(Entertainment-NewsWire.com, June 13, 2021 ) Fruit Concentrate Market size in 2020 is estimated to be $35 billion, growing at a CAGR of 5.7% during the forecast period 2021-2026. Fruit concentrates are used in the beverage industry. Fruit concentrates are primarily utilized in the production of soft drinks, alcoholic and non-alcoholic drinks. Growing health consciousness among consumers and increasing demand for packaged and convenience foods are the major factors driving the growth of the market. Moreover, increasing technological advancement in processing of fruits enhance the overall market demand for fruit concentrate during the forecast period 2021-2026.
Fruit Concentrate Market Segment Analysis - By Fruit Type
Based on the Fruit Type, Fruit Concentrate Market is segmented into Apples, Lemons, Speciality Fruits, Oranges, Pineapples, Pears, Grapes, Others. The speciality fruits segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 5% during the forecast period 2021-2026. This is mainly owing to easier access of fresh fruit and increasing consumer preferences for exotic flavoured foods and beverages that are contributing to the growth of this segment.
Fruit Concentrate Market Segment Analysis - By Application
Based on the Application, Fruit Concentrate Market is segmented into Beverages, Bakery, Confectionery, Dairy, Others. In 2020, beverage held the largest share in the fruit concentrate Market. Fruit concentrate products provide high nutritional value, flavour, natural sweetness, and colour which are beneficial for health. The rapidly increasing demand for homemade beverages and increasing number of breweries are contributing to the growth of this segment.
Fruit Concentrate Market Segment Analysis - By Geography
North America dominated the Market share accounting for 40% of the market in 2020. This is mainly owing to high demand for functional and natural food products by health-conscious consumers. However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2021-2026. This is owing to changing food habits and lifestyles as well as rising disposable income. Increased spending power and rising health concerns among consumers are driving the growth in this region.
Fruit Concentrate Market Drivers
Growing Health Consciousness among consumers
Growing health consciousness and increasing demand of natural food products are some factor driving the market growth of this segment. Moreover, increasing demand for organic foods growing demand from baby food products & formula owing to high content of essential vitamins which are increasing the market growth of fruit concentrate.
Increasing Demand for Packaged and Convenience Foods
Increasing demand for packaged and convenience foods and rising demand of ready-to-eat products are some factor driving the growth of the market. Moreover, shifting consumption towards more refined fruit puree concentrates are contributing to the growth of Fruit Concentrate Market.
The increasing awareness regarding ill-effects of excess consumption of fructose in juice concentrates are challenging the growth of the market. Also, during the coronavirus pandemic, the food & beverage industry faced problems such as supply chain disruption, further restraining the market.
Fruit Concentrate Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Fruit Concentrate Market. Fruit Concentrate top 10 companies are Capricon, Kerry Group Plc., Cherimoya, AGRANA Group, Oceanaa, Dohler Group, Coca Cola’s Minute Maid, Starfruit, Acerola, and Lychee.
Acquisitions/Product Launches:
On April 2019, Dohler group has acquisition with Zumos Catalano Aragoneses SA to expand the company’s product portfolio.
Key Takeaways
In 2020, North America dominates the Fruit Concentrate Market owing to rising demand for natural food products.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Fruit Concentrate Market report.
The increasing awareness regarding ill-effects of excess consumption of fructose in juice concentrates are challenging the growth of the market.
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