Increased awareness of various health problems associated with alcohol has shifted the consumer preference toward non-alcoholic drinks.
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, April 10, 2023 /EINPresswire.com/ — The global non-alcoholic drinksmarket was valued at $820.0Billion in 2020, and is expected to reach $2,134.6 Billion by 2031 at a CAGR of 6.8%.The soft drinks segment is expected to retain its dominant position, in terms of revenue generation during the forecast period. Asia-Pacific held the leading position in the global market in 2020, and is expected to maintain its lead in the future.
Key players profiled in the report include A.G. Barr, Dr. Pepper Snapple Group, DydoDrinco, Attitude Drinks, Co., Livewire Energy; Calcol, Inc., Danone, Nestlé S.A., PepsiCo, Inc., and the Coca-Cola Company. Other major players (not profiled in report) in the industry are Kraft Foods Group, Inc., Suja Life, LLC, FreshBev, Pressed Juicery, Suntory Beverage & Food, Unilever, Asahi Group, Jacobs Douwe Egberts, and Kirin Holdings Co.
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The market is expected to witness notable growth in the near future, owing to rise in urbanization and increased disposable income in the emerging countries. Moreover, change in lifestyle patterns toward healthy functional food and increase in prevalence of diseases due to unhealthy lifestyle escalates the demand for premium and luxury non-alcoholic beverages. Furthermore, the impact of surgein awareness of health and wellness among consumers and millennial generation are expected to boostthe demand for non-alcoholic beverages. In addition, broad range of preferences and innovative packaging play pivotal role in the market growth. Some of the major restraints associated with the market are stringent government regulations associated with sugary drinks, additives, and preservatives causing hazardous health effects such as obesity, diabetes, and high blood pressure.
However, several companies have launched sugar-free drinks and diet & low caffeine content drinks due to advancements in R&D activities. Furthermore, companies develop organic drinks with natural preservatives and additives. For instance, Blue Sky Beverage Co. manufactures natural beverages without preservatives or artificial colors or flavors. These new developments are projected to propel the market growth during the forecast period. Government regulations associated with alcohol beverages and growth in disposable income in the emerging economies are the prime factors that result in significant growth in demand for non-alcoholic beverages. However, rise in awareness toward adverse health impacts due to excessive intake of drinks is projected to hamper the market growth during the forecast period.
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The non-alcoholic drinks market is segmented based on the product type and geography. By product type, the market can be segmented into soft drinks, tea & coffee, energy drinks, juices, bottled water, dairy drinks, and others. By distribution channel, the study covers supermarket/hypermarket, convenience stores, specialty stores, online retails, and others. By price point, the market is segmentedinto standard, premium, and luxury categories. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of the Study
By product type, the market size of soft drinkssegment remainedthe dominant segment in the year 2020, and is expected to maintain the market share in the coming years.
Soft drinks account for nearly 45.87% and 51.40%, by revenue and volume, respectively, followed by bottled water, and dairy drinks.
By distribution channel, specialty store is the fastest growing segment owing to the increasing interest in customized products that are offering more honey-sweetened foods and drinks.
By price point, premium category is anticipated to grow with thehighest CAGR during the forecast period.
By region, Asia-Pacificledin terms of the global non-alcoholic drinks market share in 2020, and is expected to retain its dominance during the forecast period.
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