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The global juice concentrates market has grown exponentially in the last few years. The market size is projected to reach USD 93.94 Billion by 2021, at a CAGR of around 6.0% from 2016 to 2021. Emerging countries such as India and China are the primary targets of this industry. Increasing demand for convenience food & beverages, health consciousness of people in the developing regions, and the use of juice concentrates as a substitute for sweets in the bakery & confectionery industry are some of the major driving factors for this market.
The juice concentrates market based on type is segmented into fruit concentrates and vegetable concentrates. Fruit concentrates accounted for a larger market share in 2015, and it is also projected to have a larger share during the forecast period due to the demand for healthy beverages that has led to the need for higher yield for fruit juice concentrates. Fruit juice concentrates, such as apple concentrates and pear concentrates, are used as sugar substitutes in the bakery & confectionery industry, in the production of cakes, cookies, and pastries.
The juice concentrates market, based on application, is segmented into beverages, soups & sauces, dairy, bakery & confectionery, and others. The others segment consists of baby food, dessert, and sweet & savory snacks. Beverages accounted for the largest share of the juice concentrates market in 2015. Beverages have several applications, such as in energy drinks, juices, tea, and smoothies, and are available in different forms such as frozen, crystallized, or liquid. The beverage industry is growing globally and therefore the demand for fruits and vegetables for the production of new and innovative beverages is increasing.
In the ingredient segment, the market is segmented on the basis of single fruit/vegetable concentrate & multi-fruit/vegetable concentrate. The multi-fruit/vegetable concentrate segment accounted for a larger share in 2015. Consumers’ desire to live an active and healthy lifestyle is one of the major drivers for the growth of the market. Regions, such as North America and Europe, have favorable markets for multi-fruit/vegetable concentrates.