New York, US, June 28, 2021 (GLOBE NEWSWIRE) -- Carbonated Soft Drinks Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Carbonated Soft Drinks Market Information by Flavour, Packaging Type, Distribution Channel and Region - Forecast till 2027,” the market is projected to reach USD 370 Billion by 2027 at a CAGR of 3.80%.
Future Market Growth Factors:
Today’s consumer is largely inclined towards convenience, with a major part of their purchases including grab-and-go items instead of traditional bulk goods. This has driven the manufacturers to focus on developing shelf-stable drinks with environment-friendly packaging made of renewable and sustainable materials. Carbonated soft drinks are now developed in a way that caters to the rising health consciousness among consumers, with major focus on innovations with low-calorie, low-sugar and natural ingredients. As a result, stevia sweeteners are witnessing higher demand than traditional sweeteners and are emerging as the latest trends in the global market.
The preference for on-the-go soft drinks is not expected to slow down anytime in the near future, which is giving way to vibrant and creative packaging styles to attract the attention of a higher number of consumers. Time pressed consumers are increasingly opting for products that help them maintain their active lifestyles and as a result, the convenience trends are anticipated to bolster the sales of ready-to-drink beverages such as carbonated soft drinks.
Significant popularity of online food delivery and e-commerce platforms due to benefits including discounts and cash-on-delivery features will offer attractive opportunities to the manufacturers aiming to reach out to a higher number of consumers.
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Key Players Locking Horns:
The top firms in the market for carbonated soft drinks are:
- PepsiCo, Inc. (US)
- The Coca-Cola Company (US)
- National Beverage Corp. (US)
- Reeds Inc. (US), Jones Soda Co. (US)
- Appalachian Brewing Company (US)
- The Asahi Group (Japan)
- Bickford’s Australia Pty Ltd (Australia)
- F&N Foods Pte Ltd (Singapore)
- Cott Corporation (US)
- Tru Blu Beverages (Australia)
- Suntory Holdings Ltd. (Japan)
- Keurig Dr Pepper Inc. (US)
- Britvic Soft Drinks Limited (UK)
- Postobón S.A.(Colombia)
The carbonated soft drinks industry is marked with intense competition as companies focus majorly on improving their market rankings by bolstering their product ranges and introducing new flavors. Strategic divestments, mergers, acquisitions, and agreements are the top marketing tactics adopted by the manufacturers striving to expand their customer base. Expansion of production capacity via acquisition and partnership remains another key competitive strategy usually undertaken by the companies to further establish themselves in the market.
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Market Segmentation:
Carbonated soft drinks industry has been considered for flavor, packaging type and distribution channel.
The flavors listed in the report based on the carbonated soft drinks market include orange, lemon and lime, cola, and others. The cola segment should attain the leading position and the fastest growth rate in the next several years. Cola is the most popular flavor in the US market, given the establishment of the coca cola brand in the country and the refreshing flavors the brand offers that cater to the demand for innovative, non-traditional, and unique soft drinks among the mass.
Depending on packaging type, the major segments can be cans and bottles. In the year 2018, the top spot was procured by the bottles segment, on account of the fast-rising demand for this type of packing among consumers. Manufacturers are gradually inclining towards PET bottles instead of glass bottles since the former is much lighter and saves storage and transportation costs.
Major distribution channels selling carbonated soft drinks in the global industry are store-based as well as non-store-based. The types of store-based distribution channels are hypermarkets and supermarkets along with convenience stores, and more. The store-based channels form the biggest segment in the global market however, it is the non-store-based segment that will achieve a faster CAGR in the near future.
Regional Analysis:
Carbonated soft drinks industry has been geographically studied with respect to Europe, North America, Asia Pacific/APAC, and RoW/the Rest of the World.
North America should continue to thrive at a stunning pace and secure the lead in the global market in the next few years, in view of the solid presence of numerous renowned manufactures and the expansion of the HNWI population. Consumers’ rising inclination towards carbonated soft drinks encourages the players to innovate in terms of appearance, taste, ingredients and texture, to gain the attention of a wider range of customers. Soft drinks are mostly designed for the elderly and children in the region, tailored as per their needs, which helps the companies not only bolster their sales but also foster the market growth.
APAC is reckoned to be the fastest developing market during the appraisal period, thanks to the evolving lifestyles and the exploding urban population. Growth in disposable income, expanding financial sector, and continuous launch of new products in China, Japan and India should facilitate further industry growth. The APAC market also stands to benefit from the emergence of various delivery aggregators like Swiggy and Zomato, especially in India. The popularity of these food delivery services backed by the escalating use of smartphones and growing adoption of modern technologies like voice-assistant apps has been favorable for the Indian market for carbonated soft drinks.
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Latest Developments:
March 2021
PepsiCo has introduced its latest range of energy drinks known as Mtn Dew Rise Energy, which should appeal to new consumers who generally opt for juice or coffee. Mtn Dew Rise Energy’s one can has nearly the same content of caffeine as two coffee cups. The drink also contains zinc as well as vitamins A and C that enhance the immune system while a primary ingredient present in the drink is citicoline that helps foster memory. The new range will be sold in six flavors, namely Orange Breeze, Pomegranate Blue Burst, Tropical Sunrise, Strawberry Melon Spark, Peach Mango Dawn and Berry Blitz.
March 2021
Pepsi recently released Pepsi Mango, a new flavor in the US, which contains rich caramel and bright citrus notes with heavy inclusion of mango. The carbonated soft drink is available in zero sugar and regular varieties throughout the country.
Developments Post COVID-19 Outbreak
The COVID-19 pandemic’s impact on the and the carbonated soft drinks market has been brutal, with the lockdown forcing shut the manufacturing facilities and weakened consumer demand for non-essential items. Players are facing revenue losses owing to travel bans post SARS-CoV-2 outbreak, in and economic downfall has been witnessed by almost every country around the world.
However, with the novel coronavirus coming under control, players are now able to continue with their business and concentrate on strengthening their supply chains. Also, the prominence of the e-commerce sector, and the popularity of food delivery services will ensure that the carbonated soft drinks industry notes significant revival in the coming years.
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