PUBLISHER: The Business Research Company | PRODUCT CODE: 1436419
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436419
Juice concentrates are low-water-content fruit and vegetable juices that concentrate nutrients and extend shelf life by reducing bacterial growth. They are used to promote health benefits and reduce packaging and transportation costs.
Juice concentrates are available in various forms such as clear concentrate, powdered concentrate, and frozen concentrate. They are used in a wide range of applications including beverages, soups and sauces, dairy products, bakery and confectionery items, and others. These concentrates are utilized across industries such as food, beverages, foodservice, and retail/household.
The juice concentrates market size has grown strongly in recent years. It will grow from $60.61 billion in 2023 to $64.11 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growing demand for convenience foods, flavor diversity, expansion of retail channels, globalization of trade, shift towards healthier beverage choices.
The juice concentrates market size is expected to see strong growth in the next few years. It will grow to $82.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to evolving dietary patterns, clean label movement, focus on sustainable practices, increased awareness of health benefits, consumer demand for personalized flavors. Major trends in the forecast period include plant-based alternatives, low or no sugar variants, blockchain integration, smart packaging, premiumization.
The juice concentrates market size has grown strongly in recent years. It will grow from $60.61 billion in 2023 to $64.11 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to several factors, including the growing demand for convenience foods, which offer quick and easy meal solutions for busy consumers. Flavor diversity has also played a role, as consumers seek new and unique taste experiences. The expansion of retail channels, both online and offline, has increased accessibility to a wider range of products. Globalization of trade has facilitated the availability of diverse food and beverage options from around the world. Additionally, there has been a shift towards healthier beverage choices, driven by increasing consumer awareness of health and wellness.
The juice concentrates market size is expected to see strong growth in the next few years. It will grow to $82.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be attributed to evolving dietary patterns, the clean label movement, a focus on sustainable practices, increased awareness of health benefits, and consumer demand for personalized flavors. Major trends expected in this period include the rise of plant-based alternatives, the popularity of low or no sugar variants, the integration of blockchain technology, the development of smart packaging solutions, and a focus on premiumization within the industry.
The increasing consumer preference for convenient food and beverage products is driving the growth of the juice concentrates market. Convenient or ready-to-eat foods are becoming more popular among consumers, whether they are served at restaurants or sold at grocery stores. These products, which can be consumed directly or with minimal preparation, include room-temperature, shelf-stable, or frozen options. Juice concentrates play a significant role in enhancing the natural flavors, colors, and sweetness of food and beverage products. They provide a convenient, affordable, and healthy source of antioxidants, which is particularly appealing to low-income consumers. For example, data from the Australian Bureau of Statistics shows that approximately 14.7 million tons of food and non-beverages were sold in Australian grocery stores, convenience, and specialty food stores in the year 2020-21. This represented a 1.4% increase compared to the previous year. Additionally, according to the retail intelligence platform Bizom, sales of ready-to-eat products in India surged by 9.1% in August 2021 compared to July 2021. These trends indicate a growing demand for convenient food and beverage products, which is expected to drive the growth of the juice concentrates market in the future.
The growing demand in the food and beverage industry, which encompasses various operations related to food and drink production, distribution, and retail, is projected to drive the juice concentrates market forward. Juice concentrates are vital in producing soft drinks and fruit-based snacks, providing natural fruit flavors without the necessity for fresh fruits. The significant sales figures in the food and beverage industry, such as the $467.20 billion recorded in 2021, as well as increased global beer consumption by 4.0% to 185.60 million kiloliters in 2021, serve as indicators of the industry's growth. These trends bolster the juice concentrates market due to its widespread usage in food and beverage production.
Strategic collaborations and partnerships have emerged as a significant trend in the juice concentrates market, with companies emphasizing joint ventures to foster innovation and strengthen market presence. A noteworthy example occurred in September 2021 when Valrhona, a renowned French premium chocolate manufacturer, partnered with Koa, a Switzerland-based producer of fruit juice products. Their collaboration resulted in the creation of Oabika, an innovative cocoa fruit juice concentrate tailored for chefs and gastronomy professionals. Oabika stands out as an upcycled ingredient, aligning with the trend of utilizing sustainable and repurposed resources. This novel product finds versatility in various culinary applications, including ganache, jellies, mousses, toppings, sauces, glazes, creams, ice creams, sorbets, and beverages. The collaboration between Valrhona and Koa showcases a strategic alliance aimed at introducing inventive and sustainable offerings within the juice concentrates market.
Major companies in the juice concentrates market are increasingly focused on introducing advanced solutions, such as sugar reduction technology, to gain a competitive advantage. Sugar reduction technology involves methods and processes used to decrease the amount of sugar in a food product while preserving its taste, texture, and overall quality. For example, in November 2022, Louis Dreyfus Company B.V. (LDC), a Netherlands-based merchant and processor of agricultural goods, launched a product made from not-from-concentrate (NFC) orange juice. This product offers a 30% reduction in natural sugar content and more than triple the dietary fiber content while maintaining the original taste and vitamin C level of the juice. It possesses four key characteristics: reduced sugar content, increased fiber content, preservation of the main attributes of standard organic juice, and the original taste. The product was developed by a team of food engineers, chemists, and biotechnologists using an enzyme without the use of sweeteners or inulin.
In June 2021, Kerry Group PLC, an Ireland-based company specializing in taste and nutrition innovation, acquired Niacet Corporation for $1,015 million (€853 million). This strategic acquisition was intended to enhance Kerry Group's product portfolio, particularly in the areas of drying and granulation process technologies for bakery, meat, and pharmaceutical applications, positioning the company for a competitive advantage in the market. Niacet Corporation, based in the US, is known for its expertise in juice concentrates.
Major companies operating in the juice concentrates market report are The Archer-Daniels-Midland Company, Louis Dreyfus Company B V, Kerry Group PLC, Sudzucker AG, Ingredion Incorporated, Symrise AG, AGRANA Beteiligungs-AG, Sensient Technologies Corp., NW Naturals Inc., Welch Foods Inc., DOHLER GmbH, Diana Group, Tree Top Inc., SunOpta Inc., Sleaford Quality Foods Ltd., Bell Flavors & Fragrances GmbH, Ventura Coastal LLC, Fruitsmart Inc., Milne Fruit Products Inc., Kanegrade Limited, Prodalim Group, Northwest Naturals LLC, SVZ International B.V, IPRONA SpA, Lemonconcentrate SLU, Flingo Foods And Agro P. Ltd., Ciatti Company, Encore Fruit Marketing Inc., BMT Weiser LLC, Tricom Fruit Products Limited, Muhtaroglu Group, Nam Viet Foods & Beverage JSC, Steinhauser Group, Shimla Hills, Bosch Boden Spies GmbH & Co. KG, Binder International GmbH & Co. KG, China Haisheng Juice Holdings Co. Ltd., AGRO-WODZISLAW Sp. z o.o. Sp.k., beckers bester GmbH, AMAZONAS Naturprodukte GmbH
North America was the largest region in the juice concentrates market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the juice concentrates market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the juice concentrates market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The juice concentrates market consists of sales of carotenoids, anthocyanins, and flavonoids. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Juice Concentrates Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on juice concentrates market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for juice concentrates ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The juice concentrates market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.