Global Non - Alcoholic Beverage Market - Growth, Trends, and Forecast (2018 - 2023)
Non-Alcoholic Beverages Market Insights
The global non-alcoholic beverage market is recording a CAGR of 4.7% during 2018-2023. It is estimated to generate a revenue of USD 1189.10 billion in 2023. The Asia-Pacific region is displaying the highest growth among all other regions, owing to the increased availability of packaged cola drink based products in the remote regions. The innovative marketing strategies being introduced by major vendors is also driving the market growth.
Health and wellness awareness is a trend which has significantly impacted the food and beverage industry in recent years. Not only does the increased focus on health and wellness cause consumers to make replacement choices (replacing bad-for-you beverages with good-for-you/healthy choices), but it also creates new purchasing occasions through preventative/functional beverages and meal replacements. Consumers are increasingly looking to beverages to play new roles in their diets and health routines. Drinkable breakfasts and beverages as snacks are fueled by consumer interest in nutrition and performance drinks that act as meal replacements and guilt-free snacks. Non-alcoholic Industry leaders should expect consumers in 2018 to demand beverages that are of improved quality and innovative, whether for refreshment, satiety, energy, immunity boosting, sleep aid, blood sugar management, or a host of other functional benefits now associated with these multifunctional power beverages.
The global energy & sports drinks market is expected to reach USD 95.52 billion by 2023 with a CAGR 5.2% over the forecast period. The promise of a convenient, on-the-go caffeinated beverage, along with more flavor choices and natural ingredients, continues to drive the energy drinks market. Consumers use sports drinks to replenish water and electrolytes lost through sweating after activity. Sports drinks often contain carbohydrates in the form of sugar, as well as electrolytes and minerals and sometimes protein, vitamins or caffeine. They come in different flavors. These beverages are majorly consumed by athletes as these help in replenishing energy.
Fresh fruit flavors such as kiwi, tropical fruit and cherry are addressing consumer current flavor preferences. Red Bull has addressed these and other flavor trends through its Edition lineup and continue to leave a mark on the category. The traditional target market for sports drinks has been active young adult males, who believe that sports drinks give them a competitive advantage. Only in the last five years have sports drinks taken on a wider target that includes women and recreational athletes.
The North American non-alcoholic beverage market recorded strong growth rate in recent years. Large, multinational players like Coca-Cola and PepsiCo dominate the global non-alcoholic market. These players, together generate more than 40% of the total market sales in value, wield significant power and benefit from scale economies, strong brands, and a diverse range of products. Private labels also greatly influence the environment. The Asia Pacific Non-Alcoholic beverage industry is growing at a robust and highest possible rates, surpassing the developed regions like Western Europe and North America.
Major players - ATTITUDE DRINKS, BERRY BLENDZ, BIOTTA INC., KRAFT FOODS, COCA COLA COMPANY, CALIFORNIA CONCENTRATE COMPANY, CUTRALE CITRUS JUICES USA INC., DR. PEPPER SNAPPLE GROUP, DANONE, DAVID BERRYMAN LIMITED, among others.
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