Juice concentrates are products made by removing the water content from fruit juices, leaving behind a concentrated form of the original juice. This process involves extracting the liquid from fresh fruits, and then dehydrating or evaporating the water to create a more concentrated and viscous liquid.
The main purpose of producing juice concentrates is to extend the shelf life of fruit juices, reduce transportation costs (since less volume is required to store and transport the product), and make the juices more suitable for use in various applications, including the manufacturing of other food and beverage products.
The global juice concentrates market is projected to expand with an exceptional compound annual growth rate (CAGR) of 4.9% from 2022 to 2027. This growing trend is projected to increase the market value from $73.7 billion in 2022 to an impressive $93.7 billion by the end of 2027.
Market Drivers: Sustainability is the key to the bolstering demand for Juice Concentrates
The global thirst for commercial beverages is rising, especially for plant-based beverages, carbonated water, functional beverages as energy drinks, and ready-to-drink beverages. Beverage production necessitates safe raw material procurement and the maintenance of desired end-product characteristics through safe, cost-effective, and sustainable multi-stage processing. The industry has witnessed an increasing sustainability trend over a couple of years. Sustainable food sourcing is a prime aspect and includes shifting to use more organic and/or locally grown and raised produce in beverage plants and ties in with several goals for shrinking the environmental impact. Moreover, recently manufacturers have started to take consumer product demands seriously by working on expanding their range of products to include healthier and diet-specific items with fewer chemicals and preservatives.
Rising global food insecurity demands greater efficiency at transporting food from surplus points to famine places. Millennials and Gen Z aspire to achieve sustainability along the entire supply chain. For example, The Sustainable Trade Initiative (IDH) convenes companies, CSOs, and governments in sustainable public-private partnerships. IDH works in the processed fruit and vegetable sector to develop more sustainable production and processing practices, contribute to better environmental management, and ultimately improve workers' and farmers' livelihoods. The Sustainable Juice Covenant is a global initiative to make the sourcing, production, and trade of fruit- and vegetable-derived juices, purees, and concentrates 100% sustainable by 2030.
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Asia-Pacific is projected to be the fastest-growing region in the global juice concentrates market with the highest CAGR. The main countries contributing significantly toward the region's growth include China, India, Japan, Australia, and New Zealand. The rapidly growing fast-food industry and young demography in the Asia-Pacific region have led to an increase in the consumption of convenience food, which is expected to enhance the growth of the market for juice concentrates. The growth of the juice concentrates market is proportionally dependent upon the growth of the convenience and health food industry. The demand for juice concentrates is anticipated to increase in the Asia-Pacific region due to Western dietary habits, rising disposable income, and changing lifestyles of people in countries such as China, India, and Japan.
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). These companies are known for their strong presence in the global Juice concentrates market and have a wide range of products and services. They are involved in the production, processing, and distribution of Juice concentrates and hold a significant share in the global market. They also invest heavily in research and development to create new products and improve existing ones to cater to evolving market trends and customer needs.
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