India vegetable juice market is projected to grow at a CAGR of 8.20% during the forecast period. As far as the rate of adoption of vegetable juices is concerned the nation whose 30%-35% population is vegetarian, is expected to hold a potential for the growth of the vegetable juice market in India. The other determinative factors which are poised to drive the growth of the vegetable juice market of India are rapid urbanization which is projected to reach 416 million by 2050 [ Source: UN]. Moreover, with women entering the workforce households now have dual earing capability and more resources at their disposal to realize their aspirations of a healthier lifestyle. Moreover, with the varied nature of the cuisine, the inclusion of naturally derived ingredients in everyday diets is the norm, albeit there has been an increasing acceptance of packaged food and beverage during recent times. The growing middle-class population is expected to sustain and drive the flow of imported goods pertaining to food and beverage which are being increasingly made commercially available at various specialty stores, hypermarkets, and supermarkets. Moreover, the expanding eCommerce platforms, growing pools of millennials, rapid smartphone adoption rates are collectively expected to augment the growth of the Indian vegetable market during the next few years. Moreover, capitalizing on social media which has emerged as a far-reaching marketing tool and facilitated by the Make-in-India initiative there have been many startups who have ventured into the vegetable juice space with a variety of products development. Moreover, 253 designated food parks in different states have been notified to extend affordable credit from a special fund with NABARD (National Bank for Agriculture and Rural Development), by the Government of India. As of March 2019, a term loan of around USD 65.27 Billion to 11 Mega Food Park projectshas already been sanctioned by NABARD [ Source: Government of India].
FIGURE: INDIA VEgETABLE JUICE MARKET SHARE, BY packaging, 2019
Source: Knowledge Sourcing Intelligence Analysis, Sample Figure
Besides, India’s food-and-grocery retail industry is expected to exceed the sales of $800 billion by 2023, which suggests that it is going to facilitate the growth of the vegetable juice market of the country.Being the fastest growing economies in the world the sector reportedly constitutes nearly 65 % of the total retail market in India. The dynamic nature of the sector is instrumental in wooing in domestic and foreign firms looking forward to expanding their market share while enhancing consumers’ experience. The sector is mostly represented by the traditional locality stores as well as by Modern grocery retailers along with eCommerce which constitutes 10% of the sector, which is expected to expand rapidly during the next few years resulting from the evolving needs of the consumers [Source: USDA]. Moreover, the reliance on eCommerce platforms has been reinforced due to lockdown measures, which have anticipatedly aided juice producers to channelize its investment of resources on a single sales channel and market its products. In this manner reaching out to a wider audience has been facilitated which in turn is expected to propel the growth of the Indian vegetable juice market.