Global juice concentrate market: snapshot
Stiff competition prevails in the global juice concentrate market and based on product differentiation few companies are gaining competitive advantage over others.
Stiff competition prevails in the global juice concentrate market and based on product differentiation few companies are gaining competitive advantage over others. Launch of new products with respect to taste and flavor is what companies in this market are focused on to steal a march from their competitors.
Some of the key growth drivers of the global juice concentrate market are rising popularity of convenience foods, rising consciousness about the importance of good health, and longer shelf life and cost effectiveness of juice concentrates over fresh juices.
Proving to be a roadblock to the growth of this market is increasing awareness about the harmful effects of excess fructose consumption.
A report by Transparency Market Research forecasts the global juice concentrate market to be worth US$ 117.89 bn by 2025 increasing from a value of US$ 89.56 bn in 2016 at a CAGR of 3.4 % therein.
Fruit juice concentrate Garners leading share
The segments into which the juice concentrate market is classified based upon type are fruit juice concentrate and vegetable fruit concentrate. Fruit juice concentrate garnered leading share of the market in 2016. This is because fruit juice concentrates are widely used for a number of foods and beverages such as curds, ice creams, etc.
In terms of form, the segments of the global juice concentrate market are clear concentrate, frozen concentrate, and powdered concentrate. Clear concentrate mostly dominates the market followed by powdered concentrate.
Online distribution channel and offline distribution channel are the segments into which the global juice market is segregated based upon distribution channel. The offline distribution channel is mainly sub-segmented into hypermarkets and supermarkets, departmental stores, and others. In 2016, offline held the leading share of the market; however, online distribution channel is expected to grow immensely in the forthcoming years. The rising number of supermarkets and hypermarkets, especially in emerging economies is a key factor for the leading share of the offline distribution channel.
The application segments of the juice concentrate market considered in this study are beverages, soups and sauces, bakery products, dairy products, confectionery products, and others. In 2016, beverages stood as the leading segment in terms of market share. This is mainly because of large-scale applications of juice concentrates in foods and a high demand for fruit and vegetable juices based beverages.
Advancements in food processing industry has enabled Europe emerge dominant
By geography, the juice concentrate market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Europe held the leading market share in the global juice concentrate market in 2016 and the region is expected to hold on to its lead position over the forecast period. Technological advances in the food processing industry is a key factor driving growth of this regional market. France, Belgium, Germany, and the U.K. are key domestic markets for juice concentrate in the region.
North America held a small share in the global juice concentrate market in 2016. Rising health consciousness regarding excess consumption of fructose and increasing healthy food choices is having a negative influence on the juice concentrate market in North America.
Asia Pacific is anticipated to be the most attractive market for juice concentrate in the forthcoming years. An increasing middle class population in the emerging economies of the region and changing lifestyle are key factors stoking growth in the region.
Some leading players in the global juice concentrate market are Archer Daniels Midland Co., Dohler Company, Ingredion Incorporated, SkyPeople Fruit Juice Inc., Diana Food, AGRANA Group, Sunopta Inc., SVZ International B.V., The Ciatti Company, and Kanegrade Limited.