Changes in consumer behavior and the growth of online distribution channels are anticipated to be key factors that sustain sales during and after the COVID-19 outbreak.
DUBAI, UAE / ACCESSWIRE / June 10, 2020 / The growth of consumer awareness on health and fitness, stronger demand for clean label ingredients, and consumer bias towards functional beverages during the coronavirus pandemic, are key factors supporting sales of ready to drink beverages around the globe. These factors will continue to aid the industry even after the pandemic is brought under control.
The worldwide ready to drink beverages market is expected to cross a valuation of US$ 24.7 Bn during the projection period 2020 – 2030. However, nationwide lockdowns, supply chain disruptions, and temporary closure of production facilities are key factors that will hinder market players in the coming months, as the world grapples with the coronavirus crisis.
"Rising levels of health awareness and hectic lifestyle of consumers is bolstering the demand for fortified beverages, while the consumption of carbonated drinks has gone down. Also, the popularity of functional ready to drink beverages is witnessing growing sales and consumption which will help in sustained market growth in the foreseeable future," states the FMI analyst.
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Ready to Drink Beverages Market- Critical Takeaways
- While carbonated beverages remain a key contributor to market revenues, tea and coffee alternatives are gaining substantial ground.
- Conventional ready to drink beverages are highly sought after. However, variants with organic ingredients are expected to surge in popularity.
- Bottles are the most commonly used packaging option, while tetra packs are gaining traction owing to cost-effectiveness.
- North America is a leading regional market driven by changes in consumer lifestyle and diet. Asia Pacific is displaying rapid growth owing to rise in disposable income.
Ready to Drink Beverages Market- Drivers
- Rise in levels of consumer health awareness is a key driver for the ready to drink beverages market.
- High popularity of convenience beverage offerings is expected to support the market.
- Changes in consumer preferences driven by a massive millennial demographic is essential to market growth.
- Growth of online direct to consumer channels of distribution are set to support market developments.
Ready to Drink Beverages Market- Restraints
- Health concerns associated with the consumption of fatty, sweet, and carbonated ready to drink beverages hinder consumption.
- Environmental concerns associated with packaging of ready to drink beverage offerings hinder the market.
COVID-19 Impact on Ready to Drink Beverages Market
During the coronavirus pandemic, the food and beverage industry is witnessing substantial demand for health products, staples, and offerings with long shelf lives. On the other hand, production operations are facing challenges of manufacturing facility closures and disruptions to supply chains.
The transition towards online distribution channels will have a substantial impact on the market. The consumption of plant-based ready to drink beverage options is expected to rise, with rising health and fitness trends.
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Players in the moderately consolidated ready to drink beverages market are investing in research & development of new products. Also, strategic product positioning and marketing are key to business models in the industry. For instance, Coors has released a new lime-flavored alcoholic drink for consumers in Canada, for summer. Similarly, Australia based Kanguru has been launched in South Korea through collaboration with local distributor Binggrae. Abbott, PepsiCo, Keurig Dr. Pepper Inc., and Danone are some top ready to drink beverages producers.
About the Study
The study offers readers an exhaustive projection of the ready to drink beverages market. Global, regional and national-level analysis of the latest trends influencing the ready to drink beverages market is covered in this FMI report. The study provides insights according to product type (tea, coffee energy drinks, yogurt drinks, dairy based beverages, non-dairy based beverages, fortified water, and others), nature(organic and conventional), packaging (bottle, tetra pack, sachet, tin can, and others) and distribution channel (supermarkets/hypermarkets, convenience stores, grocery stores, specialty stores, and online retail), in seven regions (North America, Latin America, Europe, Asia Pacific, Japan, Oceania, and MEA).
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SOURCE: Future Market Insights
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