Global Nectar market as valued at US$6.189 billion in 2019 and is projected to witness a considerable CAGR during the forecast period. Nectar juice, also known as pulp juice or nectar drink, refers to the juice drink which contains fruit pulps and flesh. Nectar fruit juice is made from original fruit pulps or concentrated pulps and so, contains fruit fibers and pectin. Nectar juice presents more of the fruit’s original taste as it reserves some solid fruit content.
Growing consumption of soft drinks, such as flavored sodas and colas, is declining globally due to growing health concerns among consumers, especially in developed economies. Soft drinks contain high sugar content, phosphoric acid, artificial coloring, artificial sweeteners, and caffeine, which can cause negative effects on human body and health. As such, high awareness about negative effects of soft drinks on human health is the major driver of global nectar market. Consumers are shifting their preference from carbonated drinks (soft drinks and sodas) to healthier options such as fruit juices. This, in turn, is significantly driving up the demand for nectar, thereby bolstering the global nectar market growth. People are increasingly focus on their lifestyle pattern and dietary habits to maintain good health. Rising disposable incomes and living standards coupled with increasing urbanization in developing countries is also influencing the global nectar market.
With growing demand from consumers, manufacturers are also investing in diversifying their product portfolio which will continue to fuel the global nectar market growth during the forecast period. Another factor that is supporting the expansion process of manufacturers in developing economies is the increasing investments in infrastructure and cold-chain storage facilities. In the recent past years, fruit juice drinks suffered a bad reputation due to added sugar contents which is harmful to human health. As such, the demand for nectar drink is increasing which is free from any preservative, thus propelling the global nectar market growth. There is a minimum requirement of fruit content for fruit nectars, which usually range from 25 percent to 50 percent, depending on the type of fruit. Moreover, fruit nectar does not contain any preservatives or colourings. Consumers are increasingly becoming aware of nectar juice drink benefits over carbonated drinks as well as fruit juice drinks. Furthermore, there has been a rise in demand for premium fruit drinks that utilize high pressure and cold pressure techniques to preserve nutrient contents and fiber content of the juice.
The global nectar market has been segmented on the basis of type, application, distribution channel, and geography. By type, the global nectar market has been classified as orange, guava, papaya, mango, apricot and others. On the basis of application, the global nectar market has been segmented into food and beverage and bakery. By distribution channel, the market segmentation has been done as online and offline.
North America holds a substantial share in the global nectar market during the forecast period
By geography, the global nectar market is classified into five major regional markets- North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). North America accounted for a significant share in the global nectar market in 2019. High awareness among consumers about health hazards related to carbonated drinks and fruit juice drinks with added preservatives and added sugar is contributing significantly to the growth of nectar market in this region. The presence of major market players also supports the growth of this regional market. The implementation of government guidelines in the United States and Canada about consumption of fresh fruits and beverages with fewer preservatives and added sugar is also positively impacting the growth of overall regional market. Another factor that is spurring the growth of the North American nectar market is the high popularity of veganism in the region. Asia Pacific (APAC) will witness a noteworthy compound annual growth rate during the projected period. Europe also holds a substantial market share throughout the forecast period. Growing incidence of chronic diseases like diabetes and obesity, along with high purchasing power, is driving up the sales of nectar drinks in the region. Moreover, the presence of supermarkets and hypermarkets retail chains across the region, selling food and beverage items made from nectar, is also increasing their consumption, thus augmenting the nectar market growth in Europe during the forecast period. Rising purchasing power and growing demand for convenience food and beverage products is fueling the market growth of nectar in this region. Booming online retail industry and increasing awareness about nectar juice drinks will drive the growth of this regional market. However, APAC nectar market growth is still restrained by the high consumption of carbonated drinks in countries like China and India. Middle East and Africa (MEA) and South America nectar markets are also projected to experience a considerable CAGR during the forecast period on account of increasing demand for convenient food and beverage items and increasing purchasing power. The expansion of food and beverage manufacturing facilities in these regions will also escalate the demand for nectar which in turn, will boost the regional market growth.
Market Players and Competitive Intelligence
Prominent key market players in the global nectar market include AGRANA International, Döhler, Kanegrade, The Tierra Group, The iidea Company, Malt Products Corporation, ciranda, inc., and Colibree Company among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global nectar market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Frequently Asked Questions (FAQs)
Q1. What is the size of global nectar market?
A1. The global nectar market was valued at US$6.189 billion in 2019.
Q2. Who are the major players in the nectar market?
A2. Prominent key market players in the global nectar market include AGRANA International, Döhler, Kanegrade, The Tierra Group, The iidea Company, Malt Products Corporation, ciranda, inc., and Colibree Company among others.
Q3. How is the global nectar market segmented?
A3. The global nectar market has been segmented on the basis of type, application, distribution channel, and geography.
Q4. What factors are anticipated to drive the nectar market growth?
A4. High awareness about the negative effects of soft drinks on human health is the major driver of the global nectar market.
Q5. Which region holds the largest market share in the nectar market?
A5. North America accounted for a significant share in the global nectar market.