Analysis of Potential Impact of COVID-19 on Apple Cider Vinegar Market
A profound relationship exists between apple cider vinegar, and health and wellness. And, apple cider a day keeps the doctor away might have caught up on the millennial imagination in a major way. And, a lot of the credit goes to celebrities endorsing the product left, right and center. Some of the A-listers who have joined the apple cider vinegar bandwagon include Katy Perry, Jennifer Aniston and Victoria Beckham. People take them seriously and this influences market growth in a substantial way.
As per a detailed market analysis by Transparency Market Research (TMR), the global apple cider vinegar market will grow at a CAGR (Compound Annual Growth Rate) of approximately 6% between 2018 and 2027. It will chart a 5% year-on-year growth in 2019. Some of the factors propelling growth into the apple cider vinegar market are rising awareness and varied use in different end-use industries like beauty, pharmaceuticals and wellness.
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As the trend for natural rages onto the global landscape, capturing peoples’ lives like never before, the demand for apple cider vinegar will grow which is a go to ingredient foe the population consumed by clean eating. It is rich in minerals, enzymes and vitamins and can be had as a tonic, straight from the bottle. Besides, the multiple benefits it accrues like weight loss, regulation of blood sugar level, improvement in immunity and gut well-being, aids in the market charting a higher curve.
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Another trend that is leading the market take on a high growth trajectory is the rise of veganism. As people realize the benefits of an animal free diet, move to natural products, packed with nutrition is on a rise. A robust distribution system is further helping players grab a bigger share of the pie.
Key Strategy for Players to be Product Diversification over the Forecast Period
Consumers are not just massively moved by a health and fitness concern on their daily lives but they are also open to experimentations. And, thus it comes a no surprise that players are dabbling with additional ingredients like walnuts, green tea, ginger, etc. These premium beverages enthrall consumers that want more from less in terms of food items and beverage options.
And, they are eager to pay extra for functional premium choices.
Other strategies that players in the global apple cider vinegar market are deploying include strategic collaborations and partnerships, and mergers and acquisitions. And, from PepsiCo. Inc. to Kraft Heinz Company, major players are not shying away from these to ensure future growth.
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Players are also trying to cut manufacturing costs and improve product quality by obliterating need to outsource raw materials. Thus, many are seen investing in growing their own apple orchards.
The report is segmented as presented below:
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