OPINIO
Trade4go
Aug 23rd, 2024
Original content
The juice market in Asia is dynamic, driven by growing consumer trends and a rise in disposable incomes. The juice market in Asia has experienced significant growth over the past decade, with revenue rising from USD 25.1 billion in 2018 to an estimated USD 31.6 billion in 2023. Despite a slight drop in 2020 caused by pandemic-related disruptions, the market rebounded strongly, driven by increasing consumer demand for healthier beverage options. The market is forecasted to reach USD 33.6 billion in 2024, with continued expansion projected through 2028. By that year, revenue is expected to reach USD 41.3 billion, reflecting a compound annual growth rate (CAGR) of approximately 5.5% from 2023 to 2028.
Figure 1. Asian Juice Market Revenue Forecast
In 2024, the Asian juice market is expected to be dominated by other juice, juice mixtures, and smoothies, which will capture 55.95% of the market. Orange juice will hold the second-largest share at 18.45%, reflecting its continued popularity. Pineapple juice will account for 7.74% of the market, followed closely by grapefruit juice at 6.85% and apple juice at 6.55%. Grape juice will represent a smaller portion of the market with 4.46%, highlighting a preference among consumers for more diverse and blended juice options across the region.
Figure 2. Asian Juice Market Share Forecast for 2024
China, India, Thailand, Vietnam, and Indonesia are the top juice-producing countries in Asia, driven by their rich agricultural landscapes and diverse fruit varieties. China leads the market, particularly in apple and orange juice production, while India excels in mango, orange, and pineapple juices due to its tropical climate. Thailand is renowned for its pineapple juice, which is exported globally, while Vietnam is gaining prominence with tropical fruit juices like dragon fruit and lychee. Indonesia also contributes to various tropical juices, including coconut, mango, and guava, positioning these nations at the forefront of Asia’s juice production industry.
In 2023, Asia exported 664,434 tons of juice, according to ITC TradeMap, reflecting the region’s significant presence in the global juice market. Thailand was the leading exporter, commanding 36.1% of the total, driven by its substantial pineapple production and other tropical fruit juices. China followed with 19.1%, mainly due to its substantial apple juice concentrate exports. The Philippines held 18.3% of the market share, benefiting from producing various fruit juices. Türkiye contributed 14.9%, while Indonesia and Pakistan accounted for 2.1% and 1.9%, respectively, with exports of tropical and regional fruit juices. Malaysia and Singapore made up 1.1% and 1.%, respectively, while Azerbaijan and Georgia had smaller shares of 0.9% and 0.7%. The remaining 3.93% was attributed to other smaller exporting countries, highlighting the diverse export landscape of the Asian juice industry.
Figure 3. Asian Juice Export Share in 2023
In terms of imports, Asia imported 1,332,068 tons of juice in 2023, reflecting the region’s strong demand for diverse juice products. China was the largest importer, accounting for 38% of the total, driven by its extensive consumption of various fruit juices. Japan followed with a 21.5% share, reflecting its significant demand for domestic and imported juice products. South Korea imported 6.9%, while Türkiye contributed 4.6% to the import market. With their growing juice markets, Taipei and Singapore accounted for 4% and 3.6%, respectively. Kazakhstan imported 3.4%, and Thailand and the Philippines made up 2.7% and 2.2%. Hong Kong represented 1.9% of the market, with the remaining 11.2% shared among other importing countries. This distribution highlights the varied import needs across Asia, with major markets showing significant demand for imported juices.
Figure 4. Asian Juice Import Share in 2023
The Asian juice market is influenced by several key trends that are shaping its growth and evolution:
To effectively navigate the dynamic Asian juice market, producers, exporters, and importers should implement targeted strategies that address current market trends and consumer demands. Producers should focus on developing juices that cater to rising health and wellness trends. This includes formulating products with lower sugar content, incorporating organic and natural ingredients, and enhancing juices with functional benefits such as added vitamins, minerals, and probiotics. Additionally, innovation in flavors and formats is crucial. Producers should invest in creating exotic and premium juice blends and mixed juices and smoothies to appeal to adventurous and health-conscious consumers. Enhancing packaging convenience through resealable pouches and eco-friendly materials will also align with the growing demand for RTD options and environmentally sustainable products.
On the other hand, exporters should capitalize on their strengths by focusing on high-demand juices well-suited to their production capabilities. For instance, Thailand should continue to emphasize its substantial production of pineapple and other tropical fruit juices, while China could leverage its expertise in apple juice concentrate. Expanding market reach is essential, so exporters should explore new opportunities in emerging markets where juice consumption is increasing. Diversifying product offerings to include a mix of exotic and functional juices will help maintain a competitive edge and meet diverse international preferences. To expand their market reach, exporters should explore new opportunities in emerging regions such as Africa and South America, where juice consumption is rising, and established markets in North America and Europe, where there is growing demand for exotic and premium juices. Additionally, targeting Middle Eastern countries with high consumer spending power and a preference for diverse juice options can be advantageous. Diversifying product offerings to include a mix of exotic and functional juices will help maintain a competitive edge and meet diverse international preferences.
Importers should adopt a strategic approach by diversifying their supply sources to include a range of top exporters and emerging suppliers. Key sourcing markets include Thailand's high-quality pineapple and tropical fruit juices, China's apple juice concentrate, and Türkiye's pomegranate and grape juices. Importers should also consider sourcing from the Philippines for its diverse fruit offerings and Indonesia for its range of tropical juices. Emerging suppliers in Vietnam and Malaysia could offer additional options as these markets grow. Importers should focus on juices that align with local health trends, such as low-sugar, organic, and functional options, to cater to the evolving preferences of health-conscious consumers. Finally, investing in efficient logistics and distribution networks is critical to managing the growing volume of imports and ensuring timely product availability. By aligning their strategies with these recommendations, stakeholders can better position themselves to capitalize on the expanding and evolving Asian juice market. Staying aligned to consumer preferences and market dynamics will be vital to thriving in this rapidly growing industry.
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