Newark, NJ, May 26, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global Non-alcoholic beverages market is expected to grow from USD 923.06 million in 2020 and to reach USD 1732.7 billion by 2028, growing at a CAGR of 8.19% during the forecast period 2021-2028.
The non-alcoholic beverages market is witnessing significant growth form the past years. The global beverage industry is undergoing a tsunami of fundamental change, and it is constantly changing in response to the market's growing social and cultural roles. Non-alcoholic drinks account for more than half of the overall beer industry, with a steady upward trajectory over the last few years. Due to the growing prevalence of refreshment drinks and the civilisation within human populations, the industry provides investors with a holistic view of the business. Manufacturers have been allowed to expand their manufacturing capability globally as customs tariffs and tariff restrictions have been reduced in the overseas market.
Drinks with less than 0.5 percent alcohol by volume are known as non-alcoholic beverages. These drinks have a variety of roles in the human body, including hydration and providing an abundant supply of nutrients. Non-alcoholic drinks have the required sugar and calories to increase energy levels. Various international and national regulatory bodies oversee the non-alcoholic beverage industry around the world. Water and power, both of which are considered scarce, are extensively used by companies in this sector. Changing consumer preferences and rising health awareness among customers are raising the intake of functional drinks, led by the rising prevalence of non-alcoholic beverages in countries where alcohol prohibition laws are enforced, such as Kuwait, Saudi Arabia, and Iran.
The factors driving the market include adoption of innovative beverages to support human hydration, emergence of nutritious beverages and evolution of e-commerce platforms will help raise revenues. Factors restraining the market include the disruptions in the availability, price and functionality of natural resources which is expected to hamper the production capabilities in the market. Furthermore, owing to the worldwide spread of the COVID-19 pandemic, the global demand for non-alcoholic beverages is seeing a sharp drop in sales and consumption of soft drinks. Emerging markets, along with shifting customer appetite as a result of the introduction of new technologies, provide many opportunities for business development in the coming years.
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Key players operating in global non-alcoholic beverages market include PepsiCo, Inc. (New York, U.S.), Nestle S.A. (Vevey, Switzerland), Appalachian Brewing Co. (Harrisburg, U.S.), The Kraft Heinz Company, Dr. Pepper Snapple Group, Inc. (Texas), Reed’s, Inc. (Norwalk, U.S.), Arca Continental SAB de CV (Monterrey, Mexico), ITO EN Ltd (Tokyo, Japan) and Monster Beverage Corp (California, U.S.) To gain a significant market share in the global Non-alcoholic beverages market, the key players are now focusing on adopting strategies such as mergers & acquisitions, collaborations, product innovations, recent developments, joint venture, and partnership. Pepsi Co. and The Coco Cola Co. are some of the key manufacturers operating in Non-alcoholic beverages market.
- In February 2019, The Coco-Cola Company is expanding its fruit-based beverage ranges in India with the launch of “Colour,” a grape-juice-based sparkling drink.
CSD segment dominated the market and held the largest market share of 30.9% in the year 2020
On the basis of type, the global non-alcoholic beverages market is segmented into RTD Coffee & Tea, Bottled Water, Carbonated Soft Drinks, and Fruit Beverages. Because of its easy availability and low price, carbonated soft drinks (CSD) have the largest non-alcoholic beverage market share. Because of its cooling properties, customers are purchasing new and flavoured CSDs in the market as a thirst quencher. Furthermore, the market for the commodity is being driven by customers' increased efforts to strengthen their sales channel at a low rate.
Supermarket/Hypermarket segment dominated the market and held the largest market share of 29.15% in the year 2020
On the basis of distribution channel, the global non-alcoholic beverages market is segmented into Food Services Sector, Supermarket Hypermarket, Specialty Stores, Convenience Stores, and Online Retails. Supermarket/Hypermarket segment dominated the market and held the largest market share of 29.15% in the year 2020. Because of their greater product availability, mass merchandisers dominate distribution channels.
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Regional Segment of Non-Alcoholic Beverages Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global non-alcoholic beverages market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific emerged as the market pioneer and will remain so in the projected timeline due to a steady rise in disposable income status and consumer living standards. Increased spending on soda products on the market is a product of consumers' growing embrace of westernization and modernization. The markets in North America and Europe are expected to grow at a significant CAGR due to increased consumer demand for RTD beverages and sports drinks.
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About the report:
The global non-alcoholic beverages market is analysed on the basis of value (USD million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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