Smoothies Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Smoothies Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Smoothies Market size is expected to grow from USD 4.73 billion in 2023 to USD 6.82 billion by 2028, at a CAGR of 7.58% during the forecast period (2023-2028).

Key Highlights

• The smoothies market has been growing over the past few years owing to the shifting consumer preferences due to various factors, among which health consciousness has been one of the prominent reasons. Hence, several companies are pivoting their business model and are producing packaged iterations of their popular products, while franchises have been concentrating on meal delivery partners and drive-through services.
• Moreover, companies offering more nutritious products are thriving due to increased awareness regarding the consumption of healthy foods. The smoothies market is subject to witness substantial growth over the forecast period due to changing food habits, varying lifestyle patterns among the general population, and shifting trends toward a healthy way of living.
• Over the past few years, the global smoothies market has witnessed a surge in market trends, with health boosters, such as superfoods, acai, chia seeds, and protein, that transform traditional smoothie products into functional supplements. These ingredients boost the immune system of consumers and provide a wide range of health benefits.
• The availability of ample raw materials across various regions has also been providing lucrative opportunities for manufacturers to produce smoothies at competitive costs and attract more customers while doing so. As per data published by the Directorate of Economics and Statistics (India), the production volume of fruits in the year 2021 was 102.48 million metric tons. The fruits being cultivated across the region included bananas, mangos, papayas, and a variety of apples, among others.
• The smoothie market is flourishing in developed and emerging regions. The growth is fueled by a rising number of health-conscious customers, changing lifestyles and eating patterns, and the health benefits of smoothies. Consumers are moving away from high-carbohydrate foods and toward protein-rich options.
• In addition, to achieve their daily nutritional requirements, people are consuming more functional beverages, such as smoothies. Furthermore, due to busy lives and long working hours, there has been an increase in demand for more convenient food options.

Smoothie Market Trends

Increasing Consumption of Healthy Beverages

• Smoothies, which include large servings of fruits and vegetables, are recommended as a healthy diet. Moreover, rising health consciousness among consumers, changing lifestyle and food habits, and health benefits are driving the smoothie market’s growth. Currently, the consumption habits of the majority of the population include skipping meals and using other snack foods as substitutes.
• The intake of carbohydrates, primarily when smoothies are made without sugar, is low. Thus, most gym trainers recommend smoothies to people planning to lose weight. Therefore, smoothies emerged as perfect meal replacement products. Furthermore, they are healthier than other snack products and offer good taste, convenience, and portability.
• According to a survey conducted by the International Food Information Council in 2022, the word "fresh" was selected by nearly 37% of respondents in the United States as the best description of healthy food. This definition emerged as the most popular among participants. The second most commonly chosen definition, selected by almost 32% of respondents, was "low in sugar" as a characteristic of healthy food. Furthermore, 28% of customers considered foods containing fruits or vegetables to be indicative of healthy choices. These factors are also anticipated to drive the market for fruit and vegetable smoothies in the near future.
• Additionally, with the ongoing organic trend, many juice manufacturers have started launching smoothie products that are organic and feature clean, easy-to-read labels. Increased health consciousness, obesity control, and increased customer awareness about the composition of a product are the major factors behind the penetration of natural and organic smoothies in the market.

North America Accounts for the Major Share

• The North American region accounts for the major market share studied, followed by the Asia-Pacific region. In the North American region, the United States accounted for the majority share in terms of consumption of healthy ingredients, owing to the country's busy lifestyle and deteriorating health conditions. Moreover, rising health consciousness and busy lifestyle drive convenience food adoption.
• The consumption of fresh vegetables is increasing at a rapid pace, owing to the growing awareness of the health benefits. Consequently, several smoothie brands are launching products with vegetables, such as kale, spinach, pumpkins, beets, carrots, and cabbages.
• For instance, in September 2021, Clean Energy, a clean-label, plant-based sports nutrition company, announced the launch of its on-the-go smoothie packets containing only organic fruits and vegetables as its first product. It is also available in its debut flavor combination – banana, strawberry, blueberry, spinach, and flaxseed – Clean Energy provides the nutrition of a homemade smoothie.
• Consumers across the region are using fruit-blend smoothies, which include other ingredients, such as whey powder, herbal supplements, and nutritional supplements, to fulfill their optimum nutritional requirements. Post-workout fruit powders, meal-replacement fruit powders, nutrient-rich fruit powders, and low-carb powders are being launched in the market in response to the demand for healthy smoothies.

Smoothie Industry Overview

The global smoothie market is highly fragmented, owing to large regional and domestic players in different countries. Emphasis is given to the merger, expansion, acquisition, and partnership of the companies and new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Some of the top companies offering smoothies in the market include Danone SA, PepsiCo, Inc., The Coca-Cola Company, Bolthouse Farms, and Focus Brands LLC.

Additionally, there have been many emerging companies that are offering their products in the market studied. The players have been actively using various strategies and designing various ad campaigns to position their products and drive the demand for the same in the market. In February 2023, under their dairy brand Smoodh, Parle Agro introduced Smoodh Fruit Smoothies. The smoothie has three flavors: guava chili, banana rum, and mixed berries.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support