Rise in number of health conscious consumers globally and increase in disposable income drive the growth of the global apple cider vinegar market.
PORTLAND, Ore., Nov. 15, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Apple Cider Vinegar Marketby Nature (Organic and Conventional), Form (Liquid and Others), Distribution Channel (Supermarket/Hypermarket, Specialty Store, Online Store, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global apple cider vinegar industry generated $838.9 million in 2020, and is anticipated to generate $1.81 billion by 2030, witnessing a CAGR of 8.1% from 2021 to 2030.
Prime determinants of growth
Rise in number of health conscious consumers globally and increase in disposable income drive the growth of the global apple cider vinegar market. However, lack of solar panel recycling infrastructure and problems associated with the recycling hinder the market growth to some extent. On the other hand, economies such as China, India, and the U.S. is presenting new opportunities in the coming years.
The outbreak of the COVID-19 pandemic witnessed a positive impact on the apple cider vinegar market.
A significant rise in demand for apple cider vinegar during the pandemic led to a huge sale for apple cider vinegar in the initial phases of lockdown. This is expected to last in the post pandemic period.
The conventional segment to maintain its leadership status throughout the forecast period
Based on nature, the conventional segment held the highest market share in 2020, accounting for more than 90% of the global apple cider vinegar market, and is estimated to maintain its leadership status throughout the forecast period, owing to maximum sale of conventional apple cider vinegar. Moreover, the organic segment is projected to manifest the highest CAGR of 9.6% from 2021 to 2030. This is because the key players in the market are increasingly adding organic apple cider in their product portfolio to cater health conscious consumers.
The supermarket/hypermarket segment to maintain its lead position during the forecast period
Based on distribution channel, the supermarket/hypermarket segment accounted for the largest share in 2020, contributing to more than one-thirds of the global apple cider vinegar market, and is projected to maintain its lead position during the forecast period. This is owing to surge in demand of high-end, healthy food & beverage products. However, the online store segment is expected to portray the largest CAGR of 9.4% from 2021 to 2030. This is attributed to easy availability of apple cider vinegar and benefits provided by the online portals such as information about functional attributes offered by the product, directions to use, easy payment options and others.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global apple cider vinegar market, owing to increase in per-capita consumption of fast foods. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 10.2% from 2021 to 2030. This is attributed to rise in number population of working professionals who are willing to spend on these products that contributes in enhancing physical well-being.
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