Rising Health Awareness among Consumers
Growing concerns regarding various health issues coupled with the health benefits associated with consuming cold pressed juices are anticipated to boost the growth of cold pressed juice market. Rising health awareness among consumers is gradually causing a shift in preference towards safer, convenient, healthy, and refreshing beverages. Consumers are shifting towards the consumption of beverages that are calorie-free, caffeine-free, and free from artificial ingredients. Cold pressed juices are gaining increased popularity due to their easy ability to incorporate added minerals and vitamins in an individual’s diet. Sedentary lifestyle of growing population in tandem with the varying food patterns is estimated to drive the growth of cold pressed juice market during the forecast period.
Growing Diabetic Population
Rising number of diabetic patients in tandem with the severe obesity issues, growing dietary & health concerns among clinicians, and changing lifestyle. As per International Diabetes Federation, the rising incidences of children suffering from type I diabetes was more than 1,106,500 as of 2017 and is estimated to increase. This is among the major factor that drives the growth of cold pressed juice market as daily consumption of cold pressed juice reduces the risk of diabetes. It is believed that these juices also helps in the prevention of cancer, improve metabolism, eliminate toxins and reduce the intake of artificial food components.
Expensive Manufacturing Procedures
Utilization of organic flavors and adoption of the high pressure processing (HPP) manufacturing processes is known to be inclusive of high cost. Thus, in comparison to the manufacturing costs of their components, cold pressed juices are anticipated to witness cost and market penetration restraints during the forecast period.
The global cold pressed juice market is estimated to grow at a CAGR of around 10% over the forecast period i.e. 2019-2027. It is expected to maintain a significant growth rate on account of rising disposable income levels, growing awareness among consumers concerning health drinks, aggressive marketing strategies from major companies, and easy availability of cold pressed juices. On the basis of category, cold pressed juice market is segmented into conventional and organic. Out of which organic is expected to have leading market share on account of shifting trends towards consumption of organic juices and increasing per capita income in developing economies across the globe.
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Our-in depth analysis of the global cold pressed juice market includes the following segments:
By Distribution Channels
On the basis of region, the cold pressed juice market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
North America cold pressed juice market is anticipated to witness fast growth attributed to rise in the implementation of latest technologies in packaged food & beverages industry and changing lifestyle in the region. Growing awareness among consumers regarding health benefits of sugar-free and organic juices can impel regional market growth.
Europe is also expected to witness significant growth in the global cold pressed juice market during the forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with varying food habits, increasing health consciousness, and significant investment by leading industry.
Global cold pressed juice market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash