LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global packaged sprouts market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global packaged sprouts market will grow at a CAGR of almost 12% during the forecast period. The growing prominence of organized retailing is a major factor driving the market’s growth.
Organized retailers have established their presence around the world as demonstrated by the proliferation of organized retail establishments such as supermarkets, hypermarkets, and specialty stores across different geographical regions. Packaged sprouts products related to food & beverages are usually sold by large organized retailers as vendors in the market are highly dependent on large organized retailers. The supermarkets are the foremost distribution channel, which makes packaged sprouts products such as mung bean sprouts, alfalfa sprouts, adzuki bean sprouts, and lentil sprouts easily available to the consumers. The increasing demand for supermarkets across the globe corresponds to the increase in global population.
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In this report, Technavio highlights the rising popularity of vegan diet as one of the key emerging trends in the global packaged sprouts market:
Rising popularity of vegan diet
The increasing vegan population base around the world has led to an increase in the consumption of dried fruits, superfoods, and other protein-rich products. In the US, there has been substantial growth in the vegan population. Also, approximately 16 million people in the US are vegetarians. People in the US are now opting for healthy diets, which are rich in fiber and proteins. Due to the increase in the vegan population segment in the US and other parts of the world, the working population that opts for a vegetarian diet has also increased.
“Working people often look for convenience foods and ready-to-eat light snacks containing high nutrition content due to their busy lifestyles. This has led to an increase in the demand for products such as sprouts. At present, there are over 400 million vegan consumers in the world, and this number is expected to increase in the future. This will lead to a growth in the demand for products such as packaged sprouts,” says a senior analyst at Technavio for research on food.
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Global packaged sprouts market segmentation
This market research report segments the global packaged sprouts market into the following products (bean sprouts, brussels sprouts, and alfalfa sprouts) and key regions (the Americas, APAC, and EMEA).
The bean sprouts product segment held the largest market share in 2017, accounting for nearly 66% of the market. This product is expected to witness tremendous growth during the forecast period.
APAC was the largest share contributor to the global packaged sprouts market in 2017, accounting for a market share of nearly 52%. The market share of this region is anticipated to increase by nearly 3% by 2022.
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