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Juices And Juice Concentrates Market 2024 - By Size, Drivers, Trends, Competitors
Juices And Juice Concentrates Market
According to The Business Research Company's, The juices and juice concentrates market size has grown steadily in recent years. It will grow from $35.82 billion in 2023 to $37.11 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to health and wellness trends, flavor innovation, convenience and on-the-go consumption, marketing and branding strategies, rising disposable income, .
The juices and juice concentrates market size is expected to see steady growth in the next few years. It will grow to $42.26 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to functional ingredients, sustainability practices, rising health consciousness, transparency and clean label, personalization trends. Major trends in the forecast period include innovative processing technologies, digital marketing and e-commerce, functional and health-boosting varieties, clean label and natural ingredients, sugar reduction and low-calorie options, cold-pressed and raw juices.
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Market Drivers and Trends:
The expansion of the food and beverage sector is expected to propel the growth of the juices and juice concentrates market going forward. The food and beverage sector encompasses all organizations that process, package, and distribute raw food products. Consumers are preferring beverages with healthier option and these juices and juice concentrate acts as a replacement for sugar and flavoring agent juices, and contributing to a healthy beverages options, as a result, the expansion of the food and beverage sector boosts the growth of the juices and juice concentrate market. For instance, in December 2022, according to a report published by FoodDrinkEurope, a Food industry confederation in the European Union, the EU food and drink industry turnover was €1,121 billion ($1185.74 billion) in 2022 up from €1,093 billion ($1157 billion) in 2021. Therefore, the expansion of the food and beverage sector is driving the juices and juice concentrates market.
Product innovation is the key trend gaining popularity in the juices and the juice concentrates market. Major companies operating in the juices and juice concentrates market are focused on developing new products to strengthen their position in the market. For instance, in October 2022, The EVERY Co., a US-based biotechnology company that develops proteins and other products traditionally sourced from animals, launched BUILD in partnership with Pulp Culture+. BUILD is the world's first protein-boosted hard juice, a hyper-functional Full Spectrum beverage infused with probiotics, adaptogens, source-verified super fruits, superfoods, and animal-free EVERY Protein. This requires no masking agents, sugar, or other unnecessary additives. It includes trendy ingredients such as cordyceps, ashwagandha, and 5 grams of Protein.
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Major Key Players of the Market:
Welch Foods Inc.; SVZ International B.V.; Sudzucker AG; Ingredion Incorporated; DöhlerGroup; Symrise AG; Kanegrade Limited; The Archer-Daniels-Midland Company; Ocean Spray Cranberries Inc.; Del Monte Pacific Ltd.; Keurig Dr Pepper Inc.; Nestle S.A.; PepsiCo Inc.; The Coca-Cola Company; Northwest Naturals LLC; IPRONA S.p.A.; Kerry Group plc; Kirin Holdings Company Limited; AGRANA Beteiligungs AG; CitroGlobe Srl; Ciatti Company; Berrifine AS; Tampico Beverages Inc.; SunOpta Inc.; Tree Top Inc.; Tropicana Products Inc.; Citrosuco; Louis Dreyfus Company B.V.; China Haisheng Juice Holdings Co. Ltd.; Refresco Group BV
Juices And Juice Concentrates Market 2024 Key Insights:
• The juices and juice concentrates market will grow to $42.26 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%.
• Growing Food And Beverage Sector Propels Juices And Juice Concentrates Market Growth
• Product Innovation Drives Growth In Juices And Juice Concentrates Market
• Asia-Pacific was the largest region in the juices and juice concentrates market in 2023
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