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Ackee Market to register a healthy CAGR for the forecast period, 2018-2028

03-21-2019 07:54 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fact.MR

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Ackee Market to register a healthy CAGR for the forecast period,

Growing Exports of Non-Traditional Jamaican Crops Creating Sustained Opportunities

The ackee market is likely to grow at a rapid pace with the emerging trend of purchasing local products using traditional trade methods. The buttery and savory flavor of ackees continues to appeal to a wide target audience, making ackee one of the popular products in mainstream supermarkets and gourmet stores internationally.

Manufacturers are targeting large consumer bases in foreign markets by offering ackees in new and exciting ways. Leading ackee manufacturers are providing canned ackees that contain less sugar yet taste fresh, in order to meet the dynamic consumer demands.

The ackee market is mainly influenced by increasing exports of canned ackee from Jamaica to developed regional markets such as North America and Europe. The total export sales of canned ackees from Jamaica reached over US$ 13 million in 2014 and around US$ 20 million in 2016. With the increasing demand for non-traditional Jamaican crops among consumers across the globe, the Jamaica Promotions Corporation expects the ackee exports to surpass US$ 21 million in 2018 and US$ 29 million by the end of 2020. In addition, the Jamaica Exporters' Association (JEA) predicts that the ackee market will witness excellent growth in the upcoming years with increasing demand for Jamaican crops.

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The ackee market is mainly influenced by increasing exports of canned ackee from Jamaica to developed regional markets such as North America and Europe. The total export sales of canned ackees from Jamaica reached over US$ 13 million in 2014 and around US$ 20 million in 2016. With the increasing demand for non-traditional Jamaican crops among consumers across the globe, the Jamaica Promotions Corporation expects the ackee exports to surpass US$ 21 million in 2018 and US$ 29 million by the end of 2020. In addition, the Jamaica Exporters' Association (JEA) predicts that the ackee market will witness excellent growth in the upcoming years with increasing demand for Jamaican crops.

The Caribbean, Canada, and the U.S. remain among the important target markets for manufacturers in the ackee market. Restaurants and hotel sector remains the primary target consumer group for leading manufacturers and distributors in the ackee market. As more than 50% demand for the ethnic food comes from the foodservice industry, established players in the ackee market are making deliberate steps to improve their position in the foodservice industry. Ackees in various forms such as canned and processed continue to gain popularity among the consumers across the globe, which ultimately triggers the growth of the ackee market.

FDA Regulations on Fresh, Canned, and Frozen Ackees Impacts the Development of the Ackee Market

As the presence of hypoglycin A content of pods and seeds of unripe ackees can lead to cause Jamaican vomiting sickness, the U.S. Food and Drug Administration imposes stringent rules on the imports of ackees in North America. Shipments of ackees in different forms such as raw, canned, frozen, and dried, without a physical examination, are banned in the U.S. The stringent regulations and rule imposed on ackees sold in the U.S. in various forms may impact the growth of the ackee market, as it may compel market players to modify their manufacturing processes and strategies. The section 402(a) (4) of the Federal Food, Drug, and Cosmetic Act (FD&C Act; 21 U.S.C. 342(a) (4)) states that if canned, frozen, and other forms of ackee products are considered to be adulterated in the U.S. if they contain hypoglycin A at levels higher than 100ppm.

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In order to comply with the regulations developed by FDA, manufacturers in the ackee market are adopting innovative strategies to make safer and cost-effective products. Jamaica is the only country where ackee is identified as an edible crop. As a result, Jamaican manufacturers in the ackee market are employing advanced manufacturing processes to consolidate a stronger position in the market with high-quality ackee products. The ackee market is expected to envisage excellent growth as ackee is not part of just Jamaican cuisine, but is witnessing demand across the world as an exotic and delicious fruit.

This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on

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Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.

About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.

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