Published: Jun, 2018
The tenacity of concerns over obesity has been on the rise around the globe. And now, consumers endeavor on reducing extra fat that they carry, and consumption of healthy diet remains one of the key ways to achieve the same. The bakery market in Europe is a mature sector, and has undergone significant changes as a result of increasing health concerns, rising disposable income, and the high demand for convenient food products. The traditional packaged baked goods category is facing strong competition from these products. Baked goods in the European bakery market include baked desserts, breads and rolls, biscuits, and pizzas. The bakery industry in Europe specializes in the production of baked cakes in different flavors, and cakes are much more prominent and high in demand among European customers. These kinds of bakery products are usually made from fruit sauces. Hence, apple sauce used in baked desserts to give them a sweet and tangy taste can drive its demand in the European region.
Revenue generated from the global apple sauce market was valued at US$ 1,655.1 Mn by the end of 2017 and is expected to increase at a CAGR of 3.1% over the forecast period. The market are expected to be valued at approximately US$ 2,169.3 Mn by the end of 2026.
Apples are one of the most widely cultivated tree fruits, and the third-most internationally traded fruit behind only bananas and grapes. Apples are commonly consumed, not only because of their flavor, but also because of the important nutrients that they contain, including high levels of antioxidants, vitamins, and dietary fiber. There has been significant growth in the consumption rate of apple flavored juices, sauces, as well as apple sauce, which indicates that the confluence of consumer perception for apple flavored product consumption will help to drive the demand for the product in the global market.
Consumers are inclining more towards a healthy lifestyle, which has led to the higher consumption of food and food ingredients with potential health benefits. Currently, consumers have become more conscious about their diets, owing to which, they are spending on a holistic approach to health and wellness that includes almost every aspect of life. Apple sauce is one such food product which has several health benefits associated with its consumption, such as weight loss, improvisation of heart health, and helps treating diabetes. The rising awareness about the health benefits associated with the consumption of the product helps drive the demand for the product in the global market.
High Production Rate of Apples: India and China are considered as the top producers of apples in the world. Apple cultivation is one of the most prominent agricultural practices in India and China. Moreover, the beverage industry in these regions account for a huge value share. The beverage industry even consists of domestic and foreign players investing more in these regions. Owing to the health benefits associated with fruits and vegetables, manufacturers are coming up with drinks associated with fruits and vegetables.
Key Market Taxonomy on the Basis of Type, Nature, End Use, Packaging, Distribution Channel, & Region
By type, the apple sauce market is segmented into sweetened and unsweetened. The sweetened type segment is likely to be the most attractive segment in the forecast period owing to presence various flavors which gives many option to the consumers.
On the basis of packaging, the apple sauce market can be segmented into cups, pouches, jars, cans and others. The cup segment is estimated to account for a significant revenue share of 40.9% in 2017 and is expected to register significant growth rate during the forecast period.
By nature, the apple sauce market is segmented into organic and conventional. The organic apple sauce segment is likely to be the most attractive segment in the forecast period.
On the basis of distribution channel, the apple sauce market is segmented into direct and indirect. Indirect segment is further sub-segmented into store-based retailing and e-Retailers. Amongst these sub-segments, the store-based retailing is anticipated to occupy the largest market share of 85.0% in 2017. The e-Retails sub-segment is expected to register high growth rate during the forecast period.
As indicated by regional analysis, the apple sauce market in North America and Europe is expected to dominate over the forecast period followed by Asia Pacific. Asia is expected to become a prominent player by the end of the forecast period with a significant CAGR attributed to increase in the consumer awareness about the benefits associated with apple sauce in the region.
Key players in the global apple sauce market includes The J.M. Smucker Company, Dr Pepper Snapple Group, Nestlé S.A., Materne North America Corp., Knouse Foods Cooperative Inc., Burnette Foods, Inc., Charles & Alice SAS, Leahy Orchards Inc, Seneca Foods Corporation, Del Monte Food, Inc., White House Foods Company, Tree Top Inc., Manzana Products Co., Solana Gold Organics, Santa Cruz Natural Incorporated, CHERRY CENTRAL COOPERATIVE, INC., Andros Group and Others
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyze on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities.