LOW-CALORIE SODAS ARE THE FLAVOR OF THE GLOBAL CARBONATED BEVERAGE MARKET
The shift in consumer preferences towards healthier food and beverages, and the excessive use of sugar in carbonated sodas have already started acting against the major players in the carbonated beverage industry. Over the past two decades, sale of full-calorie soda in the United States itself has plummeted by more than 25%. Soda consumption, which grew rapidly from the 1960s to the 1990s, is now experiencing a serious and sustained decline. One of the biggest reasons is the fact that an increasing number of Americans are actively trying to abstain from consuming soda to avoid the harmful effects of excessive sugar intake. This substantial drop in soda consumption is perhaps the prime indication of the growing awareness about following a healthy diet, and encouraging the shift towards diet and low-calorie variants of soda.
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Health-conscious consumers turning to zero-calorie sodas
With obesity across the world almost doubling since 1980, according to the World Health Organization (WHO), carbonated beverages find themselves being targeted by the mainstream media for high sugar and calorie content. With the spotlight firmly on sugar content in carbonated sodas, many consumers across the world are turning to lower and zero-calorie variants of carbonated beverages. A study conducted by Research on Global Markets shows that the market share of diet carbonated drinks is expected to witness significant growth till 2023, driven by consumers’ preference for low-sugar content beverages. The shift towards these variants of carbonated beverages is already forcing companies to launch newer and healthier products, and this trend is expected to continue in the foreseeable future. Various agencies, as well as governments are encouraging consumption of diet or low-calorie sodas, and are coming up with mechanisms for limiting the consumption of sugary beverages like preventing the sale of carbonated soft drinks within academic institutions, imposing taxes on carbonated sugary drinks, and educating the youth about the benefits of calorie-free beverages.
Global carbonated beverage market to witness moderate growth
The growth of the carbonated beverages market is expected to be moderate, since the industry has matured in most of the regions across the world. Despite carbonated soft drinks being the largest segment, increasing awareness about the harmful effects of excessive sugar consumption has compelled consumers to reduce their soda consumption, and shift to diet and lower-calorie sodas. According to Research on Global Markets, the global market for carbonated beverages is expected to be worth approximately USD 412.5 Bn by 2023, exhibiting a CAGR of 2.8% during the 2018-2023 period, driven mainly by the increasing popularity of zero or low-calorie carbonated soft drinks.