Newyork, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The revenues of Cherry Concentrate Market were estimated at US$ 989 Million in 2022 and are anticipated to grow at a CAGR of 4.5% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the market is expected to reach a valuation of US$ 1.6 Billion. The market is expected to gross significant revenue through its demand for juices, with a projected CAGR of 4.3% from 2023 to 2033.
Cherry concentrates can be used in various applications such as juices, jams, marmalades, syrups, ready meals, soft drinks and bakery products. Cherries are known to have several health benefits and are one of the super foods and are rich in anti-oxidants.
Apart from this, Covid 19 has significantly influenced consumer buying habits and the health consciousness. This has resulted in growing sales of organic beverages. For instance, in 2016, sales of organic beverages in the U.S. were around 1.4 Billion which increased to reach around 1.8 Billion by 2022. Due to this trend and the health benefits of cherries the demand for cherry concentrates is likely to increase. Fruit concentrates also have economic benefits over fruit juices as fruit concentrates have a longer shelf life and are cheaper to store and ship.
Cherry production across the globe has increased by 1.3% in year 2019 to 2020. This can contribute to cheaper raw material for cherry concentrate manufacturing companies gaining economic benefits that can result in increase in demand.
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Studies by Sleep Foundation have shown that 10% to 30% adults struggle with insomnia of which 30% to 48% older adults experience insomnia. This condition can be helped with cherry consumption as they are sources of melatonin and anthocyanins. The results of study conducted by National Library of Medicine have shown that tart cherry juice can significantly improve sleep quality and duration. This can drive the purchase of cherry concentrates in the market.
Competitive Analysis:
Key players in the Cherry Concentrate Market are Lemonconcentrate, Milne Fruit Products, H&H Products Company, Ve.Ba. Cooperativa Ortofrutticola, DÖHLER, Cascadian Farm Organic, Kerr Concentrates, Louis Dreyfus Company, Secna S.A, Ingredion Incorporated.
The company’s manufacturing cherry concentrate are promoting the health benefits of cherry concentrates through online marketing and funding the studies to prove the health benefits of cherry concentrates.
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Some of the recent developments in Cherry Concentrate Market are:
- In October 2022, Lemonconcentrate participated in SIAL Paris to promote themselves as wholesaler and supplier of fruit concentrates.
- In September 2020, Milne acquired Valley processing, a fruit ingredient processor based in Sunnyside, Washington to maintain high quality and services and develop new products.
- In November 2020, Cheribundi, a U.S. based company invested US$ 15 Million for the development and expansion of performance beverages.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Cherry Concentrate Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in Cherry Concentrate Market by Concentrate Type (Aseptic cherry concentrate, Frozen cherry concentrate), by application (Juices, Jams, Marmalades, Syrups, Ready meals, Soft drinks, Bakery products) and by Region (North America, Europe, Asia Pacific, Middle East and Africa, Latin America) - 2023 to 2033.
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