From 2021 to 2028, the global juice concentrators market is predicted to increase at a CAGR of 7.1 %, from USD 94.24 billion in 2020 to USD 139.96 billion in 2028.
The residue left after the water has been extracted from the fruit or vegetable is known as juice concentrate. Bacterial growth is inhibited as a result of the water extraction, and the concentrate does not decay as quickly as juice. Food and beverage businesses use fruit and vegetable juice concentrates to generate new products. As customers’ health concerns grow, demand for items manufactured from natural and healthy ingredients is growing. Juice concentrates are made from fruits, vegetables, or a combination of both. Consumers eat food and beverages prepared from diverse fruits and vegetables, as well as processed versions such as puree and juice, due to their nutritional profile. As a result, increased health consciousness is predicted to raise demand for juice concentrates, presenting attractive prospects for worldwide market participants over the evaluation period.
COVID-19 Impact Assessment
A global pandemic, COVID-19, has sparked a global crisis. The pandemic has already established a global economic background and is expected to generate a chaotic climate, leading to global rescission. With the number of cases increasing at an alarming rate every day, the COVID-19 outbreak has totally impacted people’s life all across the world. In different industries, it has a distinct influence. In the midst of the pandemic’s incessant anxiety and panic, consumers are highly anxious about keeping track of their health. In the current situation, it is vital to increase immunity, maintain hygiene, and follow all medical recommendations in order to resist the coronavirus. As a result, people are drinking more functional meals and beverages, which will raise the market for juice concentrates in the future years.
Factors that Promote Growth
Rising demand for natural plant-based ingredients, growing awareness and popularity of convenience foods and beverages, and increased usage of fruit juice concentrates as a sugar substitute in bakery and confectionery are all driving the industry ahead.
The worldwide juice concentrates market is being propelled forward by increased consumer demand for beverage and bakery products. Due to the increased popularity of vegetable and fruit juices as a healthier option to aerated drinks among health-conscious consumers, the worldwide juice concentrates market is predicted to develop. The rapid rise of the natural sweeteners market is projected to boost the global juice concentrates market. Due to increased demand for juice concentrates in the beverage industry and as a sugar substitute in bakery products, the worldwide juice concentrates market is predicted to grow.
Preview of Type Segment Analysis
During the projection period, vegetable juice concentrate is expected to increase at a quicker rate. Vegetable juice concentrates are in high demand due to their numerous health benefits. Health-conscious customers prefer vegetable juice beverages in both developing and developed regions, including as North America, Europe, and Asia-Pacific, which might boost the vegetable concentrate market forward. The other sort of segment is fruit juice concentrate.
Preliminary Analysis of Application Segments
Fruit and vegetable concentrates are frequently employed in the beverage sector. Fruit concentrates are utilised in alcoholic and non-alcoholic beverages equally. Rising demand for health-related beverages has fueled the global beverage market. Increased consumer health consciousness, notably in North America, Europe, and Asia-Pacific, has led in a demand for fruit and vegetable-based beverages. As a result, the demand for fruit and vegetable concentrates has increased to suit consumer demand. Furthermore, consumers’ hectic lifestyles have boosted demand for convenient food and beverages that are both healthful and convenient to eat, resulting in increasing manufacturing of those beverages. Fruit and vegetable juice concentrates in beverages also make a practical and adequate replacement for carbonated soft drinks and aerated beverages. The other application segment includes dairy, soup, bakery and confectionery, and dessert.
Preliminary Form Segment Analysis
In the form section, powdered concentrate makes up the majority of the content. This is because to their widespread availability and nutritional value, which is comparable to that of actual juice concentrators. The other two types of segments are Clear Concentrate and Frozen Concentrate.
Preliminary Regional Analysis
North America, which has the biggest market share and is growing steadily, is the primary driver of the global market for fruit concentrates. Europe is a close second in terms of market share for fruit concentrates, followed by the rest of the world. The market is predicted to expand in both developed and developing regions. Fruit concentrates are being propelled forward by increased demand for natural foods, as well as health and nutritional concerns about processed meals. The European juice concentrates market has grown as a result of several factors. Rising health concerns and demand for functional beverage products in the areas are likely to drive demand for juice concentrate over the forecast period.
Asia-Pacific is a significant market for juice concentrate manufacturers. Major juice concentrate manufacturers are developing new products in Asia-Pacific countries to suit the rising demand for juice concentrates. Many of the region’s growing economies, such as China and India, have vast amounts of agricultural land on which to cultivate food. Furthermore, as the country undergoes technical breakthroughs in agriculture and urbanisation, resulting in higher consumer standards of living and the increase of convenience food and beverage items, China is one of the top countries for juice concentrates. Furthermore, China is a key supplier of juice concentrates in Asia-Pacific, and the country’s juice concentrates market has been propelled by the rise in the consumption of healthy beverages.
Players in the Market and the Competitive Environment
Ingredion Incorporated (US), Archer Daniels Midland Company (US), Sudzucker AG (Germany), Louis Dreyfus Company (Netherlands), Doehler Group (Germany), SVZ International BV (The Netherlands), The Ciatti Company (US), Diana Naturals (US), Kanegrade Limited (UK), and Lemon Concentrate SL (Spain) are some of the key players in the juice concentrators market.
The juice concentrate business is characterised by a large number of sellers. These vendors are increasingly competing on price, quality, innovation, packaging, reputation, marketing channels, and distribution. Player competition, as well as rapid technology advancements, will exacerbate the competitive situation in this sector. Vendors are differentiating their offerings through their unique value propositions to survive and prosper in this competitive climate (USP). The global fruit concentrate market is extremely fragmented due to the presence of various local and international companies. New product releases, partnerships, expansions, and acquisitions are among the primary strategies used by the leading businesses in the worldwide fruit concentrate market.