The new report published by IMARC Group, titled “Onion Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global onion powder market reached a volume of more than 55,000 Tons in 2018, growing at a CAGR of nearly 6% during 2011-2018. Onion powder is commercially prepared by dehydrating fresh onions in a controlled environment without altering their nutrient content. It consists of several vital nutrients like carbohydrates, proteins, Vitamin B-6 and C, manganese, calcium, iron, cholesterol, folate, fiber, potassium, phosphorus, and magnesium. Onion powder is used to impart the flavor of fresh onions in the preparation of a variety of food products such as snacks, salads, soups and gravies. Since onions are perishable in nature, onion powder is now being preferred by consumers due to its long shelf life and availability throughout the year.
In the food industry, onion powder is widely used as a flavoring agent in seasonings, condiments, dry rubs, marinades, dips, and various ready-to-eat food items. Hectic lifestyles and changing dietary habits of consumers have led to a demand for instant food products which is providing a thrust to the growth of the onion powder market. Moreover, the consumption of onion powder is rising among the working population as it eliminates the hassle of chopping onions and saves time. However, the production of onion powder is dependent on the supply of onions which is highly influenced by environmental factors such as rainfall. The unavailability of onions can cause price fluctuation, thereby affecting the profitability of onion powder manufacturers. Looking forward, the market is anticipated to reach a volume of around 75,000 Tons by 2024, registering a CAGR of 5% during 2019-2024.
- On the basis of end-use sectors, the market has been bifurcated into the commercial and residential sectors. Among these, the commercial sector represents the leading end-use segment of onion powder, accounting for the majority of the total market share. Within the commercial sector, fast-food chains and quick service restaurants (QSRs) are the major consumers of onion powder.
- Based on applications, the global onion powder market has been divided into the food processing and healthcare segments. Currently, the food processing segment holds the largest market share.
- The global onion powder industry is fragmented in nature owing to the presence of numerous large and small players. There is an intense competition in the market due to low product differentiation and switching costs.
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