Market Research Report
Fermented Foods and Beverages Market - Growth, Trends and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||850198|
|Published||Content info||133 Pages
Delivery time: 2-3 business days
|Fermented Foods and Beverages Market - Growth, Trends and Forecast (2020 - 2025)|
|Published: April 1, 2020||Content info: 133 Pages||
The fermented foods and beverages market is forecasted to reach USD 1.08 billion by 2024, registering a CAGR of 4.3% during the forecast period (2019 - 2024). Consumer preference for healthy food has been a crucial factor driving the growth of the market and the increased health consciousness among the consumers has led to the demand for functional beverages. The US Food and Drug Administration (FDA) provides recommendations on manufacturing, storage, packaging, distribution processes, and appropriate quality control procedures for acid foods, acidified foods, and fermented foods. However, after December 2015, the FDA stopped regulating fermented food, since it had not found any cases of food illnesses till then.
The scope of the report includes fermented foods and beverages which are segmented as probiotic food, probiotic drink, alcoholic beverage, and other types. Probiotic foods are the fermented food that consist of live bacterial cultures. The demand for probiotic yogurt is fueled by the availability of numerous flavors. By sales channel, the market is segmented as supermarket/hypermarket, convenience store, online channel, and others. The other distribution channel includes specialty stores, kiosks, and vending machines.
Growing Demand for Functional Beverages
The fermented foods and beverages market is driven by the robust demand for probiotic drinks by health-conscious consumers, especially the younger generations, globally. Probiotics are part of functional foods and beverages and help improve the gut functionality. Dairy-based probiotics hold the major share in the segment, followed by fruit-based probiotic drinks. Kefir and drinking yogurts are the leading classes of products that witnessed enhanced sales in the past few years, boosting the overall growth of the fermented drinks market. Asian countries tend to favor dairy-based functional beverages, whereas the United States and Europe favor cereal-based and RTD tea functional beverages.
Asia-Pacific Holds a Prominent Market Share
The Asia-Pacific fermented foods and beverages market is driven by the increasing awareness and growing interest in healthy diet, development in technology, media coverage, and consumer demand. The rising awareness of fermented drinks in China and India is expected to further boost the market studied in the region. In China, the growing demand of fermented dairy products, such as Liberte Kefir is likely to support the market growth in the upcoming years. In Asia-Pacific, the growing application of probiotics in animal diets enhances their digestibility and promotes pH balance, which, in turn, has led to an increase in the consumption among ruminants (apart from other types, such as poultry and swine) and is driving the market growth in the region.
The fermented foods and beverages market witnessed dominance from the giants, Nestle, Danone, and Yakult. Some of the other prominent players include Fonterra, PepsiCo Kevita, Bright Dairy (Bright Food Group Co. Ltd), Chobani Inc., China Mengniu Dairy Company Limited, and Lifeway Foods Inc., among others. The alcoholic beverage segment in the fermented foods and beverages market is dominated by major players, such as AB InBEV, Heineken, CarlsBerg, Constellation Brands, Treasury Wine Estates. Southeast Asian companies dominate the fish sauce segment, as these companies manufacture, as well as export the products, worldwide. Vietnam and Thailand have the major number of manufacturers.