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.
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.
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Juice Concentrate Market- Report Scope
| Attribute | Details |
| Forecast Period | 2020-2030 |
| Historical Data Available for | 2015-2019 |
| Market Analysis | US$ Mn for Value |
| Key Regions Covered | North America, Latin America, Europe, Middle East & Africa (MEA), East Asia, South Asia and Oceania |
| Key Countries Covered | U.S., Canada, Brazil, Mexico, Germany, U.K, France, Spain, Italy, BENELUX, Russia, China, India, Japan, South Korea, ASEAN, South Africa, Australia & New Zealand, and GCC |
| Key Segments Covered | Product Type, Form, End Use, and Region |
| Key Companies Profiled | Northwest Naturals LLC, Ingredion Incorporated, Welch Foods Inc., DOHLER GmbH, Sudzucker AG, FruitSmart, AGRANA Investment Corp., Diana Naturals, SVZ International B.V., Bell Flavors & Fragrances, Prodalim Group, Vita-Pakt Citrus Products, and others. |
| Report Coverage | Market Overview, Key Trends, Success Factors, COVID-19 Impact Analysis, Demand Analysis, Segmental Overview, Regional Profiling. Market Structure Analysis & Competition Analysis |
| Customization & Pricing | Available upon Request |
Key questions answered in the report
- How will juice concentrate market grow in the future?As per the to Future Market Insights (FMI) study, the juice concentrate market will continue to grow steadily in the near-term, driven by the introduction of varied, novel flavor and nutrition profiles for product offerings in foods and beverages to meet the demand for health and immunity concerns amid the COVID-19 crisis.
- What trends influence the juice concentrate market?Rapid growth in the consumption of on-the-go beverages has been a major factor positively influencing the demand in the juice concentrate market. FMI’s research concludes that the demand for clean label food and beverages, could lead to major opportunities of market development in the near future.
- Which is the topselling juice concentrate?The fruit-based juice concentrate segment is expected to hold major market share throughout the forecasting period. Higher consumer demand for natural fruit-based beverages is a key factor behind the demand. Consumers have also been stockpiling essential commodities since the start of the Covid-19 outbreak, thereby bolstering growth prospects.
- What is the impact of COVID-19 on juice concentrate market?In early 2020, the COVID-19 outbreak had a substantial effect on the global food supply chain, owing to restrictions on transport and logistics in terms of supply chains. However, in recent months, these restrictions have been eased significantly, bolstering development prospects for juice concentrate products.
Experts have concluded that in-spite of the economic ramifications of the pandemic, the juice concentrate market will bolster healthy growth. Long-term lockdowns have restricted operations in the food service industry, hurting overall demand. On the other hand, the consumption of functional, clean label beverages in home settings will support short term growth.