The
tenacity of concerns over obesity has been on the rise around the
globe. And now, consumers endeavor on reducing extra fat that they
carry, and consumption of healthy diet remains one of the key ways to
achieve the same. The bakery market in Europe is a mature sector, and
has undergone significant changes as a result of increasing health
concerns, rising disposable income, and the high demand for
convenient food products. The traditional packaged baked goods
category is facing strong competition from these products. Baked
goods in the European bakery market include baked desserts, breads
and rolls, biscuits, and pizzas. The bakery industry in Europe
specializes in the production of baked cakes in different flavors,
and cakes are much more prominent and high in demand among European
customers. These kinds of bakery products are usually made from fruit
sauces. Hence, apple sauce used in baked desserts to give them a
sweet and tangy taste can drive its demand in the European region.
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Revenue
generated from the global apple sauce market was valued at US$
1,655.1 Mn by the end of 2017 and is expected to increase at a CAGR
of 3.1% over the forecast period. The market are expected to be
valued at approximately US$ 2,169.3 Mn by the end of 2026.
Apples
are one of the most widely cultivated tree fruits, and the third-most
internationally traded fruit behind only bananas and grapes. Apples
are commonly consumed, not only because of their flavor, but also
because of the important nutrients that they contain, including high
levels of antioxidants, vitamins, and dietary fiber. There has been
significant growth in the consumption rate of apple flavored juices,
sauces, as well as apple sauce, which indicates that the confluence
of consumer perception for apple flavored product consumption will
help to drive the demand for the product in the global market.
Consumers
are inclining more towards a healthy lifestyle, which has led to the
higher consumption of food and food ingredients with potential health
benefits. Currently, consumers have become more conscious about their
diets, owing to which, they are spending on a holistic approach to
health and wellness that includes almost every aspect of life. Apple
sauce is one such food product which has several health
benefits associated with its consumption, such as weight loss,
improvisation of heart health, and helps treating diabetes. The
rising awareness about the health benefits associated with the
consumption of the product helps drive the demand for the product in
the global market.
High
Production Rate of Apples: India and China are considered as the top
producers of apples in the world. Apple cultivation is one of the
most prominent agricultural practices in India and China. Moreover,
the beverage industry in these regions account for a huge value
share. The beverage industry even consists of domestic and foreign
players investing more in these regions. Owing to the health benefits
associated with fruits and vegetables, manufacturers are coming up
with drinks associated with fruits and vegetables.
On
the basis of distribution channel, the apple sauce market is
segmented into direct and indirect. Indirect segment is further
sub-segmented into store-based retailing and e-Retailers. Amongst
these sub-segments, the store-based retailing is anticipated to
occupy the largest market share of 85.0% in 2017. The e-Retails
sub-segment is expected to register high growth rate during the
forecast period.
As
indicated by regional analysis, the apple sauce market in North
America and Europe is expected to dominate over the forecast period
followed by Asia Pacific. Asia is expected to become a prominent
player by the end of the forecast period with a significant CAGR
attributed to increase in the consumer awareness about the benefits
associated with apple sauce in the region.
Key
players in the global apple sauce market includes The J.M. Smucker
Company, Dr Pepper Snapple Group, Nestlé S.A., Materne North America
Corp., Knouse Foods Cooperative Inc., Burnette Foods, Inc., Charles &
Alice SAS, Leahy Orchards Inc, Seneca Foods Corporation, Del Monte
Food, Inc., White House Foods Company, Tree Top Inc., Manzana
Products Co., Solana Gold Organics, Santa Cruz Natural Incorporated,
CHERRY CENTRAL COOPERATIVE, INC., Andros Group and Others
In
addition, it is imperative to note that in an ever-fluctuating global
economy, we not only conduct forecasts in terms of CAGR, but also
analyze on the basis of key parameters such as year-on-year (Y-o-Y)
growth to understand the predictability of the market and to identify
the right opportunities.
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