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The smoothies market size is estimated to increase by USD 664.85 million and grow at a CAGR of 6.06% between 2022 and 2027. The expansion of the market hinges on various elements, such as the proliferation of smoothie outlets, heightened awareness regarding the health advantages of consuming smoothies, and ongoing urbanization coupled with shifts in consumer lifestyles. However, challenges persist, including the rising competition posed by alternative options, the volatility in prices of fruits and vegetables, and the imposition of strict regulations governing production and sale. With demand on the rise, manufacturers are strategically expanding their global footprint, capitalizing on Generation Y's growing preference for smoothies. This expansion involves the establishment of new stores and outlets across diverse regions, with the aim of broadening consumer reach and meeting the increasing demand for convenient and nutritious beverage options.
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This market report extensively covers market segmentation by 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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
By Consumption Pattern
The market share growth by the out of home segment will be significant during the forecast period. They are mostly consumed out of home, mainly owing to the convenience factor and hectic lifestyles, as people have less time to prepare them at home. The major distribution channels for this segment are smoothie bars, restaurants, and other food service chains. Fruit-based products are popular in this segment.
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The out of home segment was valued at USD 1.07 billion in 2017 and continued to grow until 2021. The increasing number of exclusive smoothie bars and joints worldwide is expected to drive the growth of this segment during the forecast period. Many major vendors in this market are penetrating new countries by launching products and opening new smoothie bars and joints based on local tastes and preferences to attract more customers. For instance, In November 2020, Jamba Juice launched two new kids' smoothies which are Sash's Splash and Croodaceous Cooler. Therefore, such factors will fuel the growth of the out-of-home consumption segment during the forecast period, which, in turn, will drive the global market during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Consumption is increasing rapidly in North America, particularly in the US and Canada. Factors such as health benefits are driving the demand in the region. The growing trends of healthy eating and consuming raw and organic food products among the young US population in their 20s and 30s are driving the market growth in the region.
Most of the leading vendors are from North America. The market in North America is highly fragmented. Smoothie King and Jamba Juice are some leading players in the market. Owing to the presence of major vendors in the region, the market is expected to grow during the forecast period. This, in turn, will positively impact the global market during the forecast period.
The market is being driven by the growing consumer demand for nutritious and convenient food and beverage options. As people become more health-conscious, there is a rising preference for consuming fruits and vegetables in the form of smoothies, making them a popular choice among mainstream consumers. Juice bars, cafes, and establishments like Tropical Smoothie Cafe cater to this demand by offering a variety of smoothie options, including innovative creations like the Chia Banana Boost and Detox Island Green smoothie. Additionally, the wellness movement has fueled the popularity of smoothie bowls and the consumption of smoothies as a part of dietary choices aimed at promoting health and well-being.
Moreover, the market is experiencing a trend towards healthier meal options, with smoothies being perceived as a convenient and nutritious alternative to fast food and pre-packaged products. Brands like Innocent Smoothies capitalize on this trend by offering humor-infused marketing campaigns and creative recipes, enhancing the appeal of smoothies to consumers. Overall, the smoothies market continues to thrive due to its alignment with evolving consumer preferences towards health, wellness, and dietary choices.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The proliferation of smoothie outlets emerges as a primary driver propelling the market forward. As demand surges, manufacturers are expanding their global footprint, targeting Generation Y's increasing preference for smoothies. This expansion entails the establishment of new stores and outlets across diverse regions, aiming to broaden consumer reach. For instance, leading chains like Jamba Juice and Smoothie King are aggressively expanding internationally, with plans for extensive store networks in various countries. In addition, Tropical Smoothie Cafe is rapidly expanding its presence, aiming to surpass 1,000 operating restaurants in 2021. This surge in smoothie outlets is poised to fuel market growth significantly in the coming years.
A key factor shaping the market growth is the increasing number of product launches by regional and international players. Manufacturers are developing innovative strategies to increase the market share of their products. Besides, various technical innovations by manufacturers will also drive the market. Some product launches are listed below: In March 2021, PepsiCo's Naked Juice brand released two new products in the UK, Naked Rainbow Machine and Naked Berry Lean.
In December 2020, Smoothie King launched a new Metabolism Boost Banana Passion Fruit smoothie for health-conscious customers. In November 2020, Jamba Juice launched two new kids' variants which are Sash's Splash and Croodaceous Cooler. In August 2020, Danone launched new Activia yogurt products. Such product launches are key smoothie industry trends, which will positively drive the growth of the market focus during the forecast period.
Fluctuating prices of fruits and vegetables are one of the key challenges hindering market growth. The major raw materials for smoothies are fruits, vegetables, sugar, and milk. A rise in the prices of raw materials results in increased production costs. As a result of this, smoothie manufacturers procure raw materials at high costs. Generally, the prices of fresh fruits and vegetables fluctuate with climatic changes. For instance, many parts of the US face natural disasters such as hurricanes, wildfires, floods, and drought, leading to a decline in the production of fresh fruits and vegetables in the US, resulting in higher prices.
Further, the supply of raw materials is affected due to adverse weather conditions, national emergencies, natural disasters, supply shortages, and other unexpected events. As an effect of this, it becomes a challenge for manufacturers to introduce new product varieties with specific ingredients that help in enriching taste in the market. The increase in product price affects the consumer purchase decision, which, in turn, affects the market performance of manufacturers. Generally, the price of fruits fluctuates with weather conditions which could render a significant impact on the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Barfresh Food Group Inc.: The company offers smoothies such as Single serve smoothies and Easy pour bulk smoothies. Also, they operates as a food and beverages company specializing in smoothies, shakes, and frappes.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is thriving due to increasing consumer awareness of health and wellness, leading to a growing demand for nutritious and convenient food and beverage options. Supplements are becoming mainstream, reflecting consumer preferences for healthier meal options. Juice bars and pre-packaged products cater to fast-paced lifestyles. Creative recipes like Chia Banana Boost and Detox Island Green smoothie incorporate plant-based ingredients like chia seeds, kale, and coconut. Brands like Bolthouse Farms and Innocent Smoothies offer a variety of fruit-based smoothies and smoothie bowls, reflecting the wellness movement's influence on dietary choices and lifestyle trends. This trend is further fueled by the popularity of smoothie cartons and tropical flavors, emphasizing health-conscious diets and snack options amidst changing food habits and fitness trends.
Also, the market caters to mainstream consumer preferences for healthier alternatives to fast food, featuring ingredients like peanut butter, roasted banana, whole-grain oats, strawberries, and a blend of five whole vegetables and fruits, including mango, spinach, and pineapple. Humor is infused into smoothie sales strategies, with quick-service restaurants (QSRs) capitalizing on well-being and offering healthy beverages incorporating nuts and dairy products. Lifestyle choices are influenced by health awareness and Western dietary patterns, driving the popularity of acai bowls, pitaya bowls, and creative blends like Be Berry Stings and PB Delight, known for their tropical flavors. Novel substances like erythritol complement the use of fruit and vegetables, promoting a healthy diet amidst consumer health consciousness and changing lifestyles. Gym trainers advocate for smoothies as meal replacements or snacks, emphasizing the importance of a balanced diet and fitness composition rich in carbohydrates, protein, and essential nutrients.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
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 |
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 forecasting, 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Consumption Pattern
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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