The Global "Vegetable Beverages Market" is expected to grow at a CAGR of 5.95% during the forecasting period (2022-2029).
Increasing demand for vegetable beverages owing to their nutritional benefits, rising global food and beverages industry, and increasing geriatric population are the major factors that are driving the global Vegetable Beverages market.
Increasing global food demand coupled with the rising benefits of vegetable beverages is a major factor augmenting the global vegetable beverages market. According to the statistics by the World Bank, the World population increased from 7.46 billion in 2016 to 7.55 billion in 2017 reaching 7.63 billion in 2017. According to the Food and agricultural organization, the projected global economic growth of about 2.9% annually would lead to a significant reduction or near elimination of absolute poverty in the developing countries of the world. Owing to this increase in the population and demand for requirement of food production, the market is expected to witness high growth rates in the forecast period.
However, stringent regulations imposed by various organizations such as the FDA and supply-demand imbalances of raw materials are the crucial factors that might impede the growth of the market in the forecast period.
Based on the type, the global Vegetable Beverages market is segmented into carrot juice, tomato juice, cucumber juice, blended juice, and others. The carrot juice segment is expected to dominate the global vegetable beverages market owing to the potential health benefits offered by carrot juice.
Carrot juice helps in increased metabolism by promoting weight loss. Carrot juice is a good source of beta-carotene, a type of vitamin A, which is one of the most powerful antioxidants and helps improve vision. Carrots contain vitamin C, which has healing properties. It helps skin recover faster from external wounds and trauma. Other important benefits of carrot juice are improved skin disorders, boosted immune system, reduced cancer risk, lowered cholesterol, strengthened brain function and healthier pregnancy. According to the statistics published by the Food and Agricultural Organization, the global production of oranges increased from 41.96 million tones in 2016 to 42.8 million tones in 2017. Owing to these factors, carrot juice market is expected to dominate the global vegetable beverages market in the future.
The Global Vegetable Beverages Market is segmented into North America, Europe, Asia Pacific, South America, and Middle East, and Africa.
The European region is expected to dominate the global vegetable beverages market in the forecast period owing to the highly increasing production rates of vegetables in the EU, especially in countries such as Spain, Italy, and Netherlands.
Italy produced 5.6 million tonnes of tomatoes in 2017, and Spain a further 5.2 million tonnes, the two Member States accounting for 61.6 % of the EU total. The United Kingdom was the largest carrot producer in the EU, with a harvested production of 0.9 million tonnes in 2017 (15.3 % of the EU total). Other key producer countries were Poland (14.3 % of the total), Germany (12.7 %) the Netherlands (10.8 %), and France (9.8 %). Furthermore, Spain and Italy remained the main EU producers of fruit; Spain accounted for one-third (32.9 %) of total EU fruit production and Italy one-fifth (22.7 %).
Owing to these factors, the European region is expected to dominate the global vegetables beverages market in the forecast period.
New product launches, expansion of facilities, mergers, and acquisitions, and strategic partnerships are vital strategies adopted by most companies to contribute to the growth of the company and improve their market growth rate.
For instance, in July 2019, Natural ingredients supplier Döhler Group strengthened its presence in the European fruit concentrates market with the acquisition of Spanish fruit processor Zumos Catalano Aragoneses (Zucasa). Zucasa produces juices, purees, sweet fruit concentrates, vegetables, and plants.
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