An industry report estimates that vegetable concentrates Market is expected to generate US$ 5,223.92 million by 2023. According to estimates, the market is forecast to reach US$ 7,716.96 million between 2023 and 2033, representing a CAGR of 4%. Due to changing lifestyles and growing health and benefit awareness, vegetable concentrate markets are expected to grow in the market.
Research shows that supplementing geriatric populations with vegetable concentrates can lower cholesterol levels and inflammation markers, especially in inflammation-prone individuals. For instance, Australian researchers evaluated the effects of fruit and vegetable supplements on people older than 40 who have a BMI over 28 kg/m2. They estimate that overall cholesterol was reduced by 3.5 percent, including LDL cholesterol, corresponding to a weight loss of 4kg and an overall reduction of 9% in cardiovascular disease risk.
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Among consumers who are becoming more aware of food choices, in 2023, the food industry is expected to undergo a few changes. Demand for food and beverages with immune-boosting components in combination with the trend toward sustainable, renewable, plant-based foods is driving demand for these products and constituents. In recent decades, the Do It Yourself (DIY) phenomenon has grown in popularity, and it is expected to continue in growing years.
With the advent of new devices and innovative technologies, vegetable concentrates will become more in demand in the future. Rapid changes in the market are leading companies to rethink their strategy of expanding outside of their traditional markets. In addition to broadening their product portfolios and introducing new products, food, and beverage companies plan to capture international and domestic markets.
Key Takeaways from the Market Study
- According to the report, the vegetable concentrates industry exhibited a growth rate of 2.1% between 2018 and 2022.
- Puree-based vegetable concentrates held a market share of 35.60% in 2022.
- United States vegetable concentrates accounted for 23% of market share in 2022.
- With significant growth over the past few years, the beverage industry accounted for 32.60 % of the market in 2022.
- According to estimates, the Indian industry exhibited a CAGR of 4.8% in 2022.
- As of 2022, the German market for vegetable concentrates contributed 13.2% to the global market share.
- According to estimates, tomato concentrates accounted for 31.70% of the market by 2022.
“With the increasing health and nutritional benefits of vegetable concentrates and the growth of supplements in the market, vegetable concentrates are expected to increase in demand. Increasing consumer demand for clean labels and vegan diets will drive vegetable concentrate growth in the market,” says an FMI analyst.
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Competitive Landscape
Product launches are one of the key strategies used by companies operating in the market. The focus of research activities is aimed at enhancing the flavor, texture, and nutritional value of concentrates made from vegetables. Some of the companies are focusing on mergers and acquisitions as their key strategies to gain a competitive advantage.
- In May 2023, Dongwon F&B hosted a large-scale event with 51 percent discounts on its healthy functional foods. Under its premium health functional food brand Oliniq, it produces a highly concentrated multivitamin called Ultra Vita Action. Liquid, capsules, and tablets are all combined in one bottle. It can be taken once a day anywhere, anytime without water.
Key Companies Profiles
- Kerr Concentrates
- Lemon Concentrate
- Encore Fruit
- Greenwood
- SVZ
- Dohler Group
- Kanegrade
- YAAX
- Rahal Fruits and Flavors
- Food Ingredients United States
Know More about What the Vegetable Concentrates Market Report Covers
Future Market Insights offers an unbiased analysis of the global vegetable concentrates industry, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the vegetable concentrates market, the market is segmented based on product form, application, vegetable type and sales channel across seven major regions.
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Vegetable Concentrates Market by Category
By Product Form:
- Puree Form
- Powder Form
- Pieces Form
- Frozen Form
By Vegetable Type:
- Tomato
- Beetroot
- Pea
- Carrot
- Pumpkin
- Other Vegetables
By Application:
- Beverage
- Soups & Sauces
- Confectionery
- Other Applications
By Sales Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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