PUBLISHER: SkyQuest | PRODUCT CODE: 1285936
PUBLISHER: SkyQuest | PRODUCT CODE: 1285936
Ready To Drink Beverages Market size was valued at USD 83.51 billion in 2021 and is poised to grow from USD 89 billion in 2022 to USD 146.3 billion by 2030, growing at a CAGR of 6.6% in the forecast period (2023-2030).
The global Ready To Drink Beverages market refers to the industry that produces and distributes a wide range of packaged beverages that are ready for immediate consumption. This market is characterized by a diverse range of products, including carbonated drinks, energy drinks, juices, ready-to-drink tea and coffee, and sports drinks. The market is driven by factors such as convenience, busy lifestyles, changing consumer preferences, and increasing urbanization. It is expected to experience steady growth in the coming years.
Top-down and bottom-up approaches were used to estimate and validate the size of Ready To Drink Beverages and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The global ready to drink beverages market is segmented based on product type, distribution channel and region. Based on the product type, the ready to drink beverages market is segmented as flavoured milk, yoghurt, tea, coffee, fruits & vegetable-based drinks, flavoured & fortified water, and others. Based on distribution channel, the ready to drink beverages market is segmented as supermarket/hypermarket, speciality stores, convenience stores, online retails. Based on region, the Ready to Drink Beverages market is categorized into North America, Europe, Asia-Pacific, and MEA.
Driver
Based on consumer research conducted by IWSR, the introduction of new flavors is considered the most important aspect in establishing a premium perception by over half of ready-to-drink consumers (56%). This is closely followed by the association with a well-known brand and the utilization of innovative packaging. The primary driving factor behind consumers' inclination towards purchasing ready-to-drink beverages, which represents approximately 70% of all purchases, is the flavor. While malt-based products are also gaining market share, largely due to the popularity of hard seltzers, consumers in most regions tend to prefer spirit-based ready-to-drink options as they are generally associated with higher quality.
Restrain
Prominent beverage manufacturers have continuously expanded their range of products over the years, offering options such as sugar-free, low-sugar, and caffeine-free sodas. In contrast, smaller businesses have generally avoided the pressure to offer numerous variations of each product. However, as small-scale beverage producers increasingly compete on a more level playing field with established manufacturers, they are realizing that customers value variety and flexibility. This presents a challenge for smaller manufacturers as they strive to effectively manage inventory and utilize food manufacturing software to handle a greater number of product variants within each product line, all while maintaining high standards of quality and efficiency. Unfortunately, due to their affordability, many small-scale businesses resort to imitating ready-to-drink items by using counterfeit labels that resemble those of well-known brands. These imitation goods are often sold at lower prices or positioned as equal alternatives to branded products, but they lack the same level of quality and flavor found in genuine brands. As a result, these incidents tarnish the reputation of the authentic brands and lead to a decline in sales. Additionally, individuals with allergies may face significant health risks due to the improper cleaning and packaging practices employed by these small-scale businesses.
Trends
As consumer awareness of mindful living and healthy eating grows, shoppers are becoming more conscientious about their health. The increasing prevalence of obesity-related illnesses such as diabetes, hypertension, and heart disease has led consumers to avoid purchasing unhealthy food items. Furthermore, individuals seeking to adopt healthy lifestyles are showing a preference for organic and natural products. Consequently, there is now widespread availability of ready-to-drink beverages that are sugar-free, vegan, gluten-free, and organic, and their popularity is on the rise. To meet the growing demand from customers, beverage manufacturers have responded by introducing a diverse range of low-calorie RTD beverages. Within the low-calorie RTD beverage industry, manufacturers are striving to fulfill consumer expectations for sustainability, nutrition, and overall well-being. In line with this trend, Intelligentsia, a coffee brand based in Chicago, entered the ready-to-drink (RTD) market in February 2021 by introducing a lineup of fully vegan beverages. Intelligentsia's initial RTD offerings included two Oatly-based lattes (Oat Latte and Spiced Oat Latte infused with vanilla, ginger, cinnamon, and orange) as well as Cold Brew Coffee.