Dublin, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
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.
Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, and challenges. This market is characterized by more diversified operations, which offer shelf-stable and healthy products, mainly due to 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. Increased research for new raw material sources provides significant opportunities for manufacturers in the butterfly pea flowers market. However, changing government regulations is expected to restrain the future growth of this market marginally.
Based on type, the sterilized powder segment is estimated to grow at the highest CAGR during the forecast period. This can be attributed to its wide availability and ease of handling, transportation, and storage.
Based on distribution channel, the indirect/B2C segment is expected to dominate the butterfly pea flowers market during the forecast period of 2020-2027. The dominant position of this segment is mainly attributed to the traditional consumption of flowers and well-established commercial farming for these flowers in the region, especially in Thailand. Increased online shopping and social media use further support the growth of this segment.
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 growing consumer interest in traditional beverages, specifically in regional cultures, greater nutritional value, increasing per capita spending on beverages, the expanding retail sector, and increased use of butterfly pea flowers as a raw material for producing multiple color options for beverages.
An in-depth geographic analysis of the industry provides detailed qualitative and quantitative insights about the five geographic regions (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The Asia-Pacific region is expected to dominate the butterfly pea flowers market with the fastest CAGR during the forecast period. The large share of this region can be attributed to the presence of a large number of butterfly pea flower farmers and a well-established commercial farming market for butterfly pea flowers, especially in Thailand.
Also, the growing application areas of butterfly pea flowers, increasing awareness about the health benefits of butterfly pea flowers, strong food and beverage manufacturing base, and the emerging trend of healthy food and food ingredients further support the growth of this region.
Key questions answered in the report:
- What is the current value of revenue generated by the butterfly pea flowers market?
- At what rate is the demand for the butterfly pea flowers market is projected to grow over the next 5-7 years?
- What is the historical market size and growth rate for the butterfly pea flowers market?
- What are the major factors impacting the growth of this market at the regional and country levels?
- What are the major opportunities for existing players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the butterfly pea flowers market?
- Which segments in terms of the type, distribution channel, and application create major traction for the vendors in this market?
- What are the key geographical trends in this market? Which countries are expected to offer significant growth opportunities for the vendors operating in the butterfly pea flowers market?
- Who are the major players in the butterfly pea flowers market? What are their specific product offerings in this market space?
Market Dynamics
Drivers
- Growing Demand for Natural Food Colors
- Increasing Demand for Healthy Tea Alternatives
- Growing R&D Activities in the Food & Beverage Industry
Restraints
- Dynamic Government Regulations
Opportunities
- Increased Research for New Raw Material Sources
Trends
- Increasing Awareness Regarding Clean-Label Products
The Impact of Covid-19 on the Butterfly Pea Flowers Market
Scope of the report
Butterfly Pea Flowers Market, by Type
- Whole Dried Flowers
- Sterilized Powder
- Extract
Butterfly Pea Flowers Market, by Distribution channel
- Direct/B2B
- Indirect/B2C
Butterfly Pea Flowers Market, by Application
- Beverages
- Tea
- Other Beverages
- Food Products
- Other Applications
Butterfly Pea Flowers Market, by Geography
- Asia-Pacific (APAC)
- China
- India
- Thailand
- Malaysia
- Japan
- RoAPAC
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- RoE
- Latin America
- Middle East and Africa
Companies Mentioned
- 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.
- Yumchaa
For more information about this report visit https://www.researchandmarkets.com/r/6x4t7t
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