A recent report by Transparency Market Research (TMR), a leading market intelligence firm, presents an evaluation of the growth dynamics of the global apple sauce market over the period from 2018 to 2026. According to the report, the apple sauce market is expected to record a significant rise by the end of the forecast period, thanks to intensified competition among the key market players. With a large number of players, the global apple sauce market demonstrates a largely fragmented business landscape.
The J.M. Smucker Co., Dr Pepper Snapple Group, Nestlé S.A., Materne North America Corp., and Knouse Foods Cooperative Inc. are some of the key players in this market. Product innovation, with respect to flavour and nutritional value, is the main business strategy, these players are taking up to gain a strong foothold in this competitive environment. In the coming years, they are projected to increase their investments in the apple sauce market across the world, states the research report.
As per the research study, the global apple sauce market, which was valued at US$1.65 bn in 2017, is expected to report a healthy rise at a CAGR of 5.00% during the period from 2017 to 2025 and reach US$2.16 bn by the end of the forecast period.
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The demand for sweetened apple sauce is relatively greater than its unsweetened counterpart and this trend is likely to remain so in the years to come. Hitherto, conventional apple sauce has a wider base of consumers. However, organic apple sauce is expected to gain momentum in the near future.
On the regional basis, the worldwide apple sauce market is mainly spread across North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among these, North America occupied the dominant position in 2017. The high number of apple sauce producers in this region is the key factor that has boosted the North America apple sauce market. Followed closely by the market in Europe, the North America apple sauce market is likely to remain on the top over the next couple of years, states the research report.
Increasing Preference for Healthy Food Habit to Support Market Growth
“The global apple sauce market is registering a high growth rate, which is reflecting greatly on its overall valuation,” says an analyst at TMR. The rising awareness pertaining to the health benefits of apple consumption has boosted the uptake of apple products, such as juices, sauce, and flavored products, considerably, thereby propelling the worldwide apple sauce market. Going forward, the rising preference for a healthy lifestyle is projected to boost the consumption of food with high health benefits in the near future, apple sauce being an important one, notes the research study.
Intense Competition to Slow Down Growth Rate
Though, the global apple sauce market displays a thriving business landscape, the intense competition between apple sauce producers and distributers, leading to price differentiation, may hinder the growth trajectory of this market in the near future. Nonetheless, the rising demand for flavored apple sauce, such as spiced ones, is expected to balance the impact of this restraint. Apart from this, the high production of apples, especially in developing countries, is also projected to boost the growth in this market over the next few years, reports the research study.
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