Juices - Hungary

The Juices market in Hungary has been experiencing steady growth over the past few years, driven by changing customer preferences and local special circumstances.

Customer preferences: Hungarian consumers have been increasingly opting for healthier beverage options, leading to a surge in demand for juices. With growing health consciousness, consumers are actively seeking out juices that are made from natural ingredients and have no added sugars or preservatives. This trend towards healthier choices is also reflected in the increasing popularity of organic and cold-pressed juices in the market.

Trends in the market: One of the key trends in the Juices market in Hungary is the rising demand for functional juices. Consumers are looking for juices that offer additional health benefits, such as immune-boosting properties, detoxification, and energy enhancement. As a result, manufacturers are introducing a wide range of functional juices that cater to these specific needs. Another trend that has been observed is the increasing popularity of fruit and vegetable blends. Consumers are now more open to trying unconventional juice combinations, such as beetroot and apple or carrot and ginger. These blends not only provide a unique flavor profile but also offer a wider range of nutrients and health benefits.

Local special circumstances: Hungary has a strong agricultural sector, which provides a steady supply of high-quality fruits and vegetables. This local advantage has allowed juice manufacturers to source fresh and locally grown produce, ensuring the quality and freshness of their products. Additionally, Hungary's rich agricultural heritage has also contributed to the availability of a diverse range of fruits and vegetables, further fueling the growth of the Juices market.

Underlying macroeconomic factors: The improving economic conditions in Hungary have also played a role in the growth of the Juices market. As disposable incomes have increased, consumers have been willing to spend more on premium and healthier beverage options. This has created a favorable market environment for juice manufacturers, who have been able to introduce new and innovative products to cater to the changing consumer preferences. In conclusion, the Juices market in Hungary is witnessing growth due to the shift in customer preferences towards healthier options, the introduction of functional juices, and the availability of a wide range of fruit and vegetable blends. Additionally, local special circumstances, such as Hungary's strong agricultural sector and diverse range of produce, have contributed to the market's development. The improving economic conditions in Hungary have also played a role in driving the growth of the Juices market.

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.