Global Fruit Concentrate Market - Growth, Trends, and Forecast (2018-2023)
Fruit concentrates are most widely used in the beverage industry. They are also used as natural sweeteners and as a substitute for sugar in a variety of applications, such as desserts and confectionery items. The product is approximately 3 to 7 times concentrated, hence, less in volume, due to which transportation, shipping, and warehousing become easier and less expensive. Fruit concentrates can be just as healthy as other fruit choices. For this reason, the global market for fruit concentrates is expected to reach at a CAGR of 5.6% to reach an estimated value of around USD 41.8 billion by 2023.
Fruit juices and flavors are popular and highly favored in virtually every region of the world. Fruit concentrates have applications across various industries and products. The factors driving the global fruit concentrate market are the reduced logistical and storage costs, demand for a high scale of volume in the beverages market, usage as a substitute for sugar in the bakery sector, and changing consumer trends and food preferences. Moreover, the growth in the food and beverage industry, as a result of the increasing health food trends, has given impetus to this market.
The major restraints in the fruit concentrate market are the awareness of the ill effects of excess fructose consumption, the benefits that whole fresh fruits provide are different to concentrated fruits and the dependency of fruit concentrates market on the production of fruits across the world. Fruit concentrate market is also, to an extent, dependent on application industries, such as confectionary and bakery.
The market for fruit concentrate is categorized by product form, application and fruit type. The product is available in the form of a liquid concentrate, powder concentrate, puree concentrate, clear concentrate, and frozen concentrate. Among all these segments, the liquid concentrate comprises of the major market share, followed by the powder concentrate. The liquid concentrate is also called juice concentrate with its most prominent application being in the beverage industry in reconstituted fruit juice. The clear concentrate is expected to show a significant growth during the forecast period. The reconstituted fruit juice is the bestselling product with major companies, such as Tropicana.
Fruit concentrates can have a wide range of applications in various industries. This market is divided based on its application into beverages, bakery, confectionary, dairy, and others. Beverages industry has the greatest use of fruit concentrate, followed by the bakery industry.
The global market for fruit concentrates is driven by the North American region, which has the largest market share and is showing a steady increase in its growth. Increasing knowledge of the ill effects of sugar, coupled with the rising demand for convenience products among the people in North American countries, is driving the growth of fruit concentrate across the region.