Packaged Turmeric-Based Beverage: Market Outlook
Turmeric is a yellow-orange colored spice, commonly found in Indian, South Asian, and the Middle East regions. Turmeric has a warm and bitter taste that is used frequently as a coloring agent widely used for making curries. It is often called Indian Saffron or the Golden Spice. Turmeric is now becoming is gaining its popularity for its anti-inflammatory, anti-oxidant properties to treat Arthritis, Alzheimer’s disease and due to its bio-active compounds that holds powerful medicinal properties.
Turmeric can be included in the diet through curries and different beverages. Out of the two, beverages is the most convenient way to include turmeric in the daily diet owing to the fact that they are easy to consume. Increasing demand for healthy and nutritious beverages and evolving beverage industry is opening avenues for turmeric-based beverages in foreseeable future. Innovations are being made by certain manufacturers who are making it easier to consume turmeric in our diet by introducing novel products, like turmeric tea, latte, juice and many more.
Consumers are preferring to buy packaged turmeric-based beverage as it is easy to consume, and also acts as on-the-go snack for the health conscious consumers.
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Emerging Potential of Turmeric-Based Beverage in the Market
In the global beverages market, product innovation is continuous process which evolved the beverages market over the decades. The beverage industry has evolved and moved past soft drinks and has evolved to large varieties of beverages with different health benefiting properties. Once such innovation is turmeric-based beverage.
The increasing flavor inspiration among the customers has also raised the demand for exciting flavors and more tasty beverages in the market, which has generated various new concepts in the beverage industry, such as functional beverages, and more recently turmeric-based beverage has also been launched in the beverages market. Turmeric-based beverage is gaining customer’s attention with their high nutritional value and exciting taste due to addition of more than one component in the beverages.
Consumers are reacting positively to the different blends and usage of turmeric in various beverages, as it is the most convenient and can also be consumed as a healthy on-the-go beverage.
Many medical affiliations have also approved the benefits and applications of turmeric that will increase the demand for the turmeric-based products in the market. North America and Europe are the potential markets that will witness a large demand for turmeric-based beverages benefits because of its health benefits.
The growing influence of veganism is impacting the market of turmeric-based beverage positively. This is encouraging a considerate share of consumers to choose a different form of vegan turmeric beverages like juices, elixirs, etc. Different products of the range of turmeric-based beverages are influencing the growth rate to reach double-digit over the forecasted period.
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Packaged Turmeric-Based Beverage: Market Segmentation
Based on Distribution Channel, Packaged Turmeric-Based Beverage Market can be segmented as:
- Store-based Retailing
- Convenience Stores
- Health and Wellness Stores
- Independent Small Groceries
- Specialty Stores
- Online stores
Based on Type, Turmeric-Based Beverage Market can be segmented as:
- Turmeric Teas
- Turmeric Lattes
- Turmeric-based Juices
- Sparkling Water
- Turmeric Detox Water
Based on Nature, Turmeric-Based Beverage Market can be segmented as:
Based on Packaging, Turmeric-Based Beverage Market can be segmented as:
- Plastic bottles
- Tin Can
- Tetra Packs
Key Players in Turmeric-Based Beverage Market
Dunn's River Brands, Unilever, Gaia Herbs, House Foods Group, Numi, Just-C, Traditional Medicinals Inc., Diaspora Tea & Herb Company LLC, R C Bigelow Inc, Buddha Teas, Heleys and Rishi Tea are some of the prime players in the market of Packaged Turmeric-Based Beverage.
Growing Interest of Investors in Turmeric-Based Beverage Market
Modern day consumers are acknowledging the benefits and usage of turmeric and its products, manufacturers are developing a range of turmeric-based products. In ancient times turmeric milk was the most prevalent product, but now manufacturers are innovating to develop novel products to attract more consumers.
North America and Europe are considered as the market that has the potential of witnessing growth at a considerate rate as a turmeric-based beverage is a novel in the domestic market. The western world is yet to discover more beneficial properties of turmeric and with more knowledge, demand is set to increase owing to the medicinal gains to the population.
Several medical bodies and organization have identified the potential of these beverages and thus approved them to be produced for the masses. With this approval, many investors are looking forward to capitalizing on the domain for commercial production of packaged turmeric-based beverages in the market. With commercial production of the beverages, the manufacturers are also focusing on novel innovation for packaging. Therefore, they are also encouraged to acquire reliable labels to establish a quality standard for the product.
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The following regional segments are covered comprehensively:
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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10. What will be the barrier to entry for new players in the market?
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