The global juice concentrates market is estimated to be valued at USD 73.7 billion in 2022. It is projected to reach USD 93.7 billion by 2027, recording a CAGR of 4.9% during the forecast period. Juice concentrates are obtained by removing water from the fruit juice to make it more suitable for storage, shipping, and resale in retail stores.
The overall juice concentrates market is driven by consumers’ preferences toward the consumption of healthier products and the growing consumption of fruit juices and nectars. The beverage industry influences the juice concentrates market, as fruit & vegetable juice concentrate is largely used in making a variety of nonalcoholic drinks.
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Oranges will have the highest CAGR during the forecast period in terms of value
The ever-increasing demand for fruit juices in every corner of the world is the key factor driving the global growth of orange concentrate goods. Orange juice concentrates are rich in vitamin C. Immunity-boosting, cognitive-boosting, and mood-boosting beverages are in high demand, and consumers want these advantages in their beloved fruit juices as well. To emphasize functional component combinations, orange will be blended with various berry, botanical, and citrus elements. Rising demand for convenience products in developed regions of North America and Europe is leading to an increasing demand for orange concentrates.
Powdered concentrates will see a greater demand in the bakery market for applications such as flavoring agents
Juice concentrates are used in the bakery & confectionery industry in the form of a sweetener and colorant. It is also applied as icing to decorate baked products such as cakes and muffins. The utilization of juice concentrates provides a balanced and natural flavor compared to plain water. Manufacturers consider juice concentrates as a suitable substitute for sugar during the production of bakery products, and the demand for health products has encouraged manufacturers to produce innovative and new products for consumers who are willing to pay a premium amount for the consumption of healthy bakery food.
Bakery and confectionery manufacturers are incorporating fruit and vegetable components into their products to increase the nutritional content of the product, thereby attracting health-conscious consumers as well as a segment of consumers who want to indulge in these products but in a more mindful manner.
The beverages segment is expected to dominate the juice concentrate market
The beverage industry is one of the most flourishing industries in the world and is influencing the juice concentrates market globally. Manufacturers are introducing new and innovative products to the market to suit the demand of the people who prefer fruit flavors in their drinks. Moreover, the health-conscious public has a high demand for health and energy drinks which has further driven the juice concentrates market as juice concentrates provide the required nutrition in these drinks. There is a high demand for flavored milk in developed regions such as Europe, which has led to the demand for fruit concentrates in milk to satisfy the consumers taste buds.
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North America is projected to be the second largest market in the juice concentrate industry.
The North American juice concentrates market has an important share in the markets of fruits such as cranberry, lime, and lemon. The markets within North America studied for this report are the US, Canada, and Mexico. The U.S. contributes to two-thirds of the global cranberry production, and hence, the number of manufacturers of cranberry concentrates in this country is high. The juice concentrate market in Canada faces competitive pressure and unfavorable consumer trends. The manufacturers are most strongly affected by the change in per capita income, health trends, prices of substitutes, and weather conditions. This is due to the geographic location of the country. The increased demand for convenience food products offers growth opportunities to juice concentrate manufacturers. Major players in the juice concentrate market in the region are also innovating their product offerings to improve their product portfolios.
The key players in this market include Archer Daniels Midland Company (US), Südzucker AG (Germany), Ingredion Incorporated (US), SunOpta, Inc (Canada), Kerry Group PLC (Ireland), IPRONA SPA (Italy), Symrise AG (Germany), Döhler Group SE (Germany), SVZ International B.V (Netherlands), and Kanegrade Limited (UK).