Market Highlights
The global juice concentrates market is estimated to be valued at USD 62,401.7million by 2026,registering a CAGR of 4.61% during the forecast period. Rising demand for natural plant-based ingredients coupled with growing awareness and popularity of convenience food & beverages are the major factors anticipated to boost the global juice concentrates market during the review period. However, increasing demand for not from concentrate (NFC) and cold-pressed juice is expected to restrain the market's growth.
Europewas the largest market for juice concentrates in 2019, and the regionis expected to continue to dominate the global market during the review period.Germany was the largest country-level market with a share of 24.50% in 2019. However, France is projected to witness a substantial growth rate during the study period. Fruit-based drinks are gaining popularity in the region, and the industry stakeholders are focusing on being sustainable in the market.
The global juice concentrates market size is expected to register a notable growth rate during the forecast period. The wide range of applications of juice concentrates is the major factor driving the market growth. Also, an increase in health consciousness worldwide has resulted in consumers shunning artificially sweetened and heavily processed beverages in favor of natural alternatives such as plant-based beverages. Moreover, the growing usage of fruit juice concentrates as an alternative to refined sugar in bakery and confectionery products is projected to fuel the growth of the global juice concentrates market during the forecast period.
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Segmental Analysis
The global juice concentrates market has been segmented based ontype, form, application,and region.
By type, the market has been divided intofruits, vegetables, and blends.The fruits segment is further divided into grape, apple, orange, mango, pineapple, and others.Thefruitssegment accounted for the largest market share in 2019. Fruits are the most popular flavors among the consumers, which accelerates the demand for fruit juice concentrates. On the other, fruit concentrates offer several health benefits to the consumers. However, the blends segment is projected to grow at the fastest rate during the forecast period.
Based on form, the market has been segmented into powder and liquid. The liquid segment accounted for a larger market share in 2019. The use of the liquid form is high in the food industry as it is stable, contamination-free, and clean. Additionally, liquid ingredients can be easily standardized by blending with different products.However, the powder segment is projected to exhibit ahigher CAGR.
Based on application, the market has been segmented into beverages and food. The food segment is further classified as bakery & confectionery, dairy & frozen desserts, dips, sauces, & dressings, and others. The beverages segment accounted for a larger market share in 2019. The consumption of beverages has been increasing over the last few years at a high pace which accelerates the demand for juice concentrates in the production process of beverages.Moreover, juice concentrates are widely used in energy drinks and sports drink products. However, the food segment is projected to exhibit ahigher growth rate during the review period.
Regional Analysis
Geographically, the global juice concentrates market has been segregated into North America,Europe, Asia-Pacific,and the rest of the world. As per MRFR analysis, Europeaccounted for the dominant share of the global marketin 2019, with Germany being the major consumer of juice concentrates. Organic juice concentrate is gaining traction in the European countries as the consumption of organic packaged food & beverages is the highest compared to the other regions. Asia-Pacific is expected to be the most lucrative regional market for juice concentrates manufacturers during the review period. China accounted for a major share of the Asia-Pacific juice concentrates market. The juice concentrates market in China is highly fragmented due to several local and unorganized players.The increasing demand for natural ingredients in several foods and beverages is anticipated to further propel the growth of the juice concentrates market in North America.The rest of the world is projected to register a CAGR of 4.80% during the forecast period.
Key Findings of the Study:
- The global juice concentrates market is expected to register a growth rate of 4.61% from 2020 to 2026.
- The food segment is estimated to register a higher growth rate during the forecast period.
- Based ontype, the fruits segment is expected to hold the largest market share during the forecast period.
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