Market Overview: Plum is a fruit that belongs to the genus-Prunus and can be clustered along with other fruits such as peaches, cherries, and apricots in the rose family. The prime characteristics which differentiate all these fruits into different subgenera are the orientation of shoots, leaves, and flowers.
The taxonomists have approximated the number of existing species of plum to be between 19 and 40. From this diversity, only two species, namely the European plum (Prunus domestica) and the Japanese plum or Japanese apricot (Prunus mume) are of worldwide commercial significance and have gained major popularity amongst people.
Prior to when plums started to be consumed as fruit, they were used for medicinal purposes in ancient China. In 2019, global production of plums was 12.6 million tons, led by China with 56% of the world total. Romania and Serbia were secondary producers.
The plum extract is made with Korean green plums by marinating them with honey or sugar for a few months. Typically, people plum extract in a marinade sauce. It has a sweet and mildly tangy taste, so when people add this plum extract to a recipe, they reduce the vinegar and sugar. Some people also use it while making a soju cocktail.
The plum extract is particularly popular in a meat marinade as it is known to get rid of meat smells and oily taste and softens the meat. The plum extract market is gaining widespread recognition owing not only to its medicinal properties but also to its culinary application such as using the plum extract as dressings, dips, and marinades.
Market Dynamics: The health benefits of plum extracts are driving the market
In recent times, plums have been described as foods with health-promoting properties. Research on the health effects of plum continues to show promising results on its anti-inflammatory, antioxidant and memory-improving characteristics.
The increased interest in plum research has been attributed to its high phenolic content, mainly anthocyanin, a natural antioxidant. Plums are an important source of compounds influencing human health and preventing the occurrence of many diseases.
Plums have an abundance of bioactive compounds such as phenolic acids, anthocyanin's, carotenoids, flavanols, organic acids (e.g., citric and malic acids), fiber (pectin), tannins, aromatic substances, enzymes, minerals (e.g., potassium, phosphorus, calcium and magnesium, organic) and vitamin A, B, C & K.
The predominant phenolic compounds in plums are caffeic acid, 3-O-caffeicquinic (neochlorogenic acid), 5-O-caffeicquinic (chlorogenic acid) and 4-O-caffeicquinic (crypto-chlorogenic acid). Plums are being used in Indian medicine as a component of natural drugs used in leucorrhea, irregular menstruation and miscarriage. Plum helps prevent heart disease, lung and oral cancer, lower blood sugar, blood pressure, Alzheimer's disease, muscular degeneration, improve memory capacity, boost bone health, regulate the functioning of the digestive system, and so on.
Incorporating plums in dairy and food products like Yoghurt, Pies, Biscuits, Lassi, and Ice cream, etc., in the form of extract, pulp, powder or dried chunks would surely boost the nutritional and flavor quality. Plum extracts also help in losing weight.
Researchers at the University of Liverpool divided 100 overweight subjects into two groups; one group ate prunes every day over 12 weeks, and the control group did not. On average, those in the prune group lost 4.5 lbs. and inch off their waistline.
According to a study — conducted by Oklahoma State and Florida State Universities Research people who ate prune extracts and took vitamin D and calcium supplements had significantly improved bone density in their spine and forearms than the group who consumed dried apples and took the same supplements. University of Harvard Health Research has shown antioxidants can slow the development of Alzheimer’s. These are the health benefits provided by plum and plum extracts expected to drive the market growth in the forecast period.
However, few disadvantages of plum extracts are likely to hinder the market growth. Plum fruit contains a certain amount of sugar, so people who have diabetes, obesity should limit their use. Plum can harm people who suffer from high acidity of the stomach or other gastrointestinal diseases, especially in the acute stage.
Overeating drains fraught with some problems associated with flatulence and discomfort in the stomach. As the plums can extract a large amount of fluid from the human body, their use is limited as much as possible in such diseases of the joints. Plum might cause stomach issues like gas and diarrhea. If dried plums or pits are swallowed whole, they might block food movement through the stomach and intestines.
Market Segmentation: By Form • Liquid • Paste • Powder • Solid By Distribution channel • Online Sales • Grocery stores • Hypermarkets/Supermarkets • Convenience stores By Application • Foods & Beverages • Cosmetics • Pharmaceutical • Nutrition • Others
Geographical Penetration: China and Australia led the Asia Pacific to the top of the plum extract market
Asia Pacific dominated the global plum extract market in the year 2020, with China holding major market revenue share. Shuanghua plum is the most popular in the Chinese market. The average price is around 4 RMB / kg (0.50 € / kg). However, the most exclusive variety is the Fengtang plum, with an average price of around 72 RMB / kg (8.90 € / kg).
Recently, the Xiangcui plum is the one that has been gaining the most popularity and is also being cultivated in more and more regions. This variety is also exported to Southeast Asia. According to the latest Hort Innovation statistics, in the year ending in June 2019, plum production in Australia was slightly greater than in previous years. Volumes increased by 9%, to 32,250 tons, and the value grew by 4%, to 76 million AUD.
Exports rose by a significant 30%, to 6,840 tons, and the value increased by 26%, to AUD 26 million. Exports to China have grown particularly sharply since access was gained to that market, from 1 ton in 2017 to 2,600 tons in 2019, 40% of Australia's international supply.
In August 2018, a USD 2.7m project was announced to expand the Kakadu plum industry in Northern Australia, with a USD 500,000 grant from the government. In Australia, many consumers buy Kakadu plums in the form of jam, or binge powder, used in smoothies and baked goods.
These items are available online or at specialist retailers, with some even selling binge wafers. Puréed and frozen versions are available on a wholesale basis.
Competitive Landscape: The plum extract market is moderately competitive with the presence of many local and global companies. Some key players contributing to the growth of the market include The SICOLY cooperative, Hunan Nutramax Inc., Shaanxi Sinuote Biotech Co., Aston Chemicals Limited, Swanson Health Products, Shenzhen Evergreen Bio-Health Technology Limited, Yiherb Bioscience Co. Limited, Changsha Herbal Ingredient Co. Limited, MIKI Corporation and NATIVE EXTRACTS among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the growth of the Plum Extract Market globally. In December 2019, Monat Global, a US-based hair and skincare products manufacturer, has launched three new products designed to tighten, brighten and protect the skin. With the release of its new product line up, the company also introduced its new ingredient Kakadu Plum – a super fruit with anti-ageing properties