Vegetable Concentrate Market to Exceed US$ 7.5 Bn by 2032 as Demand for Vegan Beverages Surges Worldwide

According to Future Market Insights (FMI), the global vegetable concentrate market is expected to witness growth at a CAGR of 4.1% and is anticipated to reach a valuation of around US$ 7.5 Bn by 2032.

Health benefits of consuming fresh vegetables are well known to all consumers, however, in recent times the consumption has peaked owing to growing focus on maintaining a healthy and nutrition rich diet.

This is anticipated to push demand for vegetable concentrates as they contain the same nutrients present in fresh vegetables. They are convenient to use and has a wide range of applications such as in beverages, confectionaries, soups etc.

Moreover, governments have been taking initiatives to encourage a healthier lifestyle among today's youth who are easily attracted towards fast food, resulting in cases of diabetes and obesity. As a result, manufacturers are targeting these younger generations by introducing different mixes and new varieties of products in the market.

"Rising demand for vegan food and beverage products, along with the introduction of new and innovative vegetable concentrate will augment the growth in the market over the forecast period," says an FMI analyst.

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Key Takeaways:

By form, the puree segment is expected to account for a dominant share in the market over the forecast period.

In terms of vegetable type, demand for pumpkin concentrate is forecast to remain high through 2032.

Based on applications, sales in the beverages segment will hold a lion's share in the global vegetable concentrate market.

Vegetable concentrates sold through offline sales channels are expected to hold a market share of over 45% in the forecast period

The North America vegetable concentrate market is expected to witness growth at a 3.8% CAGR during the forecast period.

Europe is expected to account for 1/5th of the global vegetable concentrate consumption through 2032

Competitive Landscape

Top vegetable concentrate manufacturers are focusing on broadening their footprint across promising regions by introducing new products. Moreover, they have incorporated in-organic strategies as well such as developing strategic partnerships with existing players. For instance:

February 2019, SVZ announced an increase in production of their vegetable ingredients in Othello, Washington by added a separate production line for of processing and packaging vegetable puree to meet the rising demands

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Explore More Valuable Insights

Future Market Insights, in its new report, offers an impartial analysis of the global vegetable concentrate market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.

Vegetable Concentrates Market by Category

By Product Form:
Puree Form
Powder Form
Pieces Form
Frozen Form

By Vegetable Type:

Tomato
Beetroot
Pea
Carrot
Pumpkin
Other Vegetables

By Application:

Beverage
Soups & Sauces
Confectionery
Other Applications

By Sales Channel:

Offline Sales Channel
Supermarkets/Hypermarkets
Departmental Stores
Convenience Store
Other Sales Channel

Online Sales Channel
Company Website
E-commerce Platform

By Region:

North America
Latin America
Europe
Middle east and Africa
East Asia
South Asia
Oceania

Frequently Asked Questions

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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.