Juice Concentrates Market

Juice Concentrates Market Size and Forecast (2023-2028):

The Global Juice Concentrates Market size is expected to grow at a CAGR of 4.9% during the forecast period 2023-2028 to reach USD 95.2 billion by 2028. The market size was valued at USD 74.1 billion in 2022.

Market Overview:

Juice concentrates are highly concentrated forms of fruit or vegetable juices made by removing the water content from the fresh juices through evaporation. And are resulted in a liquid with natural flavors and sugars. This process helps to extend the shelf life of juice concentrates and makes transportation & storage easy. Juice concentrates have wide applications in the food and beverage industry to make numerous products such as juices, smoothies, ice creams, sauces, etc. They enhance the taste and flavor of the drinks and also offer cost-effective solutions.

Recent Developments in Juice Concentrates Industry:

• In September 2021, Ingredion Incorporated opened manufacturing facility units in Canada. Operating standards at the brand-new innovative facility are in line with Ingredion's stringent manufacturing and quality requirements.
• In September 2021, Kerry Group PLC finalized the acquisition of Hare Topco, Inc. doing business as Niacet Corp. In terms of preservation technology, Niacet leads the world market.

REPORT COVERAGE:

Drivers:

The growing health consciousness among consumers is one of the major drivers of the juice concentrates market growth. As more people are becoming health conscious, they are seeking beverages that are natural and best for their health. Juice concentrates can be made without adding extra sugar or preservatives, which makes them a healthier option among other beverages. Also, they offer a real taste of fruits or vegetables without adding extra sweeteners or any artificial chemicals. Hence, as more people focus on their health and well-being, the demand for natural and healthier juice concentrates keeps growing. This is boosting the market demand.

Juice concentrates stay fresh for a longer time; this shelf life extension attribute is driving the market demand. Because the longer shelf life of the juice concentrates is crucial for both the industries which make the concentrates and the stores that store and sell them, fresh juice can spoil faster compared to juice concentrates, and this can lead to the waste of food products, which is harmful to the environment, and also this can affect the business's profit. But the juice concentrates last longer, and there is less food wastage which is good for everyone. Hence most manufacturers and retailers prefer juice concentrates due to their longer shelf life, and this is influencing the shares of the market.

The wide range of applications of juice concentrates is escalating the market growth. As juice concentrates are very flexible, they can be used in various types of food and beverages. They are highly used in the preparation of various food products in the food and beverage industry. They are used to make refreshing fruit juices, can be added in smoothies to provide them natural fruit flavor, and also be used in jams and fruit sauces to offer a rich and fruity taste; even in desserts like ice creams and pudding, they add a natural sweetness and flavor. In this way, their vast ability to be used in various food products attracts manufacturers to use juice concentrates in their products, and this is leading to attracting a large consumer base, which is influencing the market shares.

Restraints:

The growing nutritional concern is one of the major restraints to the juice concentrates market growth. As some people believe that juice concentrates do not contain all the essential nutrients that fresh juices contain. Due to the growing nutritional concerns, some consumers prefer to eat whole fruits or like to have fresh juices to make sure they are getting all the nutrients from the fruits. Hence, some people's perception of juice concentrates is that they may not be as nutritious as fresh juices or whole fruit, which is restricting the market demand. 

The high amounts of fructose in fruit concentrates are another restraint to the market. As health consciousness among consumers is increasing, they do not want to consume more sugar or calories. Consumption of too much fructose can cause health issues like weight gain and other related health problems. This is posing a challenge to some health-conscious people to consume fruit concentrates that are high in fructose. Due to some dietary restrictions, people are avoiding products that include juice concentrates which are restricting the market size expansion.

Opportunities:

The rising demand for plant-based ingredients is offering a significant opportunity for the juice concentrates market growth. There is a lot of demand for food and beverages that are made from plants. This can be a booming opportunity for the manufacturers of juice concentrates as they can take advantage of this market trend and can introduce new and exciting juice concentrates with less common fruits like pomegranates and berries and vegetables like beets and carrots. So, due to this, a large consumer can get attracted and especially vegans and vegetarian consumers who are constantly seeking diverse and nutritious beverages. This can help the market to grow significantly.

