Global Carbonated Beverage Market to Expand at 2.8% till 2023
According to a new report released by Research on Global Markets, the global carbonated beverage market is expected to expand at a compound annual growth rate (CAGR) of 2.8% and reach a market size of USD 412.5 Bn by 2023.
According to the report, the growth of the global carbonated beverage market is expected to be limited as the industry has already developed across all regions of the world. Rising youth population in developed and developing countries has led to the drive in demand for processed food and beverages. This demand is aggravated by the increase in disposable income has led to an increase in the market for carbonated beverages. Carbonated drinks have carbon dioxide dissolved in them. Carbonated beverages do not contain any alcoholic content, hence they are called soft drinks. The different kinds of carbonated beverages include sparkling drinks, juices, smoothies, ready to drink tea and coffee, functional and concentrated drinks.
Carbonated drinks with low sugar content are becoming popular among the health conscious consumers. Considering product wise segmentation, the fruit flavored and fruit pulp infused carbonated drinks have gained prominence in the market owing to health conscious individuals who are rising in population.
According to research studies, obesity among the consumers of carbonated beverages is commonly observed. This factor couple with environmental damages caused by PET bottles used for packaging of carbonated drinks poses as a major threat to the carbonated beverages industry. Companies manufacturing these product must adopt innovative methods like utilizing reusable plastic during the packaging process. This strategy has reduced the production of scrap and strengthened sustainability. The carbonated beverages industry must continuously reinvent itself to survive in the global market.
Leading beverage companies offer a variety of options, and are constantly innovating so that the products appeal to customers. Soft drink manufacturing companies have been very receptive to changes in consumers’ tastes and preferences, and incorporate variations in order to accommodate the same.
Based on type, sodas dominate the global carbonated beverages market, however, with the increasing awareness regarding the harmful consequences of high sugar intake, low calorie variants of soda or diet soda are becoming popular. Based on the sales channels, the market for carbonated beverages are segmented into hypermarkets, supermarkets, general merchandisers, food services and drinking establishments, convenience stores, and online grocery stores. Europe held approximately 34% of the global carbonated beverages market in 2018, followed by the North American region with a 28% share. The volume of sales has risen in Europe due to the increase in sales of premium quality beverages.
Key highlights of this report:
- Current trends in the global carbonated beverages market.
- Market scope and segmentation
- Market attractiveness analysis, and geography-wise market revenue (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
- In-depth evaluation of the global drivers and challenges influencing the market and its segments
- Market segmentation based on type (standard, diet, fruit flavor carbonates, and others) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on sales channels (hypermarkets and supermarkets and general merchandisers, food service and drinking establishments, convenience stores, vending machine operations, and others)- historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Comprehensive analysis of the key developments and major innovations in the market
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for carbonated beverages across the world to determine the viability of the market, develop strategies based on the drivers, and help brands identify competition and respond accordingly.