Vegetable Concentrates Market

Vegetable Concentrates Market Size, Growth (2023-2028)

The Global Vegetable Concentrates Market size was worth USD 4.56 billion in 2022, and it is anticipated to reach USD 5.66 billion by 2028, recording an annual development rate of 3.6% between 2023 and 2028.

Market Overview:

Vegetable concentrates are used most widely in sauces, soups and purees, vegetable-based baked goods, and confectionery products such as vegetable patties and vegetable-based mixes. These concentrates have wide application in many industries and products. They are produced by reducing the moisture content, reducing the amount of juice, and increasing the shelf life. Vegetable concentrates are cheaper than regular juices. It is considered a healthier option than soda. Consumers become more aware of their health and appearance. Vegetable concentrate have been used as food additives to improve nutritional value, becoming a crucial segment in the food and beverage industry.

Recent Developments in Vegetable Concentrates Industry:

• In March 2019, Ingredion acquired the Western Polymer business. With this acquisition, Ingredion will expand its portfolio of specialty starch ingredients by securing a manufacturing site located in the United States, expanding its potato production capacity and customer base. This will aid in product innovation and overall expansion of the organization.
• In July 2018, Archer Daniels Midland Company partnered with Vedan International to launch an innovative line of professional tapioca starches. Tapioca starch has a neutral taste, so it can be used effectively in a variety of applications, including dressings, bakery, yogurt, beverages, soups, and more.

Vegetable Concentrates Market Growth:

Factors such as the growing demand for restaurants and hotels and ready-to-eat foods in developing countries are driving the use of vegetable concentrates in the worldwide market.

REPORT COVERAGE:

Drivers:

The rapid expansion of the processed and packaged food industry and growing awareness of the consumption of healthy and fortified foods and beverages are expected to accelerate the demand for natural food additives, ultimately driving sales of Vegetable Concentrates. As the busy lifestyles of people around the world increase, vegetable concentrates can be added instead of natural vegetables to shorten the cooking time for consumers, which revitalizes the global Vegetable Concentrates market. The demand for vegetable concentrates is increasing with busy schedules, fast and busy life, and growing awareness of the health benefits of vegetables. There are many technological advancements in the food processing industry to help drive the growth of the vegetable concentrate business. The applicability is increasing due to factors such as the growing demand for ready-to-eat foods, the use as a substitute for vegetable concentrates due to lack of time with the new generation of experts and the greater opening of hotels and restaurants in developing countries. In addition, its popularity as a healthy additive is rapidly increasing its popularity and consumption among athletes, athletes and young people. The health benefits of vegetables are well known to all, but now around the world, the daily consumption of healthy diets is increasing. Also, low production costs with the possibility of a wide range of applications in beverages, large-scale production, baby food, soup and sauce industries, dairy products, which provide a long shelf life, better performance in terms of maintaining product quality and reduced transportation and storage costs are increasing demand for concentrated vegetables around the world.

Vegetable concentrate has the same nutritional value as fresh vegetables. People in European countries are more health conscious and prefer a healthy diet. Innovative and transformative foods with high nutritional value are in greater demand in European and North American markets. Various innovative mixes are popular these days. Most companies in the food industry are introducing new flavors to attract more consumers. Europe, Asia and the United States are the most popular regions where the health food industry competes. To meet the needs of more consumers, the healthy food and beverage industry is innovating new products, Vegetable concentrates have many health benefits. They contain large amounts of vitamins and minerals, which help treat diseases and improve the texture of the hair and skin. Vegetable concentrates are high in antioxidants there are many vegetable concentrates on the market. Some of them are tomatoes, carrots and beets.

Given the rapidly changing market environment, companies are changing their vision of expanding beyond traditional markets. In addition to focusing on expanding applications and introducing new product portfolios, most food and beverage companies plan to target domestic and foreign markets. Advances in food processing technology increase the demand for specialty starches to ensure material flexibility. The advantages and advanced characteristics of specialty starches ensure the quality and profitability that are driving the growth of the global vegetable concentrates market size. Increasing demand from the pharmaceutical industry is supporting growth in this market, and changing tastes and preferences, high competition, and increased consumer awareness are driving demand for new and innovative product flavors and variations. Facilitating health activities, increasing the popularity of convenience foods, rising international trade with a growing demand for natural ingredients, and changing consumer lifestyles will enhance the growth of the vegetable concentrates market during the forecast period. The increasing application of emerging markets and the growing preference for healthier alternatives will further increase the range of opportunities that will lead to growth of the vegetable concentrates market demand in the outlook period of 2022 - 2027.

Restraints:

Severe weather and raw material supply coupled with strict food safety regulations will hamper the growth of the global vegetable concentrates market during the foreseen period. The lack of availability of infrastructure, raw materials and advanced technology is expected to slow down the vegetable concentrates market growth.

Vegetable Concentrates Market Segmentation Analysis:

The global vegetable concentrates market was divided into conventional and organic markets according to the type.

The global vegetable concentrates market has been segmented into concentrates, powders, pastes and purees, etc. by form.

By application, the vegetable concentrates market is segmented into soups and sauces, beverages, plant products, animal products, confectionery products and bakery products.

Impact of COVID-19 on the Vegetable Concentrates Market:

The coronavirus pandemic continues to spread every day, with serious impacts on communities, individuals and businesses. The growth of various industries is significantly affected, while many other markets remain intact and may show promising growth opportunities. The vegetable concentrates market is supposed to witness a hike amid COVID-19 as consumers are turning towards vegetarian diets to stay healthy.

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)

Regional Analysis:

The global vegetable concentrates market is dominated by North America, which is expected to record the highest growth in the entire market as demand for packaged foods and beverages continues to grow and Americans' health and nutrition concerns rise. The Asia Pacific region, led by China and India, is supposed to hold the largest share of the vegetable concentrates market. As the lifestyle of the Asian population changed, a young independent workforce began to depend on packaged or ready-to-eat foods that contained an increasing amount of plant-based ingredients at every meal due to the busy schedule. Restaurant and hotel chains, both international and regional, are beginning to increase their reliance on vegetable concentrates for large-scale food preparation, which will help to prepare food more quickly. China is one of the main consumers of vegetable concentrates. China has well-established technology and processing capabilities, facilitating the production of a variety of products. Chinese manufacturers of these ingredients and concentrates make their products reasonable and convenient and are in line with growing health and wellness trends. China has witnessed an increase in its vegetarian population, and increased consumer interest in "counterfeit meat" made from vegetables and mushrooms has created a healthy effect by expanding the product penetration rate of plant ingredients.

Key Players in the Market:

Major key Players in the Global Vegetable Concentrates Market are

• Koninklijke DSM NV
• Archer Daniels Midland Company
• Cargill, Incorporated
• Tate & Lyle
• DuPont de Nemours, Inc
• Givaudan
• Ingredion
• Sensient Technologies Corporation
• Kerry Inc
• Chr. Hansen Holding A/S
• Santosh Group
• MK Ingredients
• Starch Europe
• Birkamidon
• Roquette Frères
• Tongaat Hulett
• AGRANA Beteiligungs-AG