Non-Carbonated Soft Drinks Market Expected To Witness A Substantial Growth Of $208.51 Billion By 2028: Grand View Research Inc.
The global non-carbonated
soft drinks market
size was estimated to reach USD 208.51
Billion by 2028 and is anticipated to expand at a CAGR of 6.9% from 2022 to 2028. The growing soft drinks industry
and the rising per capita consumption of these products are expected to promote
market growth.
The increasing
popularity and demand for sugar-free non-carbonated soft drinks products across
the developed economies have led to significant growth in the industry. In
addition to this, the rising demand and consumption of nutritious
non-carbonated soft drinks products owing to health consciousness among the
consumer are expected to drive the market growth. In addition to this, the
increasing demand for natural and chemical-free soft drinks and Ready-to-Drink
(RTD) are expected to accelerate the market growth.
Moreover, a
lockdown situation has been observed during the COVID 19 pandemic, and it
showed a slight impact on the non-carbonated soft drinks market due to the
suspended or delayed supply of raw material products. However, it significantly
impacts the supply chain of the soft drinks market. Moreover, the increasing
demand for nutrition-oriented products in the post-pandemic times will create
opportunities for the market players.
Sparkling &
flavored water segment is forecast to expand at a higher CAGR of 9.7% from 2022
to 2028. The rising consumption of low carbohydrates and low sugar soft drinks
will accelerate consumers to prefer sparkling & flavored water over any
other drinks. Additionally, the growing middle-class population coupled with
increasing disposable income and urbanization across the globe are anticipating
market growth. Moreover, the rising trend of e-commerce is expected to
accelerate this segment demand over the next couple of years.
Online
distribution channel is forecast to expand at a higher CAGR of 8.8% from 2022
to 2028. Consumers are more inclined toward online shopping and mobile apps for
shopping are getting popular due to their simplicity and convenience. Consumers
are inkling towards online channels as beverage products are available at
economic rates via online channels compared to offline coupled with door step
delivery of the product. It is also observed that companies, distributors, and
retailers are adopting the online platform to sell their products.
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Availability
of a variety of non-carbonated drinks, increasing per capita income, and a
growing consumer base are expected to promote the non-carbonated soft drinks
market growth. Additionally, changing lifestyle encourages the citizens to
consume Ready to Drink (RTD) which replaces solid food and satisfies the need
of nutritious need of the body. Moreover, multiple key vendors are investing in
R&D for improving the production of the food and beverages industry. In
addition to this, the increasing consumers' inclination toward drinking healthy
beverages and changing dietary pattern are propelling the market growth over
the last few years.
Non-Carbonated Soft Drinks Market Report Highlights
- Asia Pacific
contributed the largest market share of over 30% in 2021. The favorable
environmental conditions for planting tea and coffee in this region will
propel industry growth.
- Sparkling &
flavored water segment is forecast to grow with a higher CAGR of 9.7% from
2022 to 2028. Increasing demand for low carbohydrates and low sugar drinks
will propel consumers to prefer sparkling & flavored water over any
other drinks.
- Online
distribution channel is forecasted to grow with a higher CAGR of 8.8% from
2022 to 2028. Citizens started using online portals and mobile apps for
shopping and are getting popular due to their simplicity and
convenience.
The lockdown
announced during the COVID 19 pandemic by governments of various countries had
restricted or citizens prefer to stay at home as a precautionary measure.
Various exhibitions, sports events, and other public events were canceled
across the globe by measures arising from COVID-19 restrictions. Moreover, the
market experienced a shortfall in the sales of non-carbonated soft drinks
products owing to disturbed supply chains, restricted production, and reduced
demand across the globe. Though, citizens are more health-conscious and focused
on improving their immune system to maintain fitness, this will create
opportunities for the industry players. Thus, the market is expected to witness
a healthy market growth rate in the forecast period. Beverages are liquid food
that can be consumed for hydration or as a source of energy. Different types of
non-carbonated drinks are available in the market that satisfies the consumer’s
demand. Non-carbonated soft drinks are broadly categorized as tea, coffee, and
sparkling & flavored water. In addition to this, the continuous development
of innovative products and attractive packaging increases the demand for
non-carbonated soft drinks in emerging economies. Moreover, the rising demand
for low-sugar soft drinks from consumers is accelerating the market growth.
Additionally, the rising investment by the key market players in advertising
campaigns, social media marketing, and promotional activity are accelerating the
market growth in the forecast period.
List of Key Players in Non-carbonated Soft Drinks Market
- Nestlé
- Pepsico, Inc.
- The Coca-Cola
Company
- Keurig Dr Pepper
Inc (KDP)
- Red Bull GmbH
- Unilever PLC
- Monster Energy
Company
- AriZona Beverages
USA LLC
- Hint Inc.
- Spindrift
Beverage Co., Inc.
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