(MENAFN- PR Newswire)
NEW YORK, Sept. 6, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape- The global
smoothies market
size is estimated to grow by USD 664.85 million from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of
6.06%
during the forecast period.
Increasing number of smoothie outlets
is driving market growth,
with a trend towards
product launches. However,
increasing competition from substitutes
poses a challenge. Key market players include Barfresh Food Group Inc., Campbell Soup Co., Crussh, Daily Harvest Inc., Focus Brands LLC, Happy Planet Foods Inc., Jamba Juice Franchisor SPV LLC, KOIA, Mars Inc., Maui Wowi, MTY Food Group Inc., Nestle SA, NOKA Organics LLC, Parle Agro Pvt Ltd., PepsiCo Inc., Robeks Corp., Smoothie King Franchises Inc., The Coca Cola Co., The Hain Celestial Group Inc., The Kraft Heinz Co., The Smoothie Bombs, and Tropical Smoothie Cafe LLC.
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Technavio has announced its latest market research report titled Global Smoothies Market 2023-2027
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| Forecast period |
2023-2027 |
| Base Year |
2022 |
| Historic Data |
2017 - 2021 |
| Segment Covered |
Consumption Pattern (Out of home and At home), Product (Fruit based, Vegetable based, Dairy based, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) |
| Region Covered |
North America, Europe, APAC, South America, and Middle East and Africa |
| Key companies profiled |
Barfresh Food Group Inc., Campbell Soup Co., Crussh, Daily Harvest Inc., Focus Brands LLC, Happy Planet Foods Inc., Jamba Juice Franchisor SPV LLC, KOIA, Mars Inc., Maui Wowi, MTY Food Group Inc., Nestle SA, NOKA Organics LLC, Parle Agro Pvt Ltd., PepsiCo Inc., Robeks Corp., Smoothie King Franchises Inc., The Coca Cola Co., The Hain Celestial Group Inc., The Kraft Heinz Co., The Smoothie Bombs, and Tropical Smoothie Cafe LLC |
Key Market Trends Fueling Growth
The global smoothies market is experiencing significant growth due to the increasing number of product launches by both regional and international players. Parle Agro introduced SMOODH Fruit Smoothies under its SMOODH dairy brand in February 2023. In March 2021, KIND Healthy Snacks launched its first-ever frozen breakfast snack offering, KIND FROZEN Smoothie Bowl. PepsiCo's Naked Juice brand released two new smoothies, Naked Rainbow Machine and Naked Berry Lean, in the UK the same month. Smoothie King introduced a new Metabolism Boost Banana Passion Fruit smoothie in December 2020. These product launches will positively drive the growth of the market during the forecast period, as manufacturers continue to develop innovative strategies and technical innovations to increase market share.
The Smoothies market is experiencing a significant surge, with brands like Bolthouse Farms leading the charge. Consumers are increasingly opting for healthier meal options, and smoothies made with real fruits and vegetables fit the bill. Trends like Acai and Pitaya bowls, High Five, Be Berry Stings, PB Delight, and Smoothie Cartons are gaining popularity. Tropical flavors are in demand, as are novel substances like Erythritol. Consumer health consciousness and changing lifestyle have fueled this trend. Gym trainers recommend smoothies as part of a balanced diet for weight reduction and fitness composition. Brands are responding with meal replacement and snack options, often fortified with protein, fiber, and essential vitamins and minerals. Cafes and juice bars offer pre-packaged products, while fast food chains introduce healthier smoothie options. Novel substances like chia seeds, whole-grain oats, roasted banana, and peanut butter add texture and flavor. Smoothies provide a convenient and tasty way to incorporate more fruits, vegetables, and supplements into one's diet. With calorie counts and nutritional information readily available, consumers can make informed choices. Overall, the smoothies market is a growing sector in the food industry, offering a range of delicious and healthful options for those seeking to improve their wellbeing and body composition.
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Market
Challenges
.
The global smoothies market faces intense competition from various beverage categories, including juices, carbonated drinks, coconut water, and dairy-based beverages. Juice, a popular beverage extracted from fruits and vegetables, offers nutritional benefits and refreshment, making it a significant competitor. The increasing preference for coconut water, a natural source of electrolytes and minerals, poses a challenge due to its superior hydrating properties and perceived health benefits. Dairy-based beverages, such as yogurt drinks, are gaining popularity due to their healthier image. In response, vendors are introducing diet protein shakes as alternatives to smoothies. The functional drinks market is projected to grow rapidly due to their health benefits and instant energy properties. Pricing is another challenge, as smoothies are generally more expensive than soft drinks or coconut water, limiting sales to budget-conscious consumers. The approximate price of smoothies is USD12.77 per liter, compared to USD4.98 for juice and USD1.50 for a two-liter Coca-Cola in Walmart. These substitutes and pricing issues are expected to hinder the growth of the smoothies market during the forecast period.
