Markets & Markets™
The global juice concentrate market is valued at $73.7 billion in 2022. It is projected to reach US$93.7 billion by 2027, implying a CAGR of 4.9% over the forecast period.
According to research report “Juice Concentrate Market by Type (Fruit & Vegetable), Application (Beverages, Soups & Sauces, Dairy Products, Bakery & Confectionery), Ingredients (Single & Multi Fruit & Vegetable), Form & Region – Global Forecast 2027” published by MarketsandMarkets, the global juice concentrate market is valued at $73.7 billion in 2022. It is projected to reach US$93.7 billion by 2027, implying a CAGR of 4.9% over the forecast period. As part of the transition to a clean and healthy lifestyle, there has been an increase in the consumption of fruit and vegetable juice concentrates by consumers around the world. The global market is also seeing a growing demand for juice concentrates across industries including food and beverage, bakery, dairy and others. Due to this growing demand, manufacturing players have developed various innovations and products to meet the growing needs.
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Oranges will have the highest CAGR over the forecast period in terms of value.
The ever-increasing demand for fruit juices in all corners of the world is a key factor driving the global growth in the production of orange concentrates. Orange juice concentrates are rich in vitamin C. Immunity, cognitive and mood boosting drinks are in high demand, and consumers also want to get these benefits from their favorite fruit juices. To emphasize the combination of functional components, the orange will be combined with various berry, vegetable and citrus elements. Growing demand for semi-finished products in the developed regions of North America and Europe leads to an increase in demand for orange concentrates.
Powdered concentrates will be in high demand in the bakery market for applications such as flavors.
Juice concentrates are used in the baking and confectionery industry as a sweetener and colorant. It is also used as a frosting for decorating baked goods such as cakes and cupcakes. The use of juice concentrates provides a balanced and natural taste compared to plain water. Manufacturers are looking at juice concentrates as a suitable substitute for sugar in baked goods, and the demand for health products is driving manufacturers to produce innovative and new products for consumers who are willing to pay more to consume healthy baked goods.
Bakery and confectionery manufacturers include fruit and vegetable ingredients in their products to increase the nutrient content of the product, thereby appealing to health-conscious consumers as well as a segment of consumers who want to indulge in these products, but more consciously.
The beverage segment is expected to dominate the juice concentrate market.
The beverage industry is one of the most prosperous industries in the world and influences the juice concentrate market worldwide. Manufacturers are bringing new and innovative products to market to meet the demand of people who prefer fruit flavors in their drinks. In addition, the health conscious public has a high demand for health and energy drinks, which has further stimulated the juice concentrate market as juice concentrates provide the essential nutrients in these drinks. In developed regions such as Europe, there is a high demand for flavored milk, which has led to a demand for fruit concentrates in milk to satisfy the taste buds of consumers.
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North America is forecast to become the second largest market for juice concentrates.
The North American juice concentrate market holds a significant market share for fruits such as cranberries, limes and lemons. The North American markets studied for this report include the US, Canada and Mexico. The United States accounts for two-thirds of the world’s cranberry production, so the number of cranberry concentrate producers in this country is large. The juice concentrate market in Canada is facing competitive pressures and unfavorable consumer trends. Producers are most affected by changes in per capita income, health care trends, substitute prices and weather conditions. This is due to the geographical position of the country. Increased demand for semi-finished products opens up growth opportunities for juice concentrate producers. Major players in the juice concentrate market in the region are also updating their product offerings to improve their product portfolios.
The key players in this market are Archer Daniels Midland Company (USA), Südzucker AG (Germany), Ingredion Incorporated (USA), SunOpta, Inc (Canada), Kerry Group PLC (Ireland), IPRONA SPA (Italy), Symrise AG (Germany). ), Döhler Group SE (Germany), SVZ International BV (Netherlands) and Kanegrade Limited (UK).
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