Ackee Market Share, Size, Trends, Industry Analysis Report, By Type (Fresh Ackee, Canned Ackee, Frozen Ackee); By Application; By Distribution Channel; By Region; Segment Forecast, 2023- 2032
- Published Date:Nov-2023
- Pages: 118
- Format: PDF
- Report ID: PM3952
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global ackee market was valued at USD 26.25 billion in 2022 and is expected to grow at a CAGR of 3.0% during the forecast period.
Ackee is the national fruit of Jamaica. It now flourishes in this location, yielding copious amounts of edible fruit every year. The rise in research and development activities is fueling the growth of the ackee fruit in the coming years. Not only its fruit but also its leaves have nutritional value. Studies are revealing the potential benefits of the ackee plant byproducts, further encouraging research activities on applications of ackee fruit in the coming years.
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- For instance, in November 2022, a study published in the Hindawi journal aimed to investigate the uses of ackee leaves and aril methanolic extracts. A study revealed that ackee plant parts contain vital phytonutrients that could be useful tools in the treatment of heavy metal toxicity.
Moreover, ackee is rich in vitamins and minerals, creating higher demand from vegetarians as it is a plant-based source of proteins. This may further create demand for the fruit in the coming years.
However, the lower awareness of ackee fruit in various regions is hampering the growth of the market in the coming years, as it is largely limited to the food industry in Jamaica. Furthermore, the availability of fruit is limited by seasonality, which disrupts supply in the market, leading to higher prices and lower demand.
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Growth Drivers
- The rise in tourism is expanding cultural and food diversity
The national fruit of Jamaica is Blighia sapida, or "ackee," and it has West African roots. With annual export revenue reaching over USD 15 million, it is regarded as a crucial crop for Jamaica's economy. This signifies the potential of ackee fruit to attract a wider audience due to its nutritional value. A record number of tourists visited the Caribbean in 2019, with over 26.7 million visits, according to the area. One of the top attractions, according to many visitors, is the local cuisine. The Caribbean has thrived in a very competitive global tourism market by embracing local cuisine and offering a variety of food tourism experiences. The growing tourism in Jamaica is creating new growth potential for the ackee product as it is appealing to larger tourists with its wider adoption in the Jamaica food industry.
The richness in bioactive compounds, vitamins, minerals, lipids, and proteins, along with its low-calorie count, make ackee a very nutrient-dense fruit. These characteristics make it an ideal fit for further commercialization and development of new value-added products in the food, industrial, and medicinal sectors.
Report Segmentation
The market is primarily segmented based on type, application, distribution channel and region.
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By Type |
By Application |
By Distribution Channel |
By Region |
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By Type Analysis
- Canned Ackee segment is expected to witness highest growth during the forecast period
The canned ackee segment is expected to grow at a higher rate during the study period, mainly driven by its convenience for international consumers as it increases the shelf life of the ackee fruit, making it durable in the coming years. One of the factors impeding the growth of the market is seasonality; this can be replaced by the increasing availability of products in canned form, which can benefit the further demand and growth for the market.
The frozen ackee segment witnessed a substantial revenue share in 2022, largely attributable to the availability of the product that year. This is suitable for working professionals as they have less time for cooking of the food as it is available in pre-cut form, reducing the time required in the food preparation and driving convenience compared to the fresh ackee fruits in the forecast period.
By Application Analysis
- Culinary use segment accounted for the largest market share in 2022
The culinary use segment registered the largest market share. Along with tourism, consumers are attracted to the dishes made at tourist places, making them try that cuisine, creating new growth potential for the ackee market. Global cultural exploration is fueling demand for it in the future, as it is widely used in the Caribbean region.
The catering and food service segment is expected to grow at the fastest rate in the coming years on account of the rising number of international restaurants in the countries to attract many consumers to their restaurants. Furthermore, companies are given event catering by international food providers to increase their company brand in professional gatherings, which may drive people to try the ackee-based dishes even for those who have not tried them. This may further fuel the demand for ackee dishes in the coming years as those people may order the same food due to its taste and texture.
By Distribution Channel Analysis
- Online segment witnessed the significant market revenue share in 2022
The online segment is expected to have a significant market share in revenue in 2022, which is highly fueled by the lack of product awareness in grocery stores and supermarkets. The e-commerce platforms are promoting their distribution channels to promote the global reach of various products, driving their revenue in the future. Specialized stores are expanding their product portfolio to increase consumer satisfaction and enable customized market baskets with technological advancements, driving a larger consumer base with the availability of pricing information.
Regional Insights
- North America region registered largest share in the global market in 2022
The North America region witnessed the largest market share in the global market in 2022 and is projected to continue its dominance over the forecast period. The growing adoption of international cuisines is fueling the demand for ackee fruit in this region. However, ackee is a fruit consumed in large quantities only in Jamaica. It has been spread to most of the other Caribbean islands, Central America, & Florida, where many names recognize it and do not flourish in large-scale economic quantities. Ackee in cans from Jamaica are now exported and available in stores frequented by Jamaicans living abroad. This demonstrates the ongoing expansion of the ackee market throughout the region, fueling its demand in the coming years.
The Europe region is projected to be the fastest growing region with a higher rate over the study period; this can be attributed to the rising awareness about global trade due to the rising citizens exploration of other regions, driving the adoption of ackee fruit as it is the national fruit in Jamaica and fueling its demand in the future. Furthermore, food tourism is one of the primary factors driving the expansion of ackee fruit, as tourists who visit islands, mainly in the Caribbean, may try new dishes at that place, adopting ackee in their households, increasing demand for them in the coming years.
Key Market Players & Competitive Insights
The ackee market is expected to have higher competition owing to the growing government initiatives to expand ackee into global trade and rising research and development activities to reveal the nutritional strength of ackee fruit to a larger consumer base, fueling its awareness and demand in the coming years. Companies are working on collaboration, partnerships, mergers, and acquisitions to gain competitive advantage and market share in the marketplace.
Some of the major players operating in the global market include:
- Caribbean Food Delights
- Chaokoh
- Golden Krust Caribbean Bakery & Grill
- GraceKennedy
- Island Love Foods
- Jamaican Teas Limited
- Jamaica Valley
- King Pepper Products
- Lasco Foods
- Royal Montego Trading
- Tropic Isle Living
- Walkerswood Caribbean Foods
- West Indian Pride
Recent Developments
- In November 2020, a study published in Taylor & Francis Online provided a review of ackee fruit nutrition, including bioactive compounds, vitamins, fats, proteins, minerals, and their applications in the food and pharmaceutical industries.
Ackee Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 26.96 billion |
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Revenue forecast in 2032 |
USD 35.23 billion |
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CAGR |
3.0% from 2022 – 2030 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments covered |
By Type, By Application, By Distribution Channel, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
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