In a newly published report, Future Market Insights (FMI) has provided an exhaustive analysis of the juice concentrate market. The study estimates global juice concentrate market to hit a multi-billion-dollar valuation by 2020-end.
Juice concentrate manufacturers are leveraging rapidly growing consumer interest in natural and organic foods and beverages to expand their product portfolios. Juice concentrate products are often processed to maintain nutrient levels and to bolster shelf life. Filtration, pasteurization, and evaporation processes in addition to reduced space requirements for logistics are likely to aid market developments in the near future.
The growing cases of lifestyle-based ailments such as obesity, diabetes, and cardiovascular disease in addition to increasing health awareness among consumers is also bolstering the use of juice concentrate as a substitute for sugar in a number of food and beverage formulations. Increased consumption of functional and ready-to-drink beverages also contribute to uptake in the industry.
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Key Takeaways from FMI’s Juice Concentrate Market Report
- Global juice concentrate market to grow at a healthy CAGR through 2030.
- Asia Pacific to reflect strong growth rate, North America to hold lead in short term market prospects.
- Fruit based concentrates to witness relatively higher sales, driven by the demand in functional food and beverage production, and stockpiling behavior by consumers during the covid-19 outbreak.
- Leading players are exploring flavor and nutrition combinations in concentrate formulations to appeal to a wider consumer base.
- Cosmetics and personal care application to witness growth owing to demand for demand for clean label formulations.
“Beverage manufacturers are making use of juice concentrates from sources such as grapes, guavas and apples, in alcoholic beverage formulations including spirits, ciders, and beer, with the aim of reducing weight and volume of beverage formulations, creating lucrative opportunities for market players in the long term,” said an FMI analyst.
Covid-19 Impact Insights
The covid-19 pandemic has generated lucrative opportunities for the juice concentrate market players. Food and beverage manufacturers are focused on the development and sales of immunity-boosting products, as consumers seek healthy options for in-home consumption. Demand is likely to continue growing even as restrictions are gradually imposed by government bodies.
Despite the economic disturbances created by the pandemic, the demand for ready-to-eat and ready-to-drink foods and beverages will remain strong. On the other hand, lockdown restrictions on the food service industry could hold back short-term prospects to an extent, influencing the requirements for juice concentrates in the near future.
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Competitive Landscape
Major players in the juice concentrate market include Carotex Flavors, Citromax, Iprona SpA, Louis Dreyfus Company, The Ciatti Company, Kanegrade Ltd., SkyPeople Fruit Juice Inc., Bell Flavors & Fragrances, SVZ International B.V., AGRANA Investment Corp., FruitSmart, Sudzucker AG, Ingredion Inc. and Northwest Naturals LLC.
Expansion of product portfolios, with new product launches, in addition to strategic mergers and acquisitions are some of the more prominent strategies employed by companies to consolidate their position in the juice concentrate market.
In June 2020, Vie-Del announced the acquisition of Constellation Brand’s grape juice concentrate business including the MegaNatural product line to expand on its production capacities.
In September 2020 Milne Fruit Products Inc. announced the acquisition of Valley Processing including assets of juice and puree production, and cold storage facilities in Sunnyside Washington.
Also, Florida Food Products has revealed the acquisition of Amelia Bay LLC in August 2020, which will bolster the company’s position in terms of clean label ingredients including juice concentrates for the health are wellness market.
More Valuable Insights on the Juice Concentrate Market
In its latest report, Future Market Insights has provided a detailed analysis of the global juice concentrate market, with scrutiny on the basis of historical demand in the period 2015 – 2019, and data on forecast for 2020 to 2030. The report encompasses growth projections on the juice concentrate market in terms of product type (vegetables and fruits), form (powder and liquid), and end use (food & beverage, dietary supplements, cosmetics & personal care industry, and others), across seven key regions.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.