Pomegranate Market Size, Share, Growth Analysis, By Application(Food & Beverage, Pharmaceutical, Cosmetics), By Category(Organic, Conventional), By Product(Pomegranate Powder, Pomegranate Juice, Pomegranate Concentrate), By Region - Industry Forecast 2024-2031

Pomegranate Market size was valued at USD 235.94 million in 2019 and is poised to grow from USD 248.4 million in 2023 to USD 338.6 million by 2031, growing at a CAGR of 5.3% in the forecast period (2024-2031).

The main factor anticipated to propel the growth of the global pomegranate market during the forecast period is the rising demand for pomegranate goods including pomegranate powder, pomegranate juice, functional beverages, as well as other pomegranate-derived products.

A significant trend in the market that is anticipated to gain traction is the rising consumption and demand for processed pomegranate goods around the world, with juice and cosmetics currently enjoying the highest levels of popularity. A factor that is anticipated to open up prospects for the participants in the target market is the growth initiatives and investments made by governments of various nations, such as the provision of subsidies and training for farmers and exporters. The cost of pomegranates and related products is higher in North America and Europe, thus there is also a growing emphasis on strategies to lower the cost of the finished product. In turn, this is a component anticipated to generate profitable chances for players active in the North American and European markets. For instance, implementing automation in growing and harvesting can help manufacturers enhance overall workflows, cut labour costs, and improve productivity.

Pomegranate powder is predicted to have the largest revenue share among the type segments and hold onto its lead during the projected period. Pomegranate powder sales are anticipated to grow at a CAGR of around 4.8%. In terms of revenue, the pomegranate juice concentrate segment holds the second-largest proportion.

US Pomegranate Market is poised to grow at a sustainable CAGR for the next forcast year.