts market size is expected to reach USD 13.49 billion by 2032, according to a new study by Polaris Market Research. The report "Packaged Sprouts Market Share, Size, Trends, Industry Analysis Report, By Type (Beam Sprouts, Brussels Sprouts, Broccoli Sprouts, Alfalfa Sprouts, Others); By Category; By Distribution Channel; By Region; Segment Forecast, 2023 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising trend of fitness and surging awareness about the health benefits associated with packaged sprouts, like high nutritional level, along with the growing number of innovations and developments in product manufacturing and packaging technologies, are the primary factors boosting the global market growth. Apart from this, there has been a rising focus among key market companies towards introducing new and improved sprouts with enhanced properties and adoption of business development strategies like collaborations and partnerships, which will likely bode well for market growth in the near future.
For instance, in June 2023, Sprouts Farmers Market announced its expansion in the US with the introduction of new CPG brands through their innovation center. The company also announced its plan, including adding more stores in the country, namely Mid-Atlantic and Florida.
In recent years, there has been a significant increase in the use and adoption of advanced technologies such as Internet of Things (IoT) and precision agriculture. These technologies are widely implemented to monitor and regulate environmental factors like temperature, humidity, CO2 levels, and nutrient delivery. This ensures optimal growing conditions and effective management of resources, contributing positively to product need and demand.
In addition, the use of various types of bio preservatives to increase the shelf life of packaged sprout products has become more prevalent. A rapid increase in investments by leading private and government organizations towards sustainable and innovative packaging materials is also contributing to the product's popularity among eco-friendly consumers globally.
For example, a recent study shows that around 62% of respondents intend to increase their budget for investing in sustainable packaging materials in the next five years. This is expected to result in a growth rate of over 23%.
Polaris Market Research has segmented the packaged sprouts market report based on type, category, distribution channel, and region: