The global food and beverages sector has been solid amid the COVID-19 pandemic backed by the high demand for food items that were added to the list of essential items. In addition, the increasing demand for functional foods during the lockdown period stoked by people’s intention of improving their immunity has given a significant boost to the growth of the market during the pandemic period. Similarly, the apple cider vinegar market has experienced high demand during the initial phase of the COVID-19 era due to high demand for the product, which was stoked by its immunity-boosting properties.
The global apple cider vinegar market size is projected to reach USD 789.37 million by 2028, exhibiting a CAGR of 4.5% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Apple Cider Vinegar Market, 2021-2028”. As per the report, the value of the market stood at USD 561.57 million in 2020. Various enterprises operating in the food and beverages space are leveraging the health benefits of ACV to attain a new customer base. They are using vinegar as a key ingredient for developing their products. For instance, Be Gud beverages, a health and wellness company based in Florida, two new flavor-infused shots of ACV.
Key Market Segmentation
We have categorized the market on the basis of source, form, distribution channel, and geography. In terms of source, the market is divided into conventional and organic. Based on form, it is fragmented into liquid and tablet. On the basis of distribution channel, the market is bifurcated into hypermarkets/supermarkets, online channels, traditional grocery stores, and others. Lastly, based on the region, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
What Does the Research Report Offer?
The report comprises a detailed analysis of the various drivers and restraints affecting the demand and supply of the market. In addition to this, it includes insights into the various segments and their current holdings in the market. Apart from this, the report also provides regional analysis based on our research on key geographic locations along with details on the strategies adopted by the key market players.
Increasing Adoption of Superfoods to Drive Growth
Growing health awareness among consumers is driving them to add more functional foods or superfoods to their diet. For instance, according to a survey report published by Datassential in 2019, over 56% of adults have shown an inclination toward superfoods for good health. This rapidly surging trend is driving the global apple cider vinegar market growth. In addition, various enterprises are developing innovative food products using the substance as the key ingredient. For instance, in June 2020, Good Glow, a wellness products company, introduced its new AVC wellness shot diluted and made from wholly organic ingredients. The increasing adoption of such products will further boost the demand.
However, prolonged consumption of AVC could lead to health issues such as tooth decay and acidity. For instance, Dr. Robert H. Shmerling, an associate professor of Harvard medicine, has suggested that excessive consumption of the product could lead to hypokalemia. Such factors are predicted to hinder market growth.
High Production in the U.S. to Help North America Dominate the Market
The total value of the market in North America stood at USD 277.9 million in 2020. The region is projected to hold the leading apple cider vinegar market share during the forecast period due to high production in the U.S. In addition, new product launches from several manufacturers for the U.S. market are projected to accelerate the demand for AVC in the region. For instance, in February 2021, Garden of Life, one of the leading producers of organic products, collaborated with the actress Alicia Silverstone for the launch of mykind, a new range of apple cider vinegar gummies.
The market in Asia Pacific is estimated to showcase positive growth during the projected timeline. The arrival of new players in the market has given a boost to the market expansion in the region. For instance, Goli Nutrition has opened a new trend in the Indian market space by offering ACV-based gummies in the country.
Prominent Players Experimenting with Product Form to Enter New Markets
Prominent enterprises operating in this market are focusing on experimenting with the form of consumption of their product. They are seeking innovative ways to find easier ways of consuming their products. For instance, in 2020, Man Matters, a health and wellness company, introduced ACV gummies in the Indian market. These gummies are aimed to help consumers manage their weight.
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