Soda Maker Market Growth Accelerated by Expansion in Hospitality Sector, Projected to Reach US$ 2.2 Billion by 2031: TMR Study

Wilmington, Delaware, United States, March 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per a Transparency Market Research study, the soda maker market was valued at US$ 1.4 Bn in 2022 and is estimated to grow at a compound annual growth rate of 5.6% during the forecast period from 2023 to 2031.  

Soda makers are products used to make carbonated drinks. These are available in different types and designs, based on the manufacturer. Soda makers are also available in manual and automatic types. Few soda makers contain reusable bottles, while other models allow consumers to use their bottles.

Soda makers are manufactured using three different materials—stainless steel, plastic, and glass—and are available in three different price ranges: under US$ 50, US$ 50–US$ 60, and above US$ 60. Soda makers are used in residences and in different commercial establishments, such as bars & pubs and hotels & restaurants.

For several years, soda makers were purchased from numerous offline distribution channels, such as specialty stores, hypermarkets/supermarkets and other retail stores, since consumers desired to physically check the product before purchase.

Consumers now are likely to show willingness to purchase soda makers from online distribution channels, such as company-owned websites and e-commerce websites, with the growth in the e-commerce industry. Key factors likely to drive the purchase through online distribution channels are product availability at reduced prices and doorstep delivery. 

Launch of new soda makers is helping leading players gain an edge over other players. Additionally, prominent companies are collaborating with other players to expand their presence and improve revenue share.

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Key Findings of Market Study

• Rise in Demand among Millennial Population: There has been rise in the millennial population globally in the past few years. The millennial population has shown an increasing need to be healthy, and a willingness to consume beverages that contain low sugar content. Soda makers provide the option to make their own beverage at their residences, which is high in natural ingredients and has less additives. Increase in demand for soda makers among the millennial population is likely to propel market development in the near future.
  
  
• Increase in Demand for Electric Soda Makers: Based on product type, the global market has been segmented into electric and non-electric. The electric segment is estimated to account for dominant share during the forecast period. Electric soda makers can be used easily and do not require a lot of physical strength to operate. Surge in demand for electric soda makers among different end-users is likely to propel the segment in the next few years.
  
  
• Surge in Demand for Countertop Soda Makers: In terms of type, the global market has been bifurcated into countertop and handheld. The countertop segment is anticipated to account for dominant market share during the forecast period. Countertop soda makers can sit on kitchen counters and hence are easy to use and accessible. Additionally, countertop soda makers possess a customizable carbonation level with the ability to carbonate beverages up to any volume. These factors are expected to drive the segment in the next few years.
  

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Soda Maker Market - Key Driving Factors

• Rise in consumer preference to dine out is driving the global soda maker market
  
  
• Increase in government support for development of the hospitality sector is likely to trigger the demand for soda makers
  

Soda Maker Market - Regional Insights

• North America is anticipated to account for dominant market share during the forecast period. Increase in preference to dine out and surge in consumption of flavored beverages in countries, such as the U.S. and Canada, are expected to accelerate market development in the region.
  
  
• The market in Asia Pacific is expected to witness strong growth in the near future due to continuous growth of the hospitality sector and surge in demand for healthy carbonated beverages in countries such as China and India
  

Soda Maker Market-Key Players

Competition in the global market is intense with the presence of several international and local players. Entry of new players in the next few years is likely to intensify competition.

Companies are investing in research & development to produce improved products that meet consumer needs. Rise in demand for improved products is likely to expand market size in the next few years.

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Leading players in the market are Nuvantee, Sparkle, Mysoda, Sodastream, Inc., Aarke, and Wild and Kind.

The global market has been segmented as follows:

• Product
  
  
  • Electric
    
  • Non-electric

• Type
  
  
  • Countertop
    
  • Handheld

• Material
  
  
  • Stainless Steel
    
  • Glass 
  • Plastic
    
    
• Price
  
  
  • Under US$ 50
    
  • US$ 50-US$ 60 
  • Above US$ 60
    

• Distribution Channel
  
  
• Online
  
  
  • Company-owned websites
    
  • E-commerce websites

• Offline
  
  
  • Hypermarkets/Supermarkets
    
  • Specialty Stores
  • Other Retail Stores
    
    
• Region
  
  
  • North America
    
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America
    

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