Juice Concentrates Market by Type (Fruit, and Vegetable), Application (Beverages, Soups & Sauces, Dairy, and Bakery & Confectionery), Ingredient (Single-, and Multi-Fruit and Vegetable), Form, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Juice Concentrates Market size is projected to reach a CAGR of 5.3% from 2023-2030.
Juice concentrates refer to fruit and vegetable juice with low water content. These are known to be more affordable as compared to normal juices. The shelf life of the product is increased with the removal of water reducing bacterial growth. Whole fruit is thoroughly washed, rinsed, squashed, or mixed for making pulp. The water is generally evaporated and extracted which is beneficial as they are rich in nutrients, and enhances skin health.
The rise in health consciousness, especially in developed countries acts as one of the major factors driving the growth of the juice concentrates market. The increase in the adoption of vegetable and fruit juices as an alternative to aerated drinks by health-conscious consumers, and the rise in the popularity of convenience food & beverage products accelerate the market growth. The increase in usage as a substitute for sugar in the bakery sector, and rise in health concerns among consumers, and the demand for products made from natural and healthy ingredients further influence the market. Additionally, the expansion of the confectionery and bakery industry, the surge in disposable income, consumer preference towards convenience foods & ready-to-eat products, and increased disposable income in developing markets positively affect the juice concentrates market. Furthermore, convenient & cheaper alternative in various applications extends profitable opportunities to the market players during the forecast period.
On the other hand, a rise in awareness regarding the ill effects of excess consumption of fructose in juice concentrates is expected to obstruct market growth. Concerns regarding the ill effects of excess fructose consumption are projected to challenge the juice concentrates market in the forecast period.
Globally, the COVID-19 epidemic has significantly altered people's lives, with new cases occurring daily. Its impact differs by industry. Customers are apprehensive in the middle of the pandemic fear and terror. In the current circumstances, it is crucial to increase immunity against coronavirus, maintain cleanliness, and adhere to all medical instructions. This has increased consumer demand for functional foods and beverages, which will propel the market outlook for juice concentrates in the future years.
The desire for natural and nutritious beverages is driving the growth of the juice concentrates market. With a few major firms controlling a sizable portion of the market and a sizable number of smaller players operating locally or regionally, the industry is somewhat concentrated. Smaller competitors, who sometimes concentrate on specialty or local markets, are likewise a key source of rivalry.
The market is anticipated to expand over the next few years as a result of rising consumer awareness of the health advantages of natural drinks. Changing customer tastes and worries about the environmental effect of juice manufacturing, however, might pose problems for the sector. Overall, there are possibilities in the juice concentrates market for both established firms and new entrants looking to join this expanding sector.
Asia Pacific to Dominate the Market