The global sweet potato fly market size was valued at nearly USD 55.1 Billion in 2022 and is anticipated to reach USD 79.1 Billion by 2031, expanding at a CAGR of 4.1% during the forecast period, 2023 – 2031. Rise in the consumption of healthy probiotic drinks and functional beverages around the world is expected to fuel the market.
The sweet potato fly, also known as kvass, is an orange-colored nutritious drink. It is available in non-alcoholic and alcoholic (0.5% to 1% of alcohol content) categories with low sugar and fat content. Sweet potato fly is a traditionally prepared fermented drink out of sweet potatoes and rye bread originating from Guyana, a country on the northern coast of Latin America.
The sweet potato fly provides several health benefits such as increased immunity, breaking down toxins, and reduction of inflammation. Effective synthesis of nutrients and optimization of metabolic activity are major benefits of kvass. Consumption of sweet potato fly offers relief from digestive problems, allergies, and chemical sensitivities.
The market report finds that the COVID-19 pandemic restrained the sweet potato fly market due to the imposition of lockdowns by governments that have led to a scarcity of essential raw materials. With movement curbs in place, transportation means were reduced significantly, impacting the mass production and delivery of sweet potato fly manufacturing industries.
Sweet Potato Fly Market Dynamics
Major Drivers
Increasing popularity of functional beverages and healthy probiotics is a key reason driving the market during the next few years. Growing demand for crafted alcoholic beverages with low carbohydrate and fat content is expected to fuel the sweet potato fly market.
Existing Restraints
High manufacturing costs and transportation and increase in the need for temperature-controlled adequate storage facilities are likely to hamper the market.
Emerging Opportunities
Increasing demand for low-alcohol beverages is expected to provide opportunities for manufacturers during the forecast period. Growing demand for healthy probiotic drinks is expected to fuel the market in the forecast period.
Scope of Sweet Potato Fly Market Report
The report on the global sweet potato fly market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Sweet Potato Fly Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Type (Traditional and Mass-produced), Ingredient (Raisins, Bread, Beet, Spices [Nutmeg and Cinnamon], Herbs [Turmeric, Mint, and Rosemary], Fruits [Lemon, Pears, Strawberries, and Apples], and Others), and Sales Channel (Online Retailing [Retail e-commerce and Food Service] and Store-based Retailing [Convenience Stores and Supermarkets])
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
AV Thomas Produce; Sweet Potato Spirit Company; Ham Farms; McCain Foods Limited; Jackson Farming Company; J.R. Simplot Company; Idahoan Foods, LLC.; KP Snacks; Conagra Brands, Inc.; Nash Produce; Jackson's Chips; Urban Platter; BIRDS EYE LIMITED; The Kraft Heinz Company; Nestlé; Jackson Farming Company; Dole Food Company Inc.; Ham Farms; and Lamb Weston Holdings, Inc.
|
Sweet Potato Fly Market Segment Insights
Type Segment Analysis
On the basis of the type, the market is bifurcated into traditional and mass-produced. The traditional segment is expected to expand at a significant growth rate during the projection period, owing to the creation of an active culture through the combination of yeast and lactobacillus from the air essential for fermentation.
Traditionally manufactured sweet potato fly tastes the best after fermentation of four to six hours which, is likely to boost the segment in the forecast period.
The mass-produced segment is anticipated to hold a key share of the market due to its extensive use as a carbonated beverage with less amount of alcohol. The growing use of chilled sweet potato fly in making okroshka, added with boiled eggs, sausages, cold soups, and cucumbers is expected to propel the segment.
Ingredient Segment Analysis
Based on the ingredient, the sweet potato fly market is divided into raisins, bread, beet, spices, fruits, herbs, and others. The beet segment is expected to expand at a significant pace during the projection period, owing to the useful medicinal properties of beet in combating fatigue, strengthening immunity, blood cleansing, and curing digestive problems.
Beet-flavored sweet potato fly improves problems related to constipation or the liver is expected to boost the segment in the forecast period. The bread segment is anticipated to hold a key share of the market, owing to the use of bread in fermentation processes. The intended color to be imparted to the drink is obtained through the use of bread of specific colors.
Sales Channel Segment Analysis
On the basis of the sales channel, the market is divided into online retailing and store-based retailing. The store-based retailing segment is projected to hold high revenue shares in the market, owing to the high consumer preferences for purchasing after an in-person examination of the products.
Tangible interests of customers in understanding the peculiarities of a product before procurement is likely to support the high-volume production of sweet potato fly in the coming years.
The retail e-commerce segment is anticipated to gain significant revenue shares of the sweet potato fly market, owing to the increasing use by buyers residing in far-off places from the source of authentically manufactured sweet potato fly. Offers and discounts offered by retail e-commerce players along with free shipping of sweet potato fly are likely to boost the market in the come years.
Regional Analysis
In terms of region, the global sweet potato fly market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period owing to the high production of sweet potatoes in the countries in Asia, with China leading the production share in the region.
India and China have a combined youth population of around 35% of the total population of countries. Growing health consciousness among youth is likely to bolster the market in the region.
The market in North America is projected to grow at a rapid pace in the market of sweet potato fly, owing to the growing medicinal use by the geriatric population. Beta-carotene found in sweet potatoes helps in easing joint pain and reduces inflammation, which is likely to fuel the market in North America in the coming years.
Segments
The global sweet potato fly market has been segmented on the basis of
Type
- Traditional
- Mass-produced
Ingredient
- Raisins
- Bread
- Beet
- Spices
- Herbs
- Fruits
- Lemon
- Pears
- Strawberries
- Apples
- Others
Sales Channel
- Online Retailing
- Retail e-commerce
- Food Service
- Store-based Retailing
- Convenience Stores
- Supermarkets
Key Players
Competitive Landscape
Players in the sweet potato fly market include AV Thomas Produce; BIRDS EYE LIMITED; Conagra Brands, Inc.; Dole Food Company Inc.; Ham Farms; Idahoan Foods, LLC.; J.R. Simplot Company; Jackson Farming Company; Jackson's Chips; KP Snacks; Lamb Weston Holdings, Inc.; McCain Foods Limited; Nash Produce; Nestlé SA; Sweet Potato Spirit Company; The Kraft Heinz Company; and Urban Platter.
These companies adopt strategies including mergers, product launches, acquisitions, production expansion, collaboration, and partnerships to boost their market share. The competitive landscape part of the report covers key insights into growth strategies adopted by major market players.
- In 2019, Jackson Farming Company expanded its business through the acquisition of Wayne E Bailey shreds a leading manufacturer of sweet potatoes in the form of slabs, cubes, sliced, sticks, diced, crinkle-cuts, and whole peeled sweet potato purees.
Request For Customization
Enquiry Before Buying
Speak With Analyst
