Smoothies Market Expanding at a CAGR of 7.6% during 2019-2024

As per the latest report by IMARC Group, titled “Smoothies Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global smoothie market size reached US$ 11.2 Billion in 2018. A smoothie is a thick beverage that is prepared by blending fruits, vegetables and other ingredients like milk, seeds, yogurt, ice-cubes, sweeteners and supplements. As it is rich in vitamins and fibers and can be stored for later consumption, it is gaining traction among consumers as a convenient meal replacement. On account of the hectic lifestyles and long working hours, a rise in the trend of on-the-go-meal options has been observed which, in turn, is spurring the demand for smoothies around the world.

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Global Smoothies Market Trends:

One of the significant trends witnessed in the market is the rising popularity of green smoothies. Consumers nowadays are incorporating green leafy vegetables, such as kale, lettuce, spinach and collard greens, into their smoothies to improve digestion, enhance the nutritional content, boost the immune system and minimize unhealthy food cravings. Apart from this, consumers are altering their everyday diet and adopting healthier lifestyles due to growing health consciousness. Consequently, they are shifting from carbohydrate-laden food products toward protein-enriched snacks and meals like smoothies to meet their daily nutritional requirements. Further, owing to the improving economic conditions and sedentary lifestyles of consumers, dietary deficiencies have now been replaced with chronic diseases like stroke, obesity, diabetes, arthritis and heart attacks. This, coupled with the rising consumption of convenient health-food items such as smoothies, is impelling the market growth. Looking forward, the market is projected to reach a value of US$ 17.4 Billion by 2024, expanding at a CAGR of around 7.6% during 2019-2024.

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Insights on Market Segmentation:

Market Breakup by Product:

1. Dairy-Based

2. Fruit-Based

Based on the product, the market has been bifurcated into dairy- and fruit-based smoothies. At present, fruit-based smoothies represent the most popular variant, holding the largest market share.

Market Breakup by Distribution Channel:

1. Restaurants and Smoothie Bars

2. Supermarkets and Hypermarkets

3. Convenience Stores

On the basis of the distribution channel, the market has been segmented into restaurants and smoothie bars, supermarkets and hypermarkets, convenience stores, and others. Amongst these, restaurants and smoothie bars exhibit a clear dominance in the market.

Market Breakup by Packaging Material:

1. Plastic

2. Paper

3. Glass

4. Others

The market has been analyzed on the basis of the packaging material into plastic, paper, glass and others. Presently, plastic packaging materials account for the majority of the total market share as they are relatively lightweight and cost-effective than the alternatives.

Market Breakup by Consumption Pattern:

1. Out of Home

2. At Home

Based on the consumption pattern, the out-of-home segment holds the biggest market share, followed by the at-home segment.

Market Breakup by Region:

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

Region-wise, North America represents the leading market, holding the majority of the global market share. Other major markets include Europe, Asia, Pacific, Latin America, and Middle East and Africa.

Competitive Landscape:

1. Market Structure

2. Key Players

3. Profiles of Key Players

The competitive landscape of the market has also been examined with some of the key players being Smoothie King, Maui Wowi Hawaiian Coffees & Smoothies, Suja Juice, Innocent Drinks, Bolthouse Farms, Jamba Juice Company, Ella’s Kitchen Ltd., Barfresh Food Group, Inc and Tropical Smoothie Café.

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