The vegetable concentrates market is expected to register a CAGR of 4.50% during the forecast period from 2020 - 2025.
- Vegetable concentrates are most widely used in soups, sauces, and puree, vegetables-based foods, vegetable-based baked, and confectionery goods, such as vegetable patties, and vegetable-based mixtures.
- With the increase in the hectic lifestyle of the people around the world, vegetable concentrates can be added as a substitute for natural vegetables thereby, cutting the cooking time of the consumers, which in turn boosting the market studied.
Key Market Trends
Increased Demand for Ready-to-Eat Foods
The factors, such as increased demand for ready-to-eat foods, usage as a substitute for vegetables because of the paucity of time with the new age professionals and increase in the opening of hotels and restaurants in the developing economies are increasing the applicability of the vegetable concentrates in the global market. Furthermore, the popularity of it being a healthy additive is adding to the popularity and increased consumption among athletes, sportspersons, and youth at a fast pace.
North America Holds Prominent Share in the market studied
The market for vegetable concentrates is driven by North America, which is expected to record the highest growth across the market because of the developed and ever-rising demand from the packaged food and beverage goods and increasing health and nutrition concern among the Americans. Asia-Pacific, led by China and India, is expected to account for maximum share in the vegetable concentrates market. With the change in the lifestyle of the Asian population, who are independent young working population, they’re increasingly starting to be dependent on the packaged or ready-to-make food (which contain the increasing volume of vegetable ingredients in their product range) in all of their meals because of their busy schedule. There has been an increase in both the international and local restaurants and hotels chain, which have started to increase their dependence on the vegetable concentrates for the large-scale food preparation, which will aid them to prepare the food faster.
Companies are actively involved in developing innovative products, which are encouraging food and beverage manufacturers to use vegetable concentrates to enhance their product quality and increasing health benefits to consumers. Some of the major players in the vegetable concentrates market, globally include Ingredion Incorporated, Döhler, Encore Food Marketing, Archer Daniels Midland Company, Rahal Foods, among others.
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