The manufacturers are adopting several strategies including merger & acquisition, partnership, and geographical expansion to expand their clientele base, which will eventually push the market to the next height.įor instance, in January 2020, Agrana Group, an Austrian food company specialized in producing and marketing sugar, starch, fruit preparation, juice concentrate and ethanol fuel, acquired 100% of shares of the U.S. Therefore, the market is more open to making incremental innovations that allow them to implement higher levels of technology and increase their productivity. Given its expanding growth pace, the beverage fruit concentrate sector is anticipated to adopt cutting-edge technologies to keep up with customers' requirements. Rising Manufacturers Penetration Activities to Push Product Demand to Next LevelĬonsumers are increasingly demanding high-quality, tasty, and on-the-go products, which are suitable for their busy lifestyles. Request a Free sample to learn more about this report. The price increase of the product positively impacted the North America beverage fruit concentrate market growth during the pandemic period. Department of Agriculture Economic Research Service report, the average price of frozen concentrate orange juice in April 2020 increased by 5% from the previous month, reaching USD 2.40 per 12 oz can. It impacted the prices of the final product across North America. It affected businesses with varying degrees of intensity across the value chain. COVID-19 restrictions also impacted the production of beverage fruit concentrate. In the early days of the coronavirus pandemic, trade restrictions and the closure of several stakeholders in distribution channels impacted the availability of raw materials and the final price of the product. Industry Experienced Positive Growth due to Increased Price of the Productĭuring the COVID-19 crisis, the industry exhibits average growth. Furthermore, companies are emphasizing market penetration activities, including merger & acquisition, production capacity expansion, and geographical expansion to increase their footprint in the global market. The rising demand for fruit juices across North American countries propels the product demand. Based on our analysis, this market exhibited an average growth of 1.58% in 2020 as compared to 2019.įruit concentrate has been primarily consumed in the beverage industry for making different products, including soft drinks, nectars, and ready-to-drink products. The market is projected to grow from USD 2.33 billion in 2022 to USD 3.29 billion by 2029, exhibiting a CAGR of 5.04% during the forecast period. The North America beverage fruit concentrate market size was valued at USD 2.27 billion in 2021.
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