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The Packaged Turmeric-based Beverages Market size is projected to increase by USD 146.73 million and the market size is estimated to grow at a CAGR of 4.04% between 2022 and 2027.
This packaged turmeric-based beverages market report extensively covers market segmentation by distribution channel (offline and online), type (health and wellness, and pharmaceutical sector), and geography (APAC, North America, Europe, South America, and Middle East and Africa). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
An increase in demand for packaged turmeric-based beverages due to organized retailing is the key factor driving the growth of the market. Organized retailers have grown worldwide with the establishment of supermarkets, hypermarkets, and specialty stores. Ready-to-eat packaged food and beverages are primarily sold by large, organized retailers, as vendors are highly dependent on large, organized retailers. In addition, supermarkets are the main distribution channels that make access to food and beverages easy. Given the rise in population, the demand for these supermarkets is also growing. The US had more supermarkets in the world than any other country in the world as of 2021. Therefore, the boost in demand due to organized retailing will drive the growth of the global packaged turmeric-based beverages market during the forecast period.
The Packaged Turmeric-based Beverages Market shows an Accelerate CAGR during the forecast period.
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Increasing demand for organic turmeric-based beverages is the primary trend shaping the growth of the market. Organic beverages are healthy and evolving popular in the market as consumers slowly show increased concern over the quality and origin of the ingredients used in their beverages. With the current changes in the preferences of end-consumers, market players such as Unilever Food Solutions, Numi, Organic Traditions Canada, and Lebepur are coming up with more varieties of organic packaged turmeric-based beverages to gain health-conscious consumers.
moreover, small-scale packaged turmeric-based beverage producers require considerable guidance to achieve organic certification. However, they can gain additional income from the premium price for organic packaged turmeric-based beverages. Thus, such factors are likely to continue in the future as consumers have become more informed and concerned about their food choices. Thus, the rising demand for organic turmeric-based beverages will drive the growth of the global packaged turmeric-based beverages market during the forecast period.
Unhealthy price competition among competitors is a challenge that affects market growth. The significant challenges for players in packaged food and beverages are achieving mass-market penetration and building a loyal customer base. National and international players constantly face strong competition from local and regional vendors. Several local and regional players operate in the packaged turmeric-based beverages market and offer products at lower prices to meet consumer needs. Therefore, national and international players face strong and unhealthy competition from these regional players.
Moreover, local and regional vendors do not contribute to the growth of the market as they do not have registered trademarks. However, they have wide penetration in local markets, thereby negatively impacting the price of the products and often resulting in the loss of revenues of the registered industry vendors. Consequently, the unhealthy price competition will hamper the growth of the global packaged turmeric-based beverages market during the forecast period.
The health and wellness segment dominated the global packaged turmeric-based beverages market in 2022. The segment includes products such as turmeric latte, turmeric smoothies, golden milk, turmeric-based juices, turmeric teas, and sparkling water. It was also moderately concentrated in 2021 due to the presence of many regional and a few global players. Furthermore, the growth of this segment is mainly driven by the growing demand and popularity of products like turmeric lattes and turmeric teas in regions such as North America and Western Europe. The peak in the number of organized retailing outlets offering turmeric-based beverages, increasing awareness of the health benefits of turmeric-based beverages, growth in the number of product launches featuring turmeric as a key ingredient, and expanding millennial population base are the major drivers that will drive the growth of the health and wellness segment during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. The classic brick-and-mortar stores, supermarkets, specialty stores, and convenience stores where people may physically buy things are referred to as offline distribution channels. Supermarkets and hypermarkets are big retail outlets that sell a wide variety of products, including packaged turmeric-based beverages. Specialty stores, such as health food stores or organic/natural food stores, specialize in a specific sort of goods.
The offline segment was valued at USD 394.60 million in 2017.
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Health and wellness stores sell products that promote a healthy lifestyle. Convenience stores are small-scale retail establishments that offer quick and simple access to a variety of products. These offline distribution channels are critical in reaching a diverse variety of consumers who prefer traditional shopping experiences. Therefore, the raised benefits in the offline distribution channel will propel the growth of the global packaged turmeric-based beverage market during the forecast period
APAC is estimated to contribute 41% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing awareness of the health benefits of turmeric, the increase in the number of organized retail outlets offering turmeric-based food and beverages, and the rise in the number of product launches featuring turmeric as a key ingredient are the major drivers that will propel the market growth.
Moreover, in 2022, Japan had the largest share in the packaged turmeric-based beverages market in APAC. This was due to the presence of a few regional and global players. India had the second-largest share in the packaged turmeric-based beverages market in APAC. Market players such as Vahdam India present a broad range of turmeric-based tea bags such as turmeric ashwagandha, turmeric ginger, and turmeric spiced tea bags. Thus, such factors will drive the growth of the market during the forecast period.
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.
The packaged turmeric-based beverages market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The packaged turmeric-based beverages 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.
Packaged Turmeric-based Beverages Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.04% |
Market growth 2023-2027 |
USD 146.73 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.22 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BevNET.com Inc., Bigelow Tea, Buddha Teas, Culinary Teas, Diaspora Co., Gaia Herbs Inc., Gujarat Cooperative Milk Marketing Federation Ltd., Heavenly Tea Inc., Keliffs, Mother Dairy Fruit and Vegetable Pvt. Ltd., Numi Inc., ORGANIC India Pvt. Ltd., Rishi Tea and Botanicals, Senso Foods Pvt Ltd, SONNENTOR Krauterhandels GMBH, Starwest Botanicals.com Inc., The Lost Tea Co., The Turmeric Co., Traditional Medicinals, and Vahdam Teas Pvt. Ltd. |
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 the 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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