The global NFC juices market is projected to exhibit a CAGR of 3.58% during the forecast period of 2021 to 2028.
This Report has recognized Döhler (Germany), Kerr Concentrates (US), CitroGlobeS.r.l. (Italy), Austria Juice (Austria), Lemonconcentrate S.L.U (Spain), Kiril Mischeff (UK), Louis Dreyfus Company(Netherlands), Prodalim Group (Israel), Sun Impex (UAE), and Ariza b.v.(Netherlands)as the key players in the global NFC juices market.
The global NFC juices market is projected to be valued at USD 2,510.3 million by 2028, recording a CAGR of 3.58% during the forecast period. Rising demand for natural plant-based ingredients and the growing popularity of convenience food & beverages are driving the growth of the global NFC juices market. Increasing consciousness regarding health among the general population and increasing consumer inclination towards clean label products are expected to create growth opportunities for the market players. However, the regional availability of fruits is expected to hinder market growth in the coming years.
The outbreak of COVID-19 has lowered the production capacities of NFC juices. Mandatory closure of manufacturing facilities has impacted the entire NFC juices industry since the outbreak. Stringent lockdown restrictions have resulted in transportation woes which have ultimately impacted the availability of adequate human resources and raw materials supply. As a result of increasing panic among consumers for food, stockpile for NFC juices have become a common phenomenon in the last few months across the globe. The supply chain of the NFC juices market comprises manufacturers, distributors, and consumers. Furthermore, the lockdown measures led to the disruption of the global shipping networks. Some port authorities have forced the ships carrying goods to observe a 14-day quarantine period. This measure has significantly increased the overall shipping time and costs for key raw materials used in the production process of NFC juices.
The COVID-19 pandemic has positively impacted the global NFC juices market. Amidst the panic situation of COVID-19, the WHO recommended people to consume immunity-boosting foods. Thus, the NFC juices market witnesses a notable demand due to the presence of fruits that effectively boost human immunity. The demand for NFC juices is expected to increase in the coming days in the future, which would result in a price increase of NFC juices in the upcoming years.
The global NFC juices market has been segmented based on type, category, application, and region.
The global NFC juices market has been segmented into orange, lemon, apple, pomegranate, blends, and others. The orange segment accounted for the largest market share of 22.93% in 2020, whereas the blends segment is expected to exhibit the highest CAGR of 3.95% during the review period. Blended juice refers to the blends of fruits, a combination of different fruits. Depending on the nature of the juice, blends are prepared within the processing unit. Blended NFC juices are getting more attention among the end-users because of their nutritional profile and quality. Increasing demand for mixed fruit juices among consumers is anticipated to stimulate the blends segment during the forecast period.
Based on category, the global NFC juices market has been segmented into organic and conventional. The conventional segment accounted for a larger market share of 79.56% in 2020, whereas the organic segment is expected to exhibit a higher CAGR of 4.31% during the review period. Organic NFC juice is extracted from fruits that are grown organically without the use of synthetic chemicals. These fruits are chemical-free and cultivated under stringent guidelines and supervision to maintain purity and low/zero chemical concentration. Organically produced NFC juice is relatively costlier and requires high capital investments to cultivate fruits and process the juices. The organic segment is expected to grow with an impressive CAGR during the forecast period owing to the surging demand for organic products.
Based on application, the global NFC juices market has been segmented into non-alcoholic beverages, alcoholic beverages, bakery & confectionery, dairy & frozen desserts, and others. The non-alcoholic beverages segment accounted for a major market share of 47.97% in 2020, whereas the dairy & frozen desserts segment is expected to record the highest CAGR of 4.42% during the forecast period.
Geographically, the global NFC juices market has been categorized as North America,Europe, Asia-Pacific,South America, and the Middle East & Africa. As per CRI analysis, Europeconstituted a dominant share of the NFC juices market in 2020. North America was the second-largest market in 2020.North America is expected to be a potential market for the producers of NFC juices. With the US being the major contributor to the market growth in this region. The US is expected to maintain its dominance within the regional market during the review period. The increasing awareness about healthy food products and rising consumption of convenience food & beverage products are expected to drive the growth of the market in North America. Organic NFC juices are gaining traction in the European market as the consumption of organic packaged food & beverages is the highest compared to the other regions.The increasing per capita disposable income of consumers has led to the rising sales of fruit juices. China accounted for a major share of 33.32% of the Asia-Pacific NFC juices market.
Key Findings of the Study:
- The global NFC juices market is projected to exhibit a CAGR of 3.58%from 2021 to 2028.
- The orange segment accounted for the largest market share of 22.93% in 2020, whereas the blends segment is expected to exhibit the highest CAGR of 3.95%during the forecast period.
- The conventional segment accounted for the largest market share of 79.56% in 2020, whereas the organic segment is expected to exhibit the highest CAGR of 4.31% during the review period.
- The non-alcoholic beverages segment accounted for the major market share of 47.97% in 2020, whereas the dairy & frozen desserts segment is expected to record the highest CAGR of 4.42% during the forecast period.