IMARC Group, a leading market research company, has recently released the report titled “Soft drinks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. The study provides a detailed analysis of the industry, including global soft drinks market share, size, trends and growth forecasts. The report also includes competitive and regional analysis and highlights the latest developments in the market.
How big is the soft drink market?
|Report Attributes||The details|
|Market size in 2022||882 billion dollars|
|Market forecast to 2028||1.443 billion dollars|
|Growth rate (2023-2028)||CAGR of 5.2%|
|Base year of analysis||2022|
What is the market for soft drinks?
Soft drink refers to a non-alcoholic drink that contains a much smaller amount of alcohol. It includes a wide range of refreshments, including energy drinks, soft drinks, tea, coffee, juice, squash, hot chocolate, bottled water and probiotics. It promotes post-workout recovery, improves cardiovascular health, stimulates breast milk production, reduces the risks of osteoporosis, promotes better sleep, reduces anxiety and stress, and improves metabolism. Additionally, it contains fewer calories compared to alcoholic beverages, which help promote weight management and belly fat melting. As a result, it is widely used in the food and beverage (F&B) industry across the globe.
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What are the growth prospects and trends in soft drinks industry?
Currently, rising living standards and growing consumer awareness of maintaining health and well-being represent one of the main factors positively influencing the market. Hectic work schedules and sedentary lifestyles are increasing consumption of ready-to-drink (RTD) beverages, which, in turn, is driving market growth. Moreover, changing food consumption patterns of individuals along with increasing demand for processed food products across the globe are driving the market. Along with this, the expansion of the retail sector is making it convenient for consumers to choose from the many soft drinks available in the market. Increasing prevalence of diseases and inclusion of health enhancing formulations in the product is also impacting the market positively.
Moreover, increasing consumer awareness about the negative effect of alcohol consumption on their health is encouraging major market players to introduce more non-alcoholic variants. In addition, these drinks help rehydrate the body, improve digestive function, improve cognitive abilities and promote better health, which catalyzes their demand. In addition, increasing focus of market players on marketing strategies such as celebrity endorsement is supporting market growth. In addition, governments of various countries are organizing awareness programs to minimize alcohol intake, which is providing lucrative growth opportunities for manufacturers. Moreover, the introduction of multiple product variants with colors, textures and flavors similar to alcoholic beverages is driving the market growth. Soft drinks contain vitamin C, B6, folate, carbohydrates, calcium and magnesium, which improve bone health and PMS symptoms and prevent migraine attacks. This is encouraging consumers to replace sugar sweetened beverages (SSBs) with soft drinks and, in turn, driving their demand. Furthermore, the introduction of natural ingredient-based soft drinks due to growing concerns about synthetic flavors, artificial colors and chemical preservatives is offering lucrative opportunities to manufacturers to introduce bio-based product variants and increase their existing sales. .
What is involved in market segmentation?
The report has segmented the market into the following categories:
Division by product type:
- Carbonated soft drinks
- Bottled water
- Sports and energy drinks
- RTD tea and coffee
Division by type of packaging:
Distribution by distribution channel:
- Retail sales
- Food Service
- Supermarkets and hypermarkets
- Online Stores
Division by region:
- North America (USA and Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia and others)
- Latin America (Brazil, Mexico)
- Middle East and Africa
Who are the major players operating in the industry?
The report covers key market players including:
- Arizona Beverage Company
- Asahi Group Holdings Ltd. (TYO: 2502)
- Danone SA (OTCMKTS: DANOY)
- Keurig Dr Pepper Inc. (NASDAQ: KDP)
- Nestlé SA (OTCMKTS: NSRGY)
- Speak Agro Pvt. LLC
- PepsiCo Inc. (NASDAQ: PEP)
- Primo Water Corporation (NYSE: PRMW)
- Red Bull GmbH
- Suja Life LLC
- Suntory Beverage & Food Limited (OTCMKTS: STBFY)
- The Coca-Cola Company. (NYSE: KO)
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