The vegetable juice market is projected to grow at a CAGR of 5.54% over the forecast period, from US$45.422 billion in 2024, and is expected to reach US$59.474 billion by 2029.
Vegetable juice is often made primarily of blended vegetables and is gaining popularity among the millennial population worldwide. Changes in consumer taste and preference and the adoption of a healthier lifestyle are expected to drive the market's growth during the forecast period. In addition, rising disposable income in developing economies is anticipated to boost the market's growth in the coming years.
Moreover, the food and beverage industry has an ocean of packaging and shelf-life enhancement opportunities for the processed food industry. There is a direct relationship between the industry and the growth in the processed food industry; the scope of growth also widens for the disinfection industry. However, stringent government regulations can be one of the biggest market challenges.
Furthermore, carrot and beetroot juices are gaining popularity due to the growing consumption of these juices as part of a normal diet. These juices are a great source of fiber, iron, and vitamin C, which have health benefits, including improved blood flow and lower blood pressure. The advent of vegetable blends has been attracting new players and positively impacting the industry to a large extent, owing to their additional nutritional value. Since these items add nutritional value, they are favored by a larger part of the population globally.
Vegetable juices are frequently included in the everyday breakfast schedule as they provide a daily share of minerals and vitamins in one serving. With an increasing number of customers globally following the trend of healthier lifestyles, the demand for natural juices like vegetable juice has expanded massively, resulting in producers creating new variants.
The demand for vegetable juice packaging is anticipated to increase on account of the comfort and reusability of bottles, which has led to an improvement in the utilization of bottled vegetable juice. The increasing packaging industry is expected to boost the development rate of bottled vegetable juice processing further in the years ahead. Further, technological advancements such as automation concerning packaging equipment are estimated to aid the growth of advanced solutions during the forecast period.
Moreover, packaging technology innovation to boost cost-efficiency is projected to improve the demand for bottled vegetable juice packaging in the coming years. In addition, product innovation concerning the application of environmentally friendly packaging materials is poised to propel the growth rate of the packaging materials for packaged vegetable juices.
Cold-pressed innovation employs a hydraulic press method to extract juice from vegetables and preserve the vegetables' vitamins, proteins, and minerals. Rising customer demand for healthy and nutritious products increases the necessity for cold-pressed juice. The increasing urban population also increases the demand for vegetable juice. The shift in consumer preference against the use of food preservatives directly drives the market's growth during the forecast period.
Health-conscious people, coupled with the effective well-being benefits and dietary items of vegetable juices, are boosting the demand for vegetable juices over the projected period. For instance, in January 2023, OMJOOS introduced two new, 100% natural cold-pressed juices to bolster health goals, especially amid winter. The new flavors incorporate Orange Juice and ABC- Apple, Beetroot, & Carrot Juice – both bursting with refreshing and tasty flavors.
Countries like China and India have secured their status as global hubs for trade and commerce, and provide one of the world's most business-friendly regulatory environments for domestic companies. The online retailing business is now stabilizing into a mature market as consumers possess advanced internet accessibility in the country.
In addition, companies specifically involved in online retailing are investing in marketing methodologies to take advantage of the growing market. Furthermore, consumer buying behavior has been reshaped in recent years with growing varieties, and online retailing discount offers have impelled consumers to prefer online retail.
Market players in the global vegetable juice market are implementing various growth strategies, like marketing and online discount schemes, to gain a competitive advantage over their competitors in this market. For example, in January 2024, Plenish, a plant-based drink brand, launched its biggest campaign, "Wake Up with Plenish," amid Veganuary, the most notable month for shopper enrollment in plant-based categories. The campaign exhibits the complete range of company items, incorporating a new 'It's all good' tagline.
Vegetable juice has created a significant shift for beverage producers in recent years, and to deliver sound and convenient forms of beverage, selecting an effective form of packaging plays an important role. The bottle-filled vegetable juice is easy to handle, resealable, and shock-resistant. It is also a good way of standing out from the competition on the shelf with a new way in the refrigerated beverage market.
Additionally, bottles are well-suited to vegetable juice with high added value. Companies are increasingly investing in product launches to cater to the growing demand for vegetable juice in various parts of the world. Furthermore, two types of bottles that can be used are glass and plastic bottles. Glass bottles have not gained widespread acceptance compared to plastic bottles, which are considered a better alternative. Nevertheless, with the growing environmental concerns, the market is expected to witness a gradual shift from plastic packaging.
Europe is expected to lead the global vegetable juice market. The growing adoption of the modern lifestyle and high-income levels of consumers in the European regions have led to a rise in the demand for on-the-go vegetable juices. Additionally, the region is anticipated to witness exponential growth because of growing disposable income among households, coupled with rising internet penetration.
Vegetable Juice Market is segmented and analyzed as below: