Market Overview:
Market Research Future (MRFR) recently published a report on the global smoothie market where they have revealed that the market is expected to generate substantial CAGR during the forecast period (2018-2023). At the same time, the market valuation is showing significant signs of exceeding the predicted worth by the end of 2023. A smoothie is a thick beverage made using fruits and vegetables. The drink is rich in vitamins, fiber, and other nutrients. Its health benefits have made it popular among consumers who are now opting for smoothies. Rapid urbanization, along with industrialization, has drastically changed lifestyles which has now progressing with lightning speed. This has reduced the time for having healthy foods for consumers. Smoothies are easy to prepare and manufacturers are keeping an eye on reducing preservatives in its making process to make it healthier.
Among factors, growing number of smoothie bar can change the ball game for the market. People are now opting for such drinks as it less time consuming and these bars are reliable as they are making it without preservatives. Many of them customization option available. In addition, companies are trying to lure in consumers with attractive packaging design, variety of flavors, and other marketing strategies. Such factors can ease the path for the smoothie market and help it move forward without much hassle.
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Competitive Landscape:
Significant smoothie market influencers, as recorded by MRFR in their report, are Barfresh Food Group (US), Bolthouse Farms, Inc. (US), Smoothie King (US), Innocent Drinks (UK), Crussh (Australia), MTY Food Group Inc. (Canada), Suja Life, LLC (US), Jamba Juice Company (US), Tropical Smoothie Café (US), and Boost Juice (Australia).
Industry News:
In February 2019, the Coca-Cola Company launched their new smoothie line and enriched their existing Simply Beverages portfolio. Initially, they are starting with three flavors; strawberry banana, mango pineapple, and orchard berry.
Segmentation:
MRFR, in their discussion on the global smoothie market, segmented the market by type, packaging, and distribution channel.
Based on the type, the global smoothie market can be segmented as fruit-based, vegetable-based, and blends. The fruit-based smoothie segment is the dominant one and is expected to retain its supremacy during the forecast period. However, preference for leafy vegetables for diet can bolster the growth of vegetable-based smoothie segment.
Based on the packaging, the global smoothie market comprises bottles, pouches, and others. The bottles segment holds the maximum market coverage and is getting traction substantially from the manufacturers as they are launching new designs to attract consumers. Meanwhile, the pouches segment is also heading for a strong growth as smoothie in pouches are easy to carry.
With a focus on distribution, the global smoothie market can be segmented into store-based and non-store-based. The store-based segment comprises supermarkets/hypermarkets, specialty stores, and others. The segment is expected to dominate the global market with supermarkets or hypermarkets controlling the global market. However, the advent of smoothie bars can take the specialty stores section ahead substantially.
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Regional Analysis:
MRFR, in a region-specific analysis of the global smoothie market, included North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). The aim is to provide a holistic report based on the volume-wise and value-wise market analysis.
Increasing health-conscious population in North America is expected to back the regional market growth in the coming years. North American market is anticipated to dominate the market during the forecast period. The U.S. is the major contributor of the region and the growth can be attributed to the increasing number of smoothie bar and changing consumer intake pattern owing to a fast-paced life propelled by urbanization.
The APAC smoothie market is expected to grow as the rise in health-conscious population has become quite substantial. Countries such as China, Japan, and India are expected to take the regional market forward as the trend of adopting smoothie instead of carbonated water is getting substantial traction.
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