Northbrook, IL 60062 -- (SBWIRE) -- 11/03/2023 -- The global juice concentrates market, as indicated in a research report titled "Juice Concentrates Market by Type (Fruit and Vegetable), Application (Beverages, Soups & Sauces, Dairy, and Bakery & Confectionery), Ingredient (Single- and Multi-Fruit and Vegetable), Form, and Region - Global Forecast to 2027" published by MarketsandMarkets, was estimated to be valued at USD 73.7 billion in 2022. It is anticipated to reach USD 93.7 billion by 2027, with a projected compound annual growth rate (CAGR) of 4.9% during the forecast period.

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This growth can be attributed to the increasing adoption of clean and healthy lifestyles, leading to greater consumption of fruit and vegetable juice concentrates worldwide. Various industries, including food and beverages, bakery, dairy, and more, have witnessed a rising demand for juice concentrates, prompting manufacturers to introduce innovative products to meet this growing need.

The report contains a wealth of data, including 257 market data tables and 44 figures spread across 241 pages, with an in-depth table of contents available for reference.

One notable finding from the report is that oranges are expected to have the highest CAGR during the forecast period in terms of value. This is driven by the global demand for orange concentrate products, which are rich in vitamin C. Consumers are seeking immunity-boosting, cognitive-enhancing, and mood-enhancing beverages, which are driving the demand for such functional components in their favorite fruit juices. Orange concentrates are also being blended with various berry, botanical, and citrus elements to emphasize these functional combinations, particularly in developed regions like North America and Europe, where convenience products are increasingly popular.

Another interesting trend highlighted in the report is the growing demand for powdered concentrates in the bakery market, especially for applications such as flavoring agents. Juice concentrates are utilized in the bakery and confectionery industry as sweeteners and colorants. They are also used for icing and decorating baked goods like cakes and muffins. Manufacturers view juice concentrates as a suitable alternative to sugar, and this aligns with the rising demand for healthier bakery products. In response, manufacturers are developing innovative products to cater to health-conscious consumers willing to pay a premium for healthy bakery food. The inclusion of fruit and vegetable components in these products aims to increase nutritional content, appealing to both health-conscious and indulgent consumers.

The beverage segment is expected to dominate the juice concentrate market. The beverage industry is a thriving global sector that strongly influences the juice concentrates market. Manufacturers are introducing new and innovative products to cater to consumers who prefer fruit flavors in their drinks. Health-conscious consumers have driven the demand for health and energy drinks, and juice concentrates are seen as a source of necessary nutrition for these beverages. Furthermore, flavored milk products have a high demand in developed regions like Europe, fueling the use of fruit concentrates to enhance flavor.

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North America is projected to be the second largest market in the juice concentrate industry. Within North America, markets for fruits such as cranberry, lime, and lemon play a significant role in the juice concentrates market. The United States, in particular, contributes substantially to global cranberry production. In Canada, competitive pressures and shifting consumer trends present challenges to the juice concentrate market. The market dynamics are influenced by factors like changes in per capita income, health trends, substitute product prices, and weather conditions, due to the country's geographic location. The increased demand for convenience food products offers growth opportunities for juice concentrate manufacturers, and major players in the region are focusing on product innovation to enhance their portfolios.

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).

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