Juices - ASEAN

The Juices market in ASEAN has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth of the Juices market in ASEAN is the increasing health consciousness among consumers. With a growing awareness of the importance of a healthy lifestyle, more and more people in the region are turning to juices as a convenient and nutritious option. Juices are seen as a natural source of vitamins and minerals, and are often perceived as a healthier alternative to carbonated beverages. Additionally, the rising middle class in ASEAN countries has led to an increase in disposable income, allowing consumers to spend more on premium and healthier products.

Trends in the market: One of the key trends in the Juices market in ASEAN is the demand for natural and organic juices. Consumers are becoming more conscious of the ingredients used in their food and beverages, and are opting for products that are free from artificial additives and preservatives. This trend is particularly prominent among millennials, who are willing to pay a premium for products that are perceived as healthier and more sustainable. As a result, many juice companies in ASEAN are now offering organic and natural juices to cater to this growing demand. Another trend in the market is the popularity of functional juices. These are juices that are fortified with additional nutrients or ingredients that provide specific health benefits. For example, juices that are fortified with probiotics or antioxidants are gaining popularity among consumers who are looking for products that can boost their immune system or improve their overall health. This trend is driven by the increasing interest in preventive healthcare and self-care among consumers in ASEAN.

Local special circumstances: One of the unique characteristics of the Juices market in ASEAN is the diversity of flavors and ingredients that are available. Each country in the region has its own local fruits and traditional ingredients that are used to make juices. This diversity allows for a wide range of flavors and combinations, catering to the preferences of different consumers. For example, in Thailand, tropical fruits like mango and pineapple are commonly used in juices, while in Malaysia, flavors like durian and coconut are popular. This local flavor diversity adds to the appeal of juices in ASEAN and contributes to the growth of the market.

Underlying macroeconomic factors: The growth of the Juices market in ASEAN is also influenced by underlying macroeconomic factors. The region has been experiencing steady economic growth, which has resulted in an expansion of the middle class and an increase in disposable income. This has led to a higher purchasing power among consumers, allowing them to spend more on premium and healthier products like juices. Additionally, the rise of e-commerce platforms in ASEAN has made it easier for consumers to access a wide range of juices and have them delivered to their doorstep, further driving the growth of the market. In conclusion, the Juices market in ASEAN is experiencing significant growth due to the increasing health consciousness among consumers, the demand for natural and organic products, the popularity of functional juices, the diversity of flavors and ingredients available, and the underlying macroeconomic factors such as economic growth and the rise of e-commerce.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Non-Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.