ASEAN Fruit & Vegetable Juices Market to Surpass USD 3593.34 Million by 2025
Rising awareness towards
healthy drinking habits, increasing disposable income, changing lifestyle is
some key factors driving the growth of ASEAN Fruit & Vegetable Juices market.
According
to TechSci Research report, “ASEAN
Fruit & Vegetable Juices Market, By Product Type (Fruit Juice, Mixed
Juice, Vegetable Juice), By Nature (Conventional Vs Organic), By Distribution
Channel (Departmental Store, Hypermarket/Supermarket, Online and Others (Convenience
Store, Wholesale for Beverages etc.), By Country, Forecast & Opportunities,
2025”, ASEAN fruit &
vegetable juices market was valued USD 2402.74
Million in 2019 and is expected to grow at CAGR of 7.22% during the forecast
period. Anticipated growth in the market can be attributed to rising awareness among consumers towards benefits of fruit
& vegetable juices, increasing trust on packaged juices, easy storage of
packed juices which is not always possible with fresh fruit juices and high
convenience with packed juices (as making juice from fresh fruit is a hefty
process which requires time and machinery).
Additionally, the rapid growth of the e-commerce
market is augmenting the growth of fruit & vegetable juices market in ASEAN
countries. Manufacturers are also coming up with new products with higher nutritional
value and health benefits which is helping them to cater to wider consumer base
in ASEAN fruit & vegetable juice market. However, ASEAN fruit &
vegetable juices market is also facing competition from fresh fruit juices, as
sometimes consumers are concerned about the content in packed juices such as
preservatives and high sugar content which can hamper the growth of the market.
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ASEAN
Fruit & Vegetable Juices market is segmented based on product type, nature,
distribution channel and country. Based on the product type, the market is
categorized into fruit juice, mixed juice, and vegetable juice. Among them, fruit
juice accounted for the largest market share in 2019 and the segment is expected
to maintain significant market share in the forecast period as well.
Significant share of fruit juices can be attributed to presence of numerous fruit
flavors and consumer’s perception of getting more nutrient from fruits and common
belied due to which fruits are considered good for health. In addition,
increasing trend of social media usage and blogging, people are now following a
strict diet which includes various fruit and vegetable juices. This trend is
further expected to drive the fruit & vegetable juices market in ASEAN
countries.
Based
on the distribution channel, ASEAN Fruit & Vegetable Juices market is
segmented into (Departmental Store, Hypermarket/Supermarket, Online and Others (Convenience
Store, Wholesale for Beverages etc.). Departmental Store segment dominated the ASEAN
Fruit & Vegetable Juices market in 2019 and is expected to maintain dominance
during the forecast period owing to the easy convenience of buying.
Based
on the countries the market is segmented into Indonesia, Thailand, Singapore, Malaysia,
Vietnam, Myanmar, Cambodia, Rest ASEAN (Philippines, Brunei, and Laos). Among
them, Indonesia accounted for the largest market share in 2019 and is further
expected to continue dominance during the forecast period due to increasing
availability of international brands, surging population, higher GDP per capita
and increased expenditure on food & drinks.
Major players operating in the ASEAN
Fruit & Vegetable Juices market are The Coco-Cola Company, Tipco Foods
Public Company Limited, Vietnam Dairy Products JSC Company, Malee Group Public
Company Limited, Barkath CO-RO Manufacturing Sdn. Bhd., Malaysia Dairy
Industries Pte Ltd, Uni-President (Thailand) Co Ltd., Del Monte Pacific Limited,
Unilever Indonesia, Pepsico Asia Pacific and including other regional companies.
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“Consumers
across ASEAN countries are increasingly opting for purchasing fruit &
vegetable juices through online sales channels due to availability of exclusive
offers, different pack sizes and heavy discounts on e-commerce platforms.
Online retailers are also developing a highly reliable supply chain such that
products can be delivered to consumers on the same day. In addition, due to the
outbreak of COVID-19, people staying at home are increasingly opting for online
platforms for their daily needs including purchasing juices. This online buying
trend would gain more strength during the forecast period.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based ASEAN
management consulting firm.
“ASEAN Fruit & Vegetable Juices Market, By Product
Type (Fruit Juice, Mixed Juice, Vegetable Juice), By Nature (Conventional Vs
Organic), By Distribution Channel (Departmental Store, Hypermarket/Supermarket,
Online and Others (Convenience Store, Wholesale for Beverages etc.), By
Country, Forecast & Opportunities, 2025” has evaluated the future growth potential of fruit
& vegetable juices market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in ASEAN fruit
& vegetable juices market.
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