In a highly competitive and fragmented global juice concentrate market, product differentiation gives an edge to a few companies over others, says Transparency Market Research (TMR) in one of its research reports. Companies are striving to introduce new products with respect to taste and flavor to steal a march from their competitors, notes the study.
Some prominent names in the global juice concentrate market are Archer Daniels Midland Co., Dohler Company, Ingredion Incorporated, SkyPeople Fruit Juice Inc., and the Ciatti Company.
As per a report by TMR, the global juice market is likely to reach a value of US$117.89 bn by 2025 vis-à-vis revenue increasing from US$89.56 bn in 2016 expanding at a CAGR of 3.4% between 2017 and 2025.
Large Consumer Base for Fruit Juices and Vegetable Juices Makes Beverages Leading Application Segment
Based on type, fruit juice concentrate and vegetable juice concentrate are the divisions that are under the scope of this study. Fruit juice concentrate garnered the leading share of the market in 2016.
The application segments into which the juice concentrate market is divided in this report are beverages, soups and sauces, bakery products, dairy products, confectionery products, and others. Of them, beverages stood as the leading segment in 2016. This is mainly due to a large consumer base for fruit and vegetable juices based beverages and their large-scale applications in food products. Dairy products and bakery products also account as key application segments of the juice concentrate market.
By distribution channel, online distribution channel and offline distribution channel are segments into which the global juice concentrate market is divided in this study. Europe is currently the leading market for juice concentrate trailed by North America in terms of revenue.
Changing Economic Conditions Fuel Growth
The key factor stoking growth of the juice concentrate market is rising popularity of convenience foods and beverages mainly because of changing eating habits and busy lifestyles. In addition, trend of adoption of a healthy lifestyle is driving sales of fruit and vegetable juices, which is having a positive impact on the juice concentrate market. With increasing consciousness about the importance of good health and considerable attention to adopt health-benefitting foods, the juice concentrate market is receiving a boost.
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“With changing economic conditions, across many parts of the world, the demand for juice concentrate has been rising due to increasing spending on alcoholic and non-alcoholic fruit drink products, ice cream, yogurt, baby food, etc.” says the author of the study. Large companies are making heavy investments for introducing new flavors of juice concentrates that are high in nutrition as well to cater to the rising middle class population.
Another key factor driving growth of the juice concentrate market is longer shelf life and cost-effectiveness of juice concentrates than fresh juices. This is because juice concentrates are free of water content that increases their shelf life and involve low transportation costs as they are shipped in small frozen packages.