Based on recent market trends, upcoming drivers and regional prospects, OG Analysis forecasts Smoothies Market size to grow at a CAGR of 6.58% during 2020-2026. The latest research market outlook presented by OG Analysis is a framework of market insights across market segments, market strategies, and regional market trends during the forecast period.
The expansion of palpable flavors and growing consumption of smoothies coupled with rise in disposable income are the key market drivers to boost the smoothies market growth. Further, innovative marketing strategies by vendors and introduction of low or no sugar smoothies are in focus to cater to emerging health-conscious consumers. For instance, in 2019, Coca-Cola-owned beverage brand Odwalla released its first range of zero-sugar smoothies to meet consumer demands for low- and no-sugar products. Accordingly, consumption of smoothies with functional benefits and added vitamins and minerals is observed as an emerging market trend.
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Based on regional prospects, the market is dominated by Americas driven by mass-market of the U.S. smoothies. Planet Smoothie, Smoothie King, and Innocent are some of the major players across the region.
However, presence of alternatives for smoothies including coconut water, functional drinks, and soft drinks contribute as a negative impact on the market growth. Further, high taxation on sugary drinks by governments is acting as one of the major challenges for the market players.
Smoothies Market trends across key segments set to trigger the market growth during the forecast period
The Smoothies market scope is segmented based on key product types including fruit-based, dairy-based and others. Further, the market value is accessed across key distribution channels comprising supermarkets/hypermarkets, restaurants, smoothie bars, convenience stores, and others.
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Amidst, key product type segment of smoothies market, fruit-based smoothies segment is set to emerge with a strong growth. Both consumers and producers are observed to boost market value and demand. Moreover, the benefits of fruit-based smoothies, which are lactose-free, fibrous and rich in proteins drive the sales of this market segment. For example, in 2019, Hiland Dairy introduced a new fruit-based, 14% fiber, six grams of protein and probiotic smoothie in seven flavors including strawberry-banana, peach, pina colada, strawberry, and mango, guanabana and pecan cereal.
In terms of distribution channels, restaurant and smoothie bars accounted for a significant market share, followed by online supermarkets and hypermarkets. Sainsbury, Tesco, ASDA, and Ribena are amidst leading distribution channels that offer RTD smoothies and have invested in online retail platforms to expand sales and reach consumers.
The sales of smoothies across fast food joints and smoothies bar is observed to emerge with rapid growth, particularly across ThickShake Factory, McDonald’s, Burger King, and similar restaurants.
Regional smoothies market trends and drivers during the estimated period
Growth in consumption of smoothies across the U.S and Canada is set to drive the market growth. The health benefits, easy in availability and declining demand for high sucrose content to trigger the market growth. Moreover, the consumption of real fruit smoothies is likely to increase owing to the high nutrient and fibrous content.
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However, Asia Pacific is the fastest growing smoothies market characterized by key market growth opportunities during the forecast period. Growing urbanization coupled with the penetration of western culture and lifestyle is likely to boost the sales of smoothies across the region. Key contributors to the market include China, Japan, Australia, Singapore, Thailand, and India.
The presence of global market players planning to expand their operation across Asia Pacific and Africa and the strategic trend to invest in alliances with regional distributors is set to thrust the market value and sales during the forecast period.
Prominent players in the smoothies market include Bolthouse Farms, Jamba Juice Company, MTY Food Group, Smoothie King, Tropical Smoothie Cafe, Ella’s Kitchen Ltd, Barfresh Food Group, and Maui Wowi Hawaiian Coffees & Smoothies.
Stiff competition, product differentiation, and strategic approaches are observed across key market players
Innovative product line with technology aids is amidst key market trends observed across smoothies market participants. With technology on its brink, the 2019 launch of onboard robotics that make organic smoothies by Ono Food Co, where orders are processed in 60-second via a kiosk resulting in a fully finished smoothie, is an example of rising of the smoothie robots.
To brim with the surging competition, prominent players are investing in strategic marketing and launching of new flavors. In November 2019, a leading player, Smoothie King launched two new options including Slim-N-Trim Dark Chocolate Strawberry and Keto Champ Chocolate, preceded by the introduction of 4 flavors of Pumpkin smoothies buy one and get one free deal. In addition, Smoothie King’s new locations at Jacksonville, are marketing by giving out free 20-ounce smoothies for local First Reposonders including police, firefighters, EMTs, medical workers, and national guard personnel, is an outcome of strategic marketing to gain a competitive edge.
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