Market Research Report
Non-Alcoholic Beverage Market - Growth, Trends and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||649832|
|Published||Content info||122 Pages
Delivery time: 2-3 business days
|Non-Alcoholic Beverage Market - Growth, Trends and Forecast (2019 - 2024)|
|Published: April 1, 2019||Content info: 122 Pages||
The non-alcoholic beverage market is forecasted to reach USD 1252.54 billion by 2024, registering a CAGR of 4.7% during the forecast period (2019 - 2024). The booming demand for functional beverages in order to supplement health without altering the taste is propelling the non-alcoholic beverage market. Moreover, the increase in accessibility and regulations of non-alcoholic drinks globally is one of the key factors increasing the product preference leading to increased consumption. Whereas, the increasing health awareness and demand for nutrition-oriented products have affected the carbonated drinks market majorly.
The non-alcoholic beverage market offers a wide range of products among carbonated and non- carbonated beverages covering products, such as fruit and vegetable juice, functional drinks, RTD tea and coffee, and others. The others segment includes jelly beverages, rose syrup based beverages. The market is majorly operated by supermarket/ hypermarket, convenience store, online sales channels, and others. The other distribution channel includes drug stores, vending machines, and kiosks.
Flourishing Opportunities in Asia-Pacific
The Asia-Pacific food and beverage industry is growing with the highest possible rates, surpassing that of developed regions like Western Europe and North America. The region has a large and continuous growing middle-class consumer society, which indicates the presence of potential growth, specifically in the iced/RTD coffee drinks segment. Although the market is growing in all countries of Asia-Pacific, the high growth rate for this area is driven by the rapid development of the Chinese and Indian markets. Carbonated drinks is poised due to the largest segment in the non-alcoholic drinks segment. However the consumption of these carbonated beverages and soft drinks is expected to decline over sugar content and preference for healthier alternatives, such as 100% natural juice.
Online Sales Supplementing the Market Growth
Asia-Pacific is projected to show the highest growth rate in the sales of non-alcoholic beverage through specialty stores. However, the online retail sales for non-alcoholic beverages are growing at a faster rate. The segment is boosted by factors like the ease of availability and internet access, enabling the consumers to easily access the online shopping portals. The companies in the global market are placing their ranges of products over online retail spaces and trying to offer value-added services, like discounts to the consumers. This trend of shopping has expanded the overall global market.
The market is highly fragmented due to a large number of companies involved in the manufacturing of functional beverage. Some of the major players in the market are PepsiCo Inc., the Coca-Cola Company, Danone S.A., and Nestle S.A. offering a range of carbonated and functional beverages. Expansions and new agreement/ partnership strategies are some of the most preferred strategies for the non-alcoholic drinks industry globally. The key players also form new agreements and partnerships with local players to increase their foot print in the local market and release new products, according to the consumers' changing preferences.