(I-BusinessNews.Com, October 11, 2019 ) Market Overview:
The rising health consciousness among consumers and increasing demand for convenience and value are driving the demand for smoothies and smoothie bowls and therefore, is expected to fuel the growth in Smoothies market.
Smoothies are thick-shake beverages that include ingredients, like yogurt, milk, almond milk, coconut milk, and sherbet. The smoothie market is flourishing in developed and emerging regions. Smoothies consist of dietary fiber. Thus, they are healthier than fruit juices.
The Smoothies market growth is driven mainly due to rising health consciousness amongst people. According to the World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. Of these, over 650 million adults were obese. Overall, about 13% of the worldÂs adult population (11% of men and 15% of women) was obese in 2016. Smoothies can help consumers lose excess body weight without skipping any meals.
Smoothies are becoming popular as they provide various health benefits such as preventing dehydration, aid in digestion, enhance immunity, detoxify body, rich in calcium and fiber, and balance hormonal functioning.
Therefore, it is expected that global smoothies market will witness double digit during the forecast period.
By type, the global Smoothies Market is segmented into dairy-based smoothies and fruit-based smoothies. In 2018, Fruit-based smoothies accounted for majority share in the global market. However, dairy-based smoothies are expected to witness higher CAGR over the forecast period.
By consumption, the global smoothies market is segmented into the Out-of-home and At-home. In 2018, Out-of-home segment dominated the global smoothies market. Presence of large retail chains, supermarkets, hypermarkets, domestic stores and online retail stores are propelling market over the forecast period.
By geography, the global Smoothies Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
North America represents the largest market worldwide supported by the growing value of healthy foods among the consumersÂ infamously unhealthy diet dominated by processed and calorie rich foods.
Increasing income levels and changing lifestyle of people are expected to drive the market growth. Factors such as improving the lifestyle of consumers, especially in developing countries such as Brazil, China, and India, coupled with increasing disposable income, have fueled the growth in the global market.
Major players in the market are Bolthouse Farms, Jamba Juice Company, MTY Food Group, Smoothie King, and Tropical Smoothie Cafes. Other key players in the market are Daily Harvest, Dr. Smoothie Brands, HAPPY PLANET, J Sainsbury, and The Smoothie Company.
Intense rivalry among top players in the market has started fierce competition at various levels for setting a low price, driving aggressive marketing strategies, and new product launches as per consumersÂ taste and preference.
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