IMARC Group, a leading market research company, has recently releases report titled Non-Alcoholic BeverageMarket: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. The study provides a detailed analysis of the industry, including the global non-alcoholic beverage market report, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the non-alcoholic beverage market?
The global non-alcoholic beveragemarket size reached US$ 882 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,443 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028
What is non-alcoholic beveragemarket?
Non-alcoholic beverage refers to a non-intoxicating beverage that contains a very less amount of alcohol. It encompasses a wide range of refreshment beverages, including energy drinks, soft drinks, tea, coffee, juice, squash, hot chocolate, bottled water, and probiotics. It promotes post-exercise recovery, improves cardiovascular health, stimulates breast milk production, reduces risks of osteoporosis, promotes better sleep, reduces anxiety and stress, and improves metabolism. Additionally, it contains fewer calories as compared to alcoholic drinks, which assists in promoting weight management and melting abdominal fat. As a result, it is extensively used in the food and beverage (FB) industry across the globe.
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What are the growth prospects and trends in thenon-alcoholic beverageindustry?
At present, rising standards of living and the growing consumer awareness about maintaining health and wellness represent one of the key factors positively influencing the market. Hectic work schedules and sedentary lifestyles are increasing the consumption of ready-to-drink (RTD) beverages, which, in turn, is propelling the market growth. In addition, changing food consumption patterns of individuals, along with escalating demand for processed food products across the globe, are driving the market. Along with this, the expansion of the retail sector is making it convenient for consumers to choose from numerous non-alcoholic beverages available in the market. The increasing prevalence of diseases and incorporation of health enhancement formulations in the product is also positively influencing the market.
Moreover, increasing consumer awareness about the adverse effect of alcohol consumption on their health is encouraging key market players to introduce more non-alcoholic variants. Apart from this, these beverages assist in rehydrating the body, enhancing digestive functioning, improving cognitive abilities, and promoting better health, which is catalyzing their demand. In addition, the rising focus of market players on marketing strategies, such as celebrity endorsement, is supporting market growth. Besides this, governments of various countries are organizing awareness programs to minimize alcohol intake, which is offering lucrative growth opportunities to manufacturers. Moreover, the introduction of multiple product variants with similar colors, textures, and tastes to alcoholic beverages is impelling the market growth. Non-alcoholic beverages contain vitamin C, B6, folates, carbohydrates, calcium, and magnesium, which improve bone health and PMS symptoms and prevent migraine attacks. This is encouraging consumers to replace sugar-sweetened beverages (SSB) with non-alcoholic beverages and, in turn, driving their demand. Additionally, the introduction of natural ingredient-based non-alcoholic drinks due to the growing concerns for synthetic flavors, artificial colors, and chemical preservatives is offering lucrative opportunities to the manufacturers to introduce bio-based product variants and increase their existing sales.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Carbonated Soft Drinks
- Juices
- Bottled Water
- Sports and Energy Drinks
- RTD Tea and Coffee
- Others
Breakup by Packaging Type:
- Bottles
- Cans
- Cartons
- Others
Breakup by Distribution Channel:
- Retail
- Food Service
- Supermarkets and Hypermarkets
- Online Stores
- Others
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Arizona Beverage Company
- Asahi Group Holdings Ltd. (TYO:2502)
- Danone S.A. (OTCMKTS:DANOY)
- Keurig Dr Pepper Inc. (NASDAQ:KDP)
- Nestl S.A. (OTCMKTS:NSRGY)
- Parle Agro Pvt. Ltd.
- PepsiCo Inc. (NASDAQ: PEP)
- Primo Water Corporation (NYSE:PRMW)
- Red Bull GmbH
- Suja Life LLC
- Suntory Beverage Food Limited (OTCMKTS:STBFY)
- The Coca-Cola Company. (NYSE: KO)
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