.
The smoothie market is thriving with the rise of healthier meal options and the wellness movement. Fruits and vegetables are popular base ingredients, while supplements like chia seeds, peanut butter, and nuts add nutrition. Cafes and juice bars serve up creative recipes, from Tropical Smoothie Cafe's Chia Banana Boost to Innocent Smoothies' humor and wit. Pre-packaged products and fast food chains are also jumping on the bandwagon, offering smoothies with plant-based ingredients, herbs and spices, and dairy alternatives. The global smoothie market is growing, with sales increasing in quick-service restaurants (QSRs) and among health-conscious diets. Fruit-based smoothies, smoothie bowls, and tropical flavors like mango, pineapple, and coconut are top sellers. The market caters to various dietary choices, including vegan and gluten-free options. The smoothie trend reflects consumers' increasing health awareness and lifestyle choices.
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Segment Overview
This smoothies market report extensively covers market segmentation by
Consumption Pattern
1.1 Out of home
1.2 At home
Product
2.1 Fruit based
2.2 Vegetable based
2.3 Dairy based
2.4 Others
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1
Out of home-
The smoothies market is primarily driven by the convenience factor and increasing hectic lifestyles, leading to the majority of consumption occurring out of home. Key distribution channels include smoothie bars, restaurants, and food service chains. Fruit-based smoothies remain popular in this segment. The rise of exclusive smoothie bars and joints worldwide is expected to boost market growth. Vendors are expanding globally by introducing local products and opening new outlets. For instance, Jamba Juice launched two new kids' smoothies in November 2020. These factors will fuel the growth of the out-of-home consumption segment, ultimately driving the global smoothies market.
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Research Analysis
The Smoothies Market is a vibrant and growing industry, fueled by the wellness movement and the increasing popularity of healthier meal options. Fruits and vegetables form the base of most smoothies, with tropical favorites like mango, pineapple, and banana joining the ranks. Vegetables such as spinach and kale add nutrient-dense depth. Supplements and boosters like Chia Banana Boost enhance the nutritional value. Cafes and juice bars serve up refreshing blends, while fast food chains offer pre-packaged products for on-the-go convenience. The market's success is rooted in humor and wit, with brands like Tropical Smoothie Cafe appealing to consumers' playful side. Dietary choices, from vegan to gluten-free, are catered to, making smoothies a versatile and delicious addition to any lifestyle. Smoothie sales continue to soar as consumers embrace the convenience and health benefits of this tasty trend.
Market Research Overview
The smoothies market is a vibrant and ever-evolving industry that caters to the growing demand for healthier meal options and convenient, nutrient-dense beverages. Fruits and vegetables form the backbone of this market, with an expanding array of supplements and plant-based ingredients adding to their nutritional value. Cafes and juice bars are popular destinations for consumers seeking a quick, refreshing pick-me-up, while pre-packaged products offer convenience for those on-the-go. Tropical flavors, such as mango, pineapple, and coconut, are crowd-pleasers, but the wellness movement has led to an increase in demand for more exotic options like acai and pitaya. Smoothie bowls, creative recipes, and humor and wit are all part of the smoothie experience, appealing to health-conscious diets and lifestyle choices. The global smoothie market is a significant player in the healthy beverages sector, with QSRs like Smoothie King, Bolthouse Farms, and Innocent Smoothies leading the charge. Consumer health consciousness, changing lifestyle, and food habits are driving sales, with an emphasis on plant-based ingredients, herbs and spices, and well-being. Fruit-based smoothies remain a staple, but dairy products, nuts, and novel substances like erythritol are also finding their place in this market. The market is diverse, catering to various dietary choices and trends, including low-carb, high-protein, and meal replacement options. The smoothies market offers a wealth of opportunities for innovation, from smoothie cartons and acai bowls to PB Delight and Chia Banana Boost. With a focus on health benefits, body composition, and fitness composition, this market is poised for continued growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Consumption Pattern
Product
Fruit Based
Vegetable Based
Dairy Based
Others
Geography
North America
Europe
APAC
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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