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The smoothies market size is estimated to grow at a CAGR of 6.06% between 2022 and 2027. The market size is forecast to increase by USD 664.85 million. The growth of the market depends on several factors, including the increasing number of smoothie outlets, the increasing awareness about the health benefits of smoothies, and the increasing urbanization and changing consumer lifestyles.
This smoothies 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.
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The increasing number of smoothie outlets is notably driving the market growth, although factors such as fluctuating prices of fruits and vegetables may impede the market growth. 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.
One of the key factors driving the smoothie market growth is the increasing number of smoothie outlets. The manufacturers of smoothies are increasing their global presence, mainly owing to the growing demand for smoothies among Generation Y. Vendors are opening new stores and outlets across regions to increase their consumer base. 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. The company and Max's Group have agreed to set up 40 stores in the Philippines by 2025.
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. Tropical Smoothie Caf opened 99 new cafes, including its 900th location in Fort Benning, Georgia. The company also signed 254 new franchise agreements and is on track to reach more than 1,000 operating restaurants in 2021. However, the growing number of smoothie outlets will positively drive the global smoothie market during the forecast period.
A key factor shaping the smoothies market growth is the increasing number of product launches by regional and international players. Manufacturers of smoothies 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 smoothies 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' smoothies which are Sash's Splash and Croodaceous Cooler. In August 2020, Danone launched new Activia yogurt smoothies. 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 the smoothies 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 gets 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 Smoothies Market Customer Landscape
Vendors 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, under this segment, the company 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 share growth by the out of home segment will be significant during the forecast period. Smoothies 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 smoothies are popular in this segment.
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The out of home segment was valued at USD 1,074.88 million 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 smoothies 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. The consumption of smoothies is increasing rapidly in North America, particularly in the US and Canada. Factors such as health benefits are driving the demand for smoothies 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 smoothies market growth in the region.
Most of the leading vendors of smoothies are from North America. The smoothies 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 smoothies market during the forecast period.
In 2020, the COVID-19 pandemic adversely affected the economies of various countries in North America. However, in 2021, the initiation of large-scale COVID-19 vaccination drives led to the lifting of lockdowns and the resumption of manufacturing operations in smoothie manufacturing units. This has increased the availability of smoothies in retail stores. Furthermore, the online retail sales of smoothies have increased due to the growing Internet penetration since 2020. Additionally, increasing awareness among people related to the health benefits of organic products has led to a rise in the consumption of smoothies in 2021 and 2022. Such factors are expected to drive the growth of the regional smoothies market during the forecast period.
The smoothies 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.
Technavio categorizes the global smoothies market as a part of the global soft drinks market, within the overall food and beverages sector. The global soft drinks market covers segments such as carbonated beverages, juices and juice concentrates, bottled water, functional beverages, sports drinks, and others (including plant based beverages, prebiotic and probiotic drinks, soy based drinks, dairy based drinks, and specialty drinks). Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Smoothies Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.06% |
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Market growth 2023-2027 |
USD 664.85 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.12 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
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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 |
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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. |
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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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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