The global apple cider vinegar market size is projected to reach USD 789.37 million by 2028 owing to the increasing awareness regarding health benefits of the product, states Fortune Business Insights™ in its report, titled “Apple Cider Vinegar Market, 2021-2028”. The report further states that the global market value was USD 561.57 million in 2020 and the market is expected to register a CAGR of 4.5% from 2021 to 2028.
The demand for apple cider vinegar has surged during the COVID-19 pandemic owing to its immunity-boosting health benefits. Increasing demand for nutritional food products during the lockdown period has further strengthened the apple cider vinegar market growth. However, a decline in sales during the first quarter of the pandemic due to complete lockdown and a ban on the sale of non-essential items has impacted the demand for the product. Therefore, the year-on-year growth of the market was lower than in the previous years.
Rising Awareness Regarding Health Benefits of ACV to Drive Growth
The global food and beverages industry has witnessed a surging demand for healthy products that have high nutritional value. This is backed by the increasing awareness among people regarding fitness and a healthy lifestyle. This trend is projected to drive the global apple cider vinegar market. ACV provides several health benefits including management of blood pressure and blood glucose management. It also helps reduce bad cholesterol. According to the Canadian Digestive Health Foundation, the nutrients found in ACV are similar to that of a whole apple minus the fibers. Therefore, such health benefits are anticipated to enhance the demand for ACV.
Molson Coors Beverage Company Acquires Aspall Cyder Limited
In January 2018, Molson Coors Beverage Company, a prominent beverage company based in the U.S., expanded its cider portfolio by acquiring Aspall Cyder Limited. With this acquisition, the high-rated portfolio owned by Aspall will be brought to Molson, which will help the latter strengthen its position in the fast-growing premium cider market in the UK. On the other hand, Molson’s expertise in marketing, distribution, and logistics will further enable them to expand their business across the UK.
Presence of Key Players to Boost Demand in North America
North America is projected to lead the apple cider vinegar market share during the forecast period. One of the prominent factors driving the market growth in the region is the evident presence of various manufacturers in the U.S. These enterprises are introducing a new range of AVC products in the U.S. market. This will boost product adoption in the region. For instance, In February 2021, Garden of Life introduced mykind, a new product line of apple cider vinegar gummies. The total market value of the region stood at USD 277.9 million in 2020.
Asia Pacific is anticipated to hold a significant market share in the projected timeline. The market in the region is constantly driven by the introduction of new players coming up with innovative products. For instance, Goli Nutrition has recently launched ACV-based gummies in the Indian market.