The global sweet potato fly market is expected to be valued at US$ 51.56 Billion by 2022, projected to expand at a value CAGR of 3.8% until 2032. By the end of this decade, the market is projected to reach US$ 74.86 Billion. From 2021 to 2022, the industry experienced a Y-o-Y expansion of 2.5%.
| Report Attribute | Details |
|---|---|
| Expected Base Year Value (2021) | US$ 50.28 Billion |
| Projected Market Value (2022) | US$ 51.56 Billion |
| Anticipated Market Value (2032) | US$ 74.86 Billion |
| Global Growth Rate (2022 to 2032) | 3.8% CAGR |
Sweet potato fly, also known as sweet potato kvass, is a type of soft drink or beverage made from the fermentation of sweet potatoes. Kvass is a non-alcoholic drink from Russia, and Sweet Potato Fly is native to Guyana (South America). Sweet potatoes have a high nutritional value due to the presence of antioxidants and fibers, both of which are important for gut health and proper body functioning.
The sweet potato fly contains a mixture of water and sugar, which keeps the body's energy levels stable. Sweet potato protects against a variety of health issues and diseases, including cancer, cardiovascular disease, obesity, and diabetes, and it also aids in vision enhancement.
Increasing health-consciousness is currently fueling demand for sweet potato fly, as consumers transition towards more plant-based diets. Obesity is a major health issue that affects people all over the world. Obesity is caused by a variety of factors, including a hectic lifestyle, abnormal eating habits, insufficient sleep, and others, all of which contribute to improper metabolism and increasing weight management issues. According to the World Health Organization, approximately 13% of the global adult population was obese in 2016.
Consumer's perception about health is changing on a daily basis as health awareness grows. People generally prefer products that are healthy, inexpensive, and easily stored. Sweet potato fly satisfies all of these consumer requirements because it is a beverage with a negligible alcohol content that can be easily stored at room temperature for 5-6 days and in the refrigerator for a longer period of time.
Sweet potato fly is a nutritious beverage that is high in vitamins and minerals. Because of its health benefits, sweet potato fly is becoming more popular. This market is also expected to expand as the beverage industry expands. Obesity raises the risk of diseases such as diabetes and cardiovascular disease. As a result, there is an increasing demand for food and beverage products with health benefits, which is fueling the growth of the sweet potato fly market.
Because China accounts for roughly 80% of global sweet potato production, manufacturers of sweet potato fly are establishing production in the region due to the easy availability of cheaper raw materials
The demand for sweet potato fly is expected to rise in both developing and developed economies as people become more concerned about their health and fitness. China and India have the highest youth population (36%), resulting in the greatest number of consumers, resulting in a strong market opportunity for sweet potato fly over the forecast period.
Obesity is a major global issue. The United States has the most obese people, which include children, adults, and the elderly. Demand for this soft drink is expected to rise in North America as a result of weight-management issues. Furthermore, Kvass is in high demand due to the growing market for fermented beverages.
In addition, demand will rise in the coming years. As a result, many companies are launching new products across the regions to meet the demand for sweet potato products. Sweet potato applications are expanding across industries, propelling the North American sweet potato market. Furthermore, the various nutritional benefits of sweet potatoes will drive the growth of the North American sweet potato market.
Key players in Global Sweet Potato Fly Market include, AV Thomas Produce, Dole Food Company Inc., Ham Farms and Jackson Farming Company.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 3.8% until 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Nature, Flavor, Sales Channel, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, Poland, Russia, Australia & New Zealand, China, Japan, India, Thailand, Malaysia, Vietnam, Indonesia, GCC, Turkey, South Africa |
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FMI projects the global Sweet Potato fly market to expand at a 3.8% value CAGR by 2032.
Asia Pacific is expected to be the most opportunistic Sweet Potato fly market.
Key players in Global Sweet Potato Fly Market include, AV Thomas Produce, Dole Food Company Inc, Ham Farms and Jackson Farming Company.
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