Newark, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 834.3 Billion in 2021 non-alcoholic drinks market will reach USD 1,385.77 Billion by 2030. Manufacturers in the market are adjusting to the new trends and developing their current product portfolios in response to customers' rising acceptance of the no-alcohol and low-alcohol categories, which is likely to be positive for future growth. A new category of premium, complex-tasting soft drinks targeted at adult palates has emerged due to customers choosing non-alcoholic drinks.
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Key Insight of the Non-Alcoholic Drinks Market
Asia-Pacific is anticipated to expand at the highest CAGR of 7.48% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 7.48% over the forecast period. The regional market is anticipated to be driven by the rising demand for alcohol-free drinks from developing nations like China, India, Thailand, and Malaysia. Key international companies are expanding their regional operations and distribution facilities due to several government measures to improve the manufacturing sector through tax cuts, subsidies, and increased FDI limits. Additionally, because of a change in beverage consumption habits, customers increasingly prefer functional and flavoured bottled water to carbonated drinks with a lot of sugar.
The bottled water segment is expected to register the highest CAGR of 8.64% over the projected period in the non-alcoholic drinks market.
The bottled water segment is anticipated to grow at the highest CAGR of 8.64% in the non-alcoholic drinks market. The demand for pure, natural water is increasing, driving this market's expansion. The flavoured versions are popular for their flavour, satisfaction, and health benefits.
Over the projected period, the food service segment is expected to register the highest CAGR of 8.17% in the non-alcoholic drinks market.
Over the forecasted period, the food service segment is anticipated to grow at the highest CAGR of 8.17% in the non-alcoholic drinks market. One of the main ways that non-alcoholic drinks are distributed is through the food service sector. Due to their hectic schedules and rising disposable income, people worldwide frequently choose to eat out. Various tastes and beverage preferences are catered for by new restaurants, which support this trend. Many full-service restaurants use all-inclusive dining practises to serve customers better. This involves studying regional eating habits and adapting their menu to reflect it. Visits from customers become more frequent as a result.
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Market Dynamics
Driver: Fruit characteristics that have been genetically modified
The genetic engineering of fruit characteristics is an important market driver. Better harvests derive from genetically modified fruits' enhanced disease resistance, which requires fewer chemical treatments. Similarly, genetic engineering provides pest resistance on genetically altered fruits, increasing agricultural production. Herbicide-tolerant fruit varieties may successfully lessen weeds while enhancing crop production. Fruit's nutritional content, taste, and texture can all be enhanced while keeping desirable consumer qualities through genetic engineering. The market share of non-alcoholic drinks is rising due to the introduction of new fruit varieties and improved agricultural yields enabled by these advancements in genetic engineering techniques.
Restraint: Growing industry saturation and competitiveness
The market for non-alcoholic drinks is hampered by the market's growing saturation and competitiveness. The market for non-alcoholic drinks has grown extremely competitive due to its large number of participants and many product alternatives, making it difficult for new entrants to capture a sizable portion of the market. A further obstacle is the growing customer preference for natural and healthier drinks, as typical carbonated soft drinks are criticised for having a high sugar content.
Opportunity: Ready-to-drink coffee and tea products' convenience
Due to convenience, ready-to-drink coffee and tea drinks have seen tremendous expansion in recent years. Companies can use the expanding RTD coffee and tea market by expanding the flavour selection, providing creative packaging, and researching new brewing methods.
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Some of the major players operating in the non-alcoholic drinks market are:
• The Coca Cola Company
• Nestlé
• Starbucks
• PepsiCo
• SUNTORY HOLDINGS LIMITED
• Unilever
• Keurig Dr Pepper Inc.
• Capri Sun AG
• Cott Corporation
• Danone
• Asahi Group Holdings, Ltd.
• Ocean Spray
• National Beverage Corp.
• Gerolsteiner Brunnen GmbH & Co. KG
Key Segments cover in the market:
By Product:
• Bottled Water
• Carbonated Soft Drinks
• RTD Tea & Coffee
• Juices
• Others
By Distribution Channel:
• Retail
• Food Service
By Region
• 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 the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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