Smoothies Market Forecast 2024-2028: Key Trends and Players

The Global smoothies market is projected to grow by USD 709.6 million, with a compound annual growth rate (CAGR) of 6.14% from 2023 to 2028. This growth is attributed to the rising demand for healthier lifestyle choices and increased health awareness among consumers. Fruit-based smoothies, known for their ability to provide essential vitamins and minerals, are particularly gaining popularity. Additionally, the market benefits from growing smoothie outlets, product launches, and the increasing competition from dairy and nut-based alternatives.

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Market Segmentation

Consumption Pattern Insights

• Out of Home: The out-of-home segment is anticipated to experience substantial growth, driven by the popularity of smoothies among active consumers. Smoothie bars and food service establishments are central to this trend. Fruit-based smoothies, particularly acai and pitaya bowls, are gaining momentum, with brands like Smoothie King leading the way. The demand for smoothie cartons, offering portability and convenience, is also rising.

• At Home: A steady demand for smoothies prepared at home continues, but the out-of-home segment remains dominant in terms of growth.

Product Insights

• Fruit-Based Smoothies: This category remains the most popular, with fruits like strawberries, mango, banana, and pineapple being key ingredients.
• Vegetable-Based Smoothies: The demand for vegetable-based smoothies is also rising, as consumers look for nutritious, plant-based options.
• Dairy-Based Smoothies: Smoothies made with dairy are seeing continued preference for their creamy texture and rich flavor.
• Others: This segment includes supplements and other add-ins, further driving the market growth.

Regional Market Trends

• North America

  • United States
  • Canada

• Europe

  • Germany
  • United Kingdom

• APAC

  • China
  • India

• South America

• Middle East and Africa

Market Drivers

1. Increasing Number of Smoothie Outlets: There is a significant rise in the number of smoothie outlets, particularly in younger demographics. Companies are expanding by opening new stores in various regions. For instance, Jamba Juice expanded internationally, opening its first store in Thailand in 2017 and planning 40 locations in the Philippines by 2025. Smoothie King opened over 100 locations in 2021, increasing its global footprint to more than 1,300 locations.

2. Health-Conscious Consumers: The growing interest in wellness and health-conscious diets is fueling the demand for smoothies. Their appeal as a nutritious alternative to sugary beverages is helping smoothies outpace traditional drinks like fruit juices.

Market Trends

• Product Launches: The market is seeing a wave of new product launches, as manufacturers respond to the growing consumer preference for healthy, convenient beverage options. For example, Parle Agro launched the SMOODH Fruit Smoothies in February 2023 under its SMOODH dairy brand, tapping into the growing demand for nutritious beverages.

Market Challenges

• Increasing Competition from Substitutes: The smoothie market faces competition from various beverage alternatives, including juices, energy drinks, and coconut water. The rise in popularity of coconut water, known for its natural hydrating properties, presents a significant challenge. Additionally, QSRs are incorporating smoothies into their menus, adding further competition.

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Key Players in the Smoothies Market

The following companies are central to the growth and competition in the global smoothie market:

• Barfresh Food Group Inc.
• Campbell Soup Co.
• Crussh
• Daily Harvest Inc.
• Focus Brands LLC
• Happy Planet Foods Inc.
• Jamba Juice Franchisor SPV LLC
• KOIA
• Mars Inc.
• Maui Wowi
• MTY Food Group Inc.
• Nestle SA
• NOKA Organics LLC
• Parle Agro Pvt Ltd.
• PepsiCo Inc.
• Robeks Corp.
• Smoothie King Franchises Inc.
• The Coca-Cola Co.
• The Hain Celestial Group Inc.
• The Kraft Heinz Co.
• The Smoothie Bombs
• Tropical Smoothie Cafe LLC