LONDON, Dec. 06, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s research on Smoothies Global Market Report 2023, the global smoothies market is poised for significant growth, with projections indicating an increase from $15.8 billion in 2022 to $17.08 billion in 2023, boasting a compound annual growth rate (CAGR) of 8.1%. Despite economic challenges stemming from the Russia-Ukraine war affecting global recovery efforts post-COVID-19, the smoothies market is expected to reach $22.96 billion by 2027, at a CAGR of 7.7%.
Healthy Beverage Trend Propels Smoothie Market Growth
The rising consumption of healthy beverages is a driving force behind the anticipated expansion of the smoothie market. Consumers are increasingly seeking nutrient-rich options that contribute to overall health and well-being. Smoothies, recognized for their convenience and delicious blend of fruits and vegetables, are also incorporating probiotics to promote gut health. Government reports, such as the Government of Canada's insights on retail sales, further emphasize the growing demand for healthy beverages, positioning smoothies as a key player in this trend.
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Key Players
Major players in the smoothies market include industry giants like PepsiCo Inc., The Coca-Cola Company, and The Kraft Heinz Company, alongside innovative contributors such as Main Squeeze Juice Co., Daily Harvest Inc., and Revive Superfoods. These players shape the market landscape and contribute to its dynamic growth.
Innovation as a Driving Force
Product innovation stands out as a notable trend within the smoothies market, with companies continually introducing inventive offerings to maintain their market positions. For instance, KIND Healthy Snacks launched the KIND FROZEN smoothie bowl in March 2021, featuring unique flavors, a low sugar content, and a substantial protein blend. Recent acquisitions, such as Main Squeeze Juice Co.'s acquisition of I Love Juice Bar LLC in May 2023, underline the industry's commitment to growth and expansion.
Regional Dynamics and Market Segmentation
In 2022, North America emerged as the largest region in the smoothies market, while Asia-Pacific is forecasted to be the fastest-growing region in the coming years. The market is segmented based on product type, packaging material, and distribution channel, offering a comprehensive view of the diverse landscape within the smoothies industry.
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In conclusion, the Smoothies Global Market Report 2023 provides valuable insights into an industry set for substantial growth. Businesses can capitalize on the trends, innovations, and regional dynamics highlighted in the report to navigate challenges and seize emerging opportunities. As the market evolves, players can leverage this comprehensive report to strategize effectively, innovate product offerings, and position themselves for success in the dynamic smoothies market.
Smoothies Global Market Report 2023 by The Business Research Company provides insights on the smoothies market size, smoothies market segments, smoothies market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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