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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Vegetable Concentrates Market Outlook
The global vegetable concentrates market stood at a value of around USD 4.70 billion in 2023. The market is further expected to grow at a CAGR of 3.40% in the forecast period of 2024-2032 to attain a value of USD 6.38 billion by 2032.
Heightened Demand for Paste and Purees to Augment the Global Vegetable Concentrates Industry
Based on category, the paste and purees segment is predicted to possess a significant market share of the vegetable concentrates industry. This growth can be attributed to the increased demand for natural ingredients in various recipes.
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In addition, vegetable concentrates offer a maximised flavour, which can help enhance the taste and colour of the dish. Meanwhile, the heightened demand for soups and sauces are also predicted to aid the market growth in the coming years, fuelled by the rising disposable incomes and improved living standards of consumers.
Growing Use of Vegetable Concentrates in the Asia Pacific to Aid the Global Vegetable Concentrates Industry
The Asia Pacific is predicted to possess a significant share of the vegetable concentrates industry in the forecast period. This growth can be attributed to the increasing organic farming in the region. In addition, the availability of low cost labour is also predicted to aid the industry growth in the forecast period. Meanwhile, Europe is predicted to occupy a considerable market share owing to factors including the inflating disposable incomes, improved living standards, and the heightened demand for natural ingredients, which is predicted to positively impact the market growth in the forecast period.
Vegetable Concentrates: Market Segmentation
Concentrate is a form of a substance that has the majority of its base component removed, such as water in the case of fruits and vegetables. This helps reduce the weight of the product. It is used in the form of paste, purees, and powders to be added to various recipes. In addition, vegetable concentrates have a long shelf-life, which allows for prolonged usage.
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By category, the market is divided into:
- Paste and Purees
- Pieces and Powders
On the basis of vegetable types, the market can be segmented into:
- Soy
- Carrot
- Tomato
- Peas
- Beetroot
- Pumpkin
- Others
Based on application, the market can be categorised into:
- Beverages
- Confectionery Products
- Bakery Products
- Soups and Sauces
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Rising Health Awareness Among Consumers to Augment the Market Growth of the Global Vegetable Concentrates Industry
The rising consciousness among consumers pertaining to the benefits of eating fresh and organic produce and the health issues associated with fast food are predicted to aid the market growth in the coming years. This can be attributed to the rising incidences of chronic illnesses worldwide as well as the rapidly growing geriatric population. Additionally, the hectic schedule of the working population is leading to the increased adoption of vegetable concentrate-based beverages, confectionery products, and soups that are ready-to-cook and consume while also being delicious and nourishing. Other factors such as the rapid urbanisation, changing consumer lifestyles, and improved purchasing power of consumers are also predicted to significantly aid the market growth in the forecast period.
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Key Industry Players in the Global Vegetable Concentrates Market
The report gives a detailed analysis of the following key players in the global vegetable concentrates market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- SunOpta, Inc.
- Döhler Group
- Olam International
- Symrise AG
- Kerr Concentrates
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Category |
|
| Breakup by Vegetable Types |
|
| Breakup by Applications |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Vegetable Concentrates Market Report Snapshots
Vegetable Concentrates Market Size
Vegetable Concentrates Market Demand
Vegetable Concentrates Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global vegetable concentrates market attained a value of nearly USD 4.70 billion.
The market is projected to grow at a CAGR of 3.40% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 6.38 billion by 2032.
The major drivers of the industry, such as the increased demand for natural and organic products, rising demand for vegetable concentrate-based purees and soups in various recipes, rising disposable incomes, changing consumer lifestyles, improved purchasing power, and the availability of a wide variety of vegetable concentrates, are expected to aid the industry growth.
The key market trends guiding the growth of the industry include the growing focus on health and fitness.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The different categories include paste and purees, and pieces and powders.
The significant vegetable types include soy, carrot, tomato, peas, beetroot, pumpkin, and others.
The significant applications include beverages, confectionery products, bakery products, soups and sauces, and others.
The major players in the industry are SunOpta, Inc., Döhler Group, Olam International, Symrise AG, Kerr Concentrates, and others.
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