According to analysts at Vantage Market Research, the Juice Market is expected to reach USD 3,552 Million by 2028, growing at a CAGR of 3.55 % between 2021 to 2028. Factors such as sugar replacement, health beverages, and sustainability are helping producers in the juice market gain an upper hand over another market player. Sustainable production methods are arising as a solution for environmental change. Producers are taking on new handling and processing strategies to reduce the utilization of water and energy in facilities. This shift has become fundamental since producers are confronted with rigid guidelines.
- The juice drinks segment is projected to expand at the fastest CAGR exceeding 3.87% over the forecast period due to the increasing adoption manufacturers are coming up with a wide array of flavors, and producing preservative-free and sugar-free fruit juices and in addition to this, the growth in the food and beverage industry is growing and generating demand for a different type of juices.
- The orange segment held a market share of around 30% in 2020. This share is due to the rising investments in the trending sugar substitution choices, health drinks, and sustainability are driving the manufacturers in the juice market and also helping them to gain a competitive advantage over the other market players.
- Asia Pacific is expected to expand at a CAGR of over 4% from 2021 to 2028. This surge is attributed to the rising demand for juice in developing economies such as China and India.
People have become informed and aware of the importance to strengthen their immunity during the pandemic. Hence, companies in the juice market have tailored their TV advertisements as per the immunity-boosting requirements of people. Gaining immunity-boosting fruits from farmers is encouraging to keep markets running.
Asia Pacific is
expected to record the highest CAGR, owing to the increasing demand in
countries, such as India, China, and Japan. Businesses in the juice market are
profiting from this trend to improve their production faculty in lemon and
pineapple juices. Companies engage with women's self-help clubs to distribute
juices to citizens and bolster their reliability credentials.
Some of the key
players in the Juice Market include Barakat Quality Plus, Welch Foods, and
Mott, Nestle, The Coca- Cola Company, Arrow Juice, Al Rabie, Caser, Pepsi Co,
Ocean Spray Cranberries, Del Monte Quality, Jumbo, Almarai, Union Beverages
Factory., among others. The market is comprised
of a high degree of competition due to the presence of numerous key players.
Manufacturers are focusing on opting for various inorganic growth strategies
such as acquisitions, mergers, and geographical expansion to leverage their
market share and gain a competitive advantage.