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Butternut squash is also known as gramma or butternut pumpkin in New Zealand and Australia. Butternut squash is an orange-fleshed winter squash that has a sweet and nutty taste. The optimum monthly average temperature for proper growth of butternut squash is from about 18°C to 27°C. Butternut squash grows well in moist, well-drained soils. Butternut squash is one of the most exotic vegetables that are suitable for fresh consumption as well as can be processed by food processors into various food products. Butternut squash is laced with several nutritional properties and has a high presence of fibers, manganese, magnesium, potassium, and vitamin C within them. The increasing recognition of butternut squash as a nutritional food is attracting food manufacturers for producing and distributing food products made by using butternut squash in the market.
Increasing demand for functional and health-benefiting food among health/diet-conscious consumers is expected to drive the demand for butternut squash. Major companies operating in the worldwide butternut squash market are launching new and innovative products to maintain their market prominence. For instance, In November 2018, Cece's Veggie Co. launched a new range of butternut squash-based mac and cheese alternatives which consist of dairy-free variant.
Key Market Driver -
Rising Demand for Healthy Food Products and Superfoods among Individuals is Driving the Growth of the Market.
Key Market Restraint -
Low Growth Across a Number of Countries is Expected to Hinder the Market Growth.
The butternut squash is mostly used for culinary purposes as a flavoring agent and ingredient in many food recipes, especially in soup and pies. The presence of antioxidants and other micronutrients in butternut squash is among one of the significant factors that are driving the global butternut squash market. The butternut squash has hallowed popularity among the consumers since the early days due to its associated health benefits, such as the potential to lower down cholesterol levels, weight management, and others, which is expected to further drive the growth of the butternut squash market positively during the forecast period. However, low or negligible growth of butternut squash across several countries leads to high dependency on major producing countries of butternut squash and price fluctuations of the product further contribute to restricting the growth of the market.
There are several butternut squash manufacturers that are operating in the global market. The manufacturers are capitalizing on expanding their reach to consumers by increasing product penetration and improvising distribution channels across the globe. Some of the significant players are Stonehill Produce, JDM Food Group, Harris Seeds, Stahlbush Island Farms, Mackenzie, and ALDI.
The frozen butternut squash segment is anticipated to dominate during the foreseeable years, attributed by their efficiency to be utilized for multiple food preparation applications. Frozen butternut squash has a high shelf-life hence they are suitable for transportation, which is another factor contributing to their increased market demand. The demand for butternut squash puree is predicted to grow at a considerable pace owing to their increasing demand across the household and foodservice industry for the preparation of a variety of regional and international cuisines.
The butternut squash falls under the fast-moving consumer goods category that is widely available in various convenience stores. The emerging number of such stores across the world is expected to register decent sales value for the products. The offline sales segment, which includes hypermarkets/supermarkets, specialty stores, departmental stores, and others will hold the larger market share attributed to the high dependency of consumers on them for regular grocery purchases.
North America is projected to dominate the global butternut squash market and hold the largest share in the worldwide butternut squash market during the forecast period. In North America, butternut squash is grown in both dry and wet season, especially in countries such as the U.S and Mexico. Furthermore, high consumption of the product in North America due to awareness regarding the health benefits of consuming butternut squash is contributing to enlarging the market size and demand for butternut squash in the region. Abundant availability due to the increasing import of butternut squash in Europe is encouraging food product manufacturers to introduce new and innovative butternut squash products in the market. In the Asia Pacific, the demand for butternut squash is expected to increase on account of the growing population in economies such as India and China, coupled with rising consumer inclination towards nutritional and natural food.
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The product is an excellent source of mono-unsaturated fatty acids and dietary fiber, and that benefits for heart health. Also, they are rich in protein, minerals, and numerous health-benefiting vitamins. The seeds are an excellent source of health-promoting amino acid, tryptophan.
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