Sugarcane juice is a rich source of fibers, vitamins, minerals, antioxidants, and phytochemicals. Due to its low glycemic index, it does not spike the blood sugar level. It is suitable for diabetic patients when consumed moderately. Moreover, it balances the body’s heat and creates a cooling effect. Many dieticians recommend sugarcane juice to people in a bid to aid their weight loss journey.
North America is projected to grow at the fastest CAGR in the global sugarcane juice market from 2021 to 2028. Due to the rising popularity of sugarcane juice as a detox drink amongst people, the presence of robust retail infrastructure, availability of products of different brands, and rising preference for natural juices and health drinks, the North America sugarcane juice market is projected to grow at a substantial rate. The presence of prominent manufacturers, such as Goya Foods, Inc. and Bhoomi, that offer their products through multiple retail channels across the region is anticipated to boost the regional market growth over the forecast period.
Manufacturers are also focusing on innovative and sustainable product packaging to meet the rising sustainability concerns of customers. For instance, Bhoomi offers sugarcane juice in a 100% plant-based bottle. Such innovations are expected to further drive the market growth over the forecast period.
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Sugarcane Juice Market: Strategic Insights
Many sectors, including the food and beverage industry, are facing unexpected challenges due to the ongoing coronavirus pandemic. Various restrictions, such as lockdowns, the shutdown of manufacturing units, travel bans, and border restrictions, disrupted the global supply chains. This also led to a shortage of raw materials and labor. However, the demand for sugarcane juice has increased significantly as people started consuming food and beverages that help in boosting immunity. The demand for hygienically extracted and packaged sugarcane juice surged as the hygiene concerns increased due to the pandemic. Thus, the COVID-19 pandemic created positive growth opportunities for the sugarcane juice market. E-commerce played a significant role in improving product sales as it offered home delivery services even during lockdowns. This factor is projected to contribute to the growth of the sugarcane juice market during the forecast period.
Ready-to-consume food and beverages are gaining popularity as they are convenient to consume and not restricted to a specific location or time. Packaged food & beverages have occupied most of the retail space due to the rising on-the-go food consumption trend. Rapidly transforming lifestyles of consumers, owing to hectic work schedules and rise in disposable income levels, are the key factors propelling the demand for packaged food and beverages. Packaged sugarcane juice is a healthy beverage that is easy to consume on the go. The availability of packaged sugarcane juice of multiple brands across various retail spaces has created a massive demand for the product. Thus, the trend of on-the-go food & beverage consumption is expected to drive the demand for packaged sugarcane juice in the coming years.
Based on the category, the sugarcane juice market is bifurcated into organic and conventional. The conventional segment accounted for a larger market share in 2020, and the organic segment is expected to register a higher CAGR in the market during the forecast period. Conventional sugarcane juice is obtained from conventionally grown sugarcane using chemical fertilizers and pesticides. Manufacturers also use chemical preservatives during juice processing to preserve its original flavor and taste. Conventional sugarcane juice is cheaper than organic one. Local food manufacturers use conventional sugarcane juice due to its affordability and availability.
Based on the packaging type, the sugarcane juice market is bifurcated into bottles, cans, and others. The bottles segment accounted for a larger market share in 2020, and the cans segment is expected to register a higher CAGR in the market during the forecast period. Cans are cylindrical containers generally made of several metals, such as tin, steel, and aluminum. Cans are portable, leak-proof, and an excellent packaging alternative, as they require low maintenance than glass bottles. Moreover, cans are fancy and attractive, which is why most people prefer cans over bottles.
The sugarcane juice market is bifurcated into supermarkets and hypermarkets, convenience stores, online retail, and others based on the distribution channel. The supermarkets and hypermarkets segment accounted for a larger market share in 2020. The online retail segment is expected to register a higher CAGR in the market during the forecast period. Due to a heavy customer base, manufacturers of sugarcane juice usually prefer to sell their products through supermarkets and hypermarkets. Moreover, such stores have modern storage facilities that ensure ideal storage conditions for sugarcane juice. Sugarcane juice brands are widely available across well-known supermarkets, such as Walmart, Kroger, and H-E-B stores.
Leading players in the sugarcane juice market include Goya Foods, Inc.; KGN London; NutriCana; Nutricane Beverages Pvt. Ltd.; Rakyan Beverages; So’Kanaa; Numaoy Raimaijon Co.,Ltd.; Hurrycane; Mr. Sugarcane; and Muddy Puddle Foods Pvt Ltd.; among others. These players are investing to expand their retail presence to cater to large consumer groups across different regions.
The regional trends and factors influencing the Sugarcane Juice Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Sugarcane Juice Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 138.09 Million |
| Market Size by 2028 | US$ 233.61 Million |
| Global CAGR (2021 - 2028) | 7.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Category
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Sugarcane Juice Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Sugarcane Juice Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The global sugarcane juice market is primarily driven by the rising hygiene concerns amongst consumers, growing preference for organic food and beverages, and growth of organized retail sector across developing economies.
Based on distribution channel, the supermarkets and hypermarkets segment held the largest market share owing to high customer traffic in these stores coupled with availability of different brands of sugarcane juice under one roof.
Based on category, the organic segment is projected to grow at the fastest CAGR owing to growing awareness about the health benefits of organic juices.
In 2020, Europe led the global sugarcane juice market owing to the rising demand for 100% natural and organic juices coupled with the presence of robust retail sector.
The scope of the sugarcane juice market includes only the organized retail sales of sugarcane juice and does not include the unorganized retail sale i.e. sugarcane juice sold by street side vendors in open glasses.
Some of the prominent players operating in the global sugarcane juice market include Goya Foods, Inc.; KGN London; NutriCana; Nutricane Beverages Pvt. Ltd.; Rakyan Beverages; So’Kanaa; Numaoy Raimaijon Co., Ltd.; Hurrycane; Mr. Sugarcane; and Muddy Puddle Foods Pvt Ltd.