Global Carbonated Beverages Market - Growth, Trends, and Forecast (2018-2023)
The global carbonated beverages market is expected to reach USD 412.5 billion by 2023, at a CAGR of 2.8%, during the forecast period. Carbonated beverages sector is one of the matured industries in the worldwide beverages market. In the recent past, the industry has undergone major changes regarding product innovations and offerings. To face the growing market challenges, companies are bringing new flavors keeping in mind the health and wellness concerns of consumers.
The changing food habits coupled with increasing population of young people in developing countries drive the market demand for carbonated drinks. The consumption of carbonated beverages is also accelerated with the growing demand for processed food products. The consumption of carbonated drinks remains static in many parts of developed regions owing to health concerns. Increased government scrutiny would further act as a market obstacle in the forecast period. Owing to consumer health awareness, companies are now more focused on product innovations using natural ingredients, like stevia sweeteners.
The global carbonated beverages market is segmented by product type, flavor type, by sales channels, and by geography. By product type, the market is explained by standard, diet, and fruit flavored products; diet products are increasingly gaining market share globally. By flavors, cola, orange, and lime/lemon are the basic flavors contributing to a majority of the market demand. However, to provide increasing product assortments, companies are now focusing on making product lines based on tropical fruits and super fruits. By sales channel, the market demand is analyzed under sales in hypermarket, supermarket, independent retailers, and convenience stores, etc.
Europe dominates the global carbonated beverage drink market with a majority of the market demand generated in the region. Increased obesity concerns in North America has dwindled the demand in the region. Asia-Pacific is expected to witness the fastest growth owing to increased disposable income, growing young population and changing food habit preferences in countries, like China, India, South Korea, and Japan. India has been showing the strongest growth regarding value consumption, in the last five years.
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