Research Nester has released a report titled “Apple Sauce Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global apple sauce market in terms of market segmentation by product, composition, packaging, application, end user, distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global apple sauce market is segmented by composition into sweetened, unsweetened and flavoured. The flavoured composition segment is further segmented into mango, strawberry, cinnamon and others, out of which, the cinnamon segment registered the largest market share of 45.12% in the year 2019 on account of the numerous benefits associated with the addition of cinnamon in apple sauce, such as the property of bringing out sweetness in the sauce without adding sugars, reducing high blood cholesterol and reducing risk of heart diseases. The segment is also anticipated to reach a value of USD 209.77 million by the end of 2028 from a value of USD 148.89 million in the year 2019. Additionally, the segment is also anticipated to achieve a CAGR of 4.07% during the forecast period, i.e. 2021-2028.
The global apple sauce market is anticipated to achieve a CAGR of 3.53% during the forecast period on account of the rising awareness for the health benefits associated with the consumption of apple sauce, increasing research and developmental activities that are being carried out for such food products, increasing utilization of apple sauce in the food industry, along with the increasing availability of new, flavoured, and cost-effective apple sauce products in the market. The market is further anticipated to reach a value of USD 2006.30 million by the end of 2028 from a value of USD 1492.34 million in the year 2019.
Regionally, the global apple sauce market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The market in North America registered the largest market share of 32.58% in the year 2019 and is primarily driven by the nations such as the U.S. and Canada. The U.S. is anticipated to be the second-largest producer of apple in the world. Additionally, healthy eating habits amongst people in the region, followed by the changing customer preferences and increasing disposable income among others are some of the factors anticipated to drive the growth of the apple sauce market in North America. In the statistics by the Agricultural Marketing Resource Center, around 7500 apple producers of the country produce about 240 million bushels of apples per year.
Increasing Consumption of Apples
In the statistics by the USDA, for the year 2019-20, fresh apple production worldwide is anticipated to rise up to 5.0 million metric tons.
By being one of the most prominent agricultural practices for the cultivation of apple across several countries worldwide, apple and its by-products are widely used in the food and beverage industries, and it contributes to a considerable value share. The numerous benefits associated with apple sauce makes it one of the best by-products for use in food and drinks. These can also be mixed with different flavours to enhance the taste, which is why, several manufacturers are mixing various other fruits to provide different flavoured apple sauce. Such factors are anticipated to drive the growth of the global apple sauce market in the coming years.
However, concerns regarding the availability of substitutes and the decreasing production of apples in several countries on account of the changing climate and the reduced availability of arable land are some of the factors anticipated to hamper the growth of the global apple sauce market.
This report also provides the existing competitive scenario of some of the key players of the global apple sauce market, which includes company profiling of Seneca Foods Corporation (NASDAQ: SENEA), Nestle (SWX: NESN), Del Monte Foods, Inc., Tree Top, Inc., Burnette Foods, Inc., White House Foods, Santa Cruz Natural Incorporated, The J.M. Smucker Co. (NYSE: SJM), and Keurig Dr Pepper Inc. (NASDAQ: KDP). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global apple sauce market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.