Non-alcoholic Beverages Market Latest Updates in 2023
According to Fortune Business Insights ™, the global non-alcoholic beverages market size to rise significantly on account of the current trend of health and fitness and the rising inclination towards healthy beverages. The value of this market was USD 919.13 billion in 2019 and to rise at a CAGR of 8.20% between 2020 to 2027 to reach USD 1,257.77 billion by the end of 2027.
Increasing Popularity of Refreshment Drinks to Aid in Favor
The increasing prevalence of various acute and chronic diseases have encouraged people to adopt a healthy lifestyle. These habits include regular exercise and fitness and consumption of nutritional food and beverage products. The rising inclination towards healthy lifestyle and eating habits is the key factor promoting the global non-alcoholic beverages market growth. In addition to this, the increasing popularity of refreshment drinks and the advent of innovative flavors and taste will add a boost to the growth of the market in the forecast period.
On the contrary, the fluctuating prices of raw materials to make non-alcoholic beverages and fluctuation in its availability, especially for seasonal fruits may cause major hindrance to the market in the coming years.
Nevertheless, the evolution of e-commerce platforms and the rising production of soft drinks to suffice to the needs of the consumers are likely to help the market witness lucrative growth opportunities in the forthcoming years.
Carbonated Soft Drinks Segment Emerged Dominant Owing to its Refreshing Properties
Among all segments in type, the carbonated soft drinks segment earned 39.80% share in 2019 and emerged dominant. This segment is holding the largest non-alcoholic beverages market share on account of its refreshing properties and cost-efficiency.
Asia Pacific Held Largest Shares Attributing to Rising Disposable Income of People
Among all regions, Asia Pacific held the largest non-alcoholic beverages market share in 2019. This is attributable to the increasing modernization and adoption of western habits among people that resulted in rise in expenditure on beverage products. On the other side, the North American market earned USD 199.53 billion and will showcase significant growth in the coming years on account of rising demand for sports drinks and RTD beverages in the region. Besides this, the Europe market will witness a notable growth on account of the decline in consumption of alcoholic beverages and increasing popularity of ‘better-for-you ”products, thereby promoting the consumption of healthy soft drinks.
Coca-Cola Company is Dominating Market Attributing to Continuous Innovations
The global market for non-alcoholic beverages is consolidate in nature on account of the presence of a handful of players holding major shares such as Nestle SA, The Coca Cola Company, and PepsiCo Inc. Among these, the market is dominate by the Coca- Cola Company accounting to the continuous innovations in their beverage products. This includes VitaminWater range, probiotic drinks, fermented drinks, and RTD beverages, among others. In March 2019, this company launched a new drink of Jaljeera flavor into the Indian market. Other players operating in this market are engaging and investing heavily on innovative product launches to gain a competitive edge in the market competition. Some others are engaging in collaborative efforts such as agreements and contracts, joint ventures, and partnerships,
Key Industry Developments:
December 2019 – The launch of a greenhouse accelerator program in 2020 was announced in North America by PepsiCo Co. to help smart startup. Companies provide the base for following up with the current trends in the non-alcoholic beverage segment and earn a position in the market competition.