The increasing demand for functional beverages is another growth opportunity for the market. Nowadays, people not only seek refreshments from beverages but also they are looking for something that can improve their health. Hence, the food and beverage industry can take advantage of this market trend of functional beverages by introducing more nutrients, like antioxidants, proteins, vitamins, etc., to the drinks. By adding these functional nutrients to the beverages, producers can create lots of good options for consumers, and they can tap into the growing market demand for functional beverages.

COVID-19 Impact on Juice Concentrates Market:

COVID-19 significantly impacted the juice concentrates market. On the one hand, lockdowns, shutdowns of hotels, and cafes, social distancing, etc., negatively affected the demand for the market. Also, supply chain disruptions and transportation restrictions affected the sourcing and availability of raw materials like fruits and vegetables, resulting in delays in the production and delivery processes of fruit concentrates. On the other hand, the demand for healthy and nutritional beverages increased due to the pandemic. And this helped the juice concentrates market to gain significant market shares.

Juice Concentrates Market Segmentation Analysis:

By Type:

• Fruit
• Vegetable

The fruit segment is anticipated to dominate the juice concentrates market during the projected period. The fruit juice concentrates comprise concentrated forms of various fruit juices like apples, oranges, kiwis, grapes, watermelons, pineapples, berry concentrates, etc., and are widely used to make smoothies, fruit juices, and various other beverages. This attribute influences the shares of the market. At the same time, the vegetable segment is expected to grow at the fastest growth in the upcoming years. This includes concentrates made from vegetables like carrots, beetroot, spinach, tomatoes, etc., and are commonly used in soups and sauces. This is boosting the demand for the market.

By Form:

• Liquid Concentrate
• Powder Concentrate

The liquid concentrate segment is ruling the juice concentrates market shares during the forecasted period. Because liquid concentrates are highly used in the beverage industry for the preparation of various beverages like fruit juices, smoothies, functional beverages, and other numerous liquid-based drinks, this attribute is boosting the demand for this segment. At the same time, the powder concentrate segment is expected to grow at the fastest rate during the projected period. Because it has various applications, such as in bakery products production, soups, and sauces, also, they offer convenience in handling and longer shelf life. This is influencing the shares of the market.

By Application:

• Beverages
• Soups & Sauces
• Dairy
• Bakery & Confectionery

The beverages segment is leading the juice concentrates market shares during the projected period. Because juice concentrates are highly utilized by the beverages industry to make various types of beverages or drinks like fruit juices, smoothies, fruit-flavored drinks, and much more. Juice concentrates help to produce refreshments and flavors for beverages. These attributes ate contributing to an expansion of the market size. However, the soups and sauces segment is expected to grow at a healthy CAGR during the forecasted period as the juice concentrates, add natural flavors and enhance the taste of the soups and sauces. Hence juice concentrates are in high demand in this segment.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

By Region Analysis:

Asia Pacific is anticipated to dominate the juice concentrates market shares during the projected period, owing to the increasing population, changing consumer preferences toward healthy food, and growing demand for natural and nutritious products in this region. Also, the rapidly growing food and beverage industries are inducing high demand for the market. However, the Noth American region is expected to grow at the fastest CAGR in the upcoming years. The market growth is driven by the rising demand for healthy and convenient beverage alternatives in this region.

Key Players in the Market:

Major Key Players in the Global Juice Concentrates Market are

• AGRANA Beteiligungs AG
• Archer-Daniels-Midland Co
• Berrifine AS, Ciatti Co
• Dohler GmbH
• Ingredion Inc
• Kanegrade Ltd
• Kerry Group PLC
• CitroGlobe SRL
• SVZ International BV
• IPRONA SpA.