Smoothies Market size is set to grow by USD 664.85 million from 2022 to 2027, The increasing number of smoothie outlets to boost the market - Technavio
NEW YORK, May 31, 2023 /PRNewswire/ -- The global smoothies market size is estimated to grow by USD 664.85 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.06% during the forecast period. North America is estimated to account for 35% of the global market growth during the forecast period. The consumption of smoothies is increasing rapidly in North America, particularly in the US and Canada because of the health benefits. Furthermore, the rising trends of healthy eating and consuming raw and organic food products among the young US population in their 20s and 30s are driving the smoothie market growth in the region. Due to the presence of major vendors in the region, the market is expected to grow during the forecast period, which, in turn, will positively impact the global smoothies market during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
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Smoothies Market - Segmentation Assessment Segment Overview Technavio has segmented the market based on 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).
The market share growth by the out of home segment will be significant for overall market growth during the forecast period. Smoothies are mostly consumed out of home, mainly because of the convenience factor and hectic lifestyles, as people have less time to prepare them at home. Thus, the majority of the distribution channels for this segment are smoothie bars, restaurants, and other food service chains. For instance, In November 2020, Jamba Juice launched two new kids' smoothies which are Sash's Splash and Croodaceous Cooler. Hence, such factors will fuel the growth of the out-of-home consumption segment during the forecast period, which, in turn, will drive the global smoothies market during the forecast period.
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Smoothies Market ? Market Dynamics Key factor driving market growth A major factor driving the smoothie market growth is the increasing number of smoothie outlets. The manufacturers of smoothies are increasing their global presence. This is mainly due to the growing demand for smoothies among Generation Y. For instance, Jamba Juice, one of the leading smoothie chains in the US, opened its first location in Thailand in 2017, which marked the company's 70th international location.
Similarly, Smoothie King, the world's largest smoothie brand, opened a record 263 new stores globally in 2020, including 71 new stores in the United States. Hence, the growing number of smoothie outlets will positively drive the global smoothie market during the forecast period.
Leading trends influencing the market
A key trend that is shaping the smoothies market growth is the increasing number of product launches by regional and international players. Smoothie manufacturers are developing innovative strategies to increase the market share of their products. Apart from that, various technical innovations by manufacturers will also drive the market.
For instance, in December 2020, Smoothie King launched a new Metabolism Boost Banana Passion Fruit smoothie for health-conscious customers. Hence, such product launches are key smoothie industry trends, which will positively drive the growth of the market focus during the forecast period.
Major challenges hindering the market growth
Fluctuating prices of fruits and vegetables are one of the key challenges impeding the smoothies market growth. The supply of raw materials gets affected due to adverse weather conditions, national emergencies, natural disasters, supply shortages, and other unexpected events.
Effectively, it becomes a challenge for manufacturers to introduce new product varieties with specific ingredients that help in enriching taste in the market. Hence, the price of fruits fluctuates with weather conditions which could render a significant impact on the market during the forecast period.
Get Insights on Market Drivers, trends, & Challenges for historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Smoothies Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the smoothies market between 2023 and 2027
Precise estimation of the size of the smoothies market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the smoothies market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of Smoothies Market vendors
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The health beverages market size in India is expected to increase by USD 3.84 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.89%. Furthermore, this report extensively covers health beverages market segmentation in India by distribution channel (offline and online) and type (packaged fresh fruit and vegetable juices, functional beverages, nutritional beverages, and others). One of the key factors driving growth in the health beverages market in India is the health benefits of healthy beverages.
The fruit yogurt market is estimated to grow at a CAGR of 7.19% between 2022 and 2027. The market size is forecasted to increase by USD 11,896.43 million. This fruit yogurt market report extensively covers market segmentation by distribution channel (supermarkets/hypermarkets, convenience stores, online, and others), product (spoonable yogurt and drinkable yogurt), and geography (Europe, North America, APAC, South America, and Middle East and Africa). The rising launch of fruit yogurt is notably driving the global fruit yogurt market growth.
Smoothies Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 6.06%
Market growth 2023-2027
USD 664.85 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
5.12
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 35%
Key countries
US, China, India, Germany, and UK, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
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
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Consumption Pattern
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Product
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global smoothies market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on global smoothies market 2017 - 2021 ($ million)
Exhibit 177: Validation techniques employed for market sizing
Exhibit 178: Information sources
13.5 List of abbreviations
Exhibit 179: List of abbreviations
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