Apple juice concentrate is a thick liquid created by removing about 60% of the original water content from fresh apple juice. It is commonly used as a sweetener and flavoring agent in products like jam, jelly, candy, and baked goods or reconstituted by simply adding water to make regular apple juice. With the rising health and wellness trend, there is growing popularity of fruit juice concentrates over sugar-sweetened beverages.
The global apple juice concentrate market is estimated to be valued at US$ 2.77 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for increased demand of apple juice concentrate is rising health consciousness among consumers and preference for naturally sweetened beverages over sugar-rich sodas and fruit drinks. Apple juice concentrate contains high level of antioxidants and vitamins. It is considered a healthy alternative as a sweetener. Moreover, it offers advantages to food processors as apple juice concentrate has longer shelf life compared to fresh juices and provides consistent flavor and sweetness in end products. However, fluctuations in raw material prices of apples may hamper the market growth during the forecast period.
SWOT Analysis
Strength: Apple juice concentrate has a longer shelf life than regular apple juice as it contains a higher amount of apple solids and sugar and lower water content. This makes it ideal for transportation over long distances without refrigeration. It is widely used in fruit juices, bakery products, cereal/granola bars and ice creams to enhance their flavor profile. This diverse range of applications enhances the product demand.
Weakness: Apple juice concentrate contains higher calories and sugar content compared to regular apple juice. This restricts its direct consumption by health-conscious consumers. Further, its production requires more energy and labor to remove excess water content which increases the cost of production.
Opportunity: The rising health-consciousness is increasing the demand for natural fruit juices among consumers. This offers an opportunity for apple juice concentrate manufacturers to promote its fruit juice applications to leverage this growing trend. Further, product and packaging innovation to develop low-calorie variants can help expand its consumer base.
Threats: The apple juice concentrate market faces competition from other fruit-based juice concentrates like orange, grape and mixed fruit varieties. Fluctuations in raw material availability and prices due to changing climatic conditions and weather disruptions pose threats. Strict regulations on food labeling and added sugar content can also hamper the product demand.
Key Takeaways
The global apple juice concentrate market is expected to witness high growth over the forecast period of 2023 to 2030. The rising demand for natural fruit juices and their varied applications in the food processing industry are fueling the market expansion. The easy storage and transportation properties of apple juice concentrate make it a popular choice for long-distance distribution. The global Apple Juice Concentrate Market is estimated to be valued at US$ 2.77 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global apple juice concentrate market currently with the U.S. accounting for the major share. This is attributed to the growing health-consciousness and increasing product penetration in the processed food sector in the region. Asia Pacific is expected to be the fastest growing regional market with China, India and other developing Asian countries displaying high consumption rates. The growing middle-class population coupled with promotion of natural fruit juices is propelling the demand from Asia Pacific.
Key players: Key players operating in the apple juice concentrate market include AGRANA Beteiligungs-AG, Baor Products, CitroGlobe S.r.l., Döhler GmbH, FIL Industries Private Limited, Fructrum GmbH, FruitSmart, H&H Products Company, Hermann Pfanner Getränke GmbH, Himalyan Food Park, Ingredion, Lizaz Food Processing, Old Orchard Brands, LLC. These players cater to the global demand through their widespread production and distribution network. Strategic expansions into high growth markets and new product launches remain key focus areas.
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