by Apple juice concentrate is a high-quality fruit juice made by removing water from filtered apple juice through freezing and thawing. It offers several nutritional benefits like antioxidants, vitamins, and minerals. Apple juice concentrate goes through a filtration process to remove any sediment and is well-suited for food processing applications in making apple sauce, applesauce cups, fruit juices, baked goods, ice creams, and other products. The rising health awareness has led to a higher demand for natural and nutritious food and beverages, boosting the apple juice concentrate market. 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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the apple juice concentrate market is the increasing demand for organic concentrate. Consumers are preferring organic apple juice concentrate due to growing health consciousness. According to a 2018 report by IRI, sales of organic apple juice concentrate grew by 9% in dollar sales versus 5.5% growth for the overall apple juice category in the US. Many manufacturers are offering organic concentrates made from apples grown without pesticides and chemical fertilizers to cater to this rising demand. Another trend gaining ground is the demand for non-GMO concentrates. Some consumers opt for non-GMO concentrates due to perceived health risks associated with genetically modified ingredients. This has driven manufacturers to offer non-GMO varieties to expand their customer base.
Porter’s Analysis
Threat of new entrants: The threat is moderate as large capital investments are required to build new concentrates manufacturing facilities. Also, established brands have captive consumers who prefer quality concentrates of known brands.
Bargaining power of buyers: The bargaining power of buyers is high as buyers have a wide range of alternatives available from different concentrates manufacturers. Buyers can negotiate on price and demand high quality products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Major suppliers of raw apples have established relationship with concentrate manufacturers. However, new suppliers can also be utilized.
Threat of new substitutes: The threat of new substitutes is moderate as consumers prefer natural fruit juice concentrates over artificial flavors. However, alternatives like functional beverages pose low to moderate threat.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players offering similar quality concentrates. Players compete on basis of brand, quality, taste, price and innovation.
Key Takeaways
The Global Apple Juice Concentrate Market Size is expected to witness high growth. The Asia Pacific region dominates the global market and is expected to grow at fastest CAGR during the forecast period due to rising health awareness.
Regional analysis: Asia Pacific holds the major share in the global market led by China, India and Southeast Asian countries. Easy availability of raw materials like apples and growth of food & beverage industry in the region drives the market. Western Europe and North America also have significant market share.
Key players: Key players operating in the Apple Juice Concentrate market are INKIA, Martha Tilaar Group, Wipro Unza, Clara International, Ivy Beauty Corporation, Sdn Bhd Overview, Paragon Technology & Innovation, and Brataco Group of Companies. Players are focusing on new product development, expansions and mergers & acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
