Non-Alcoholic Beverages Market Outlook: Trends, Growth, and Future Prospects (2023-2033)

PRESS RELEASE
Published January 31, 2024

Introduction

The non-alcoholic beverages market is poised for significant growth in the coming decade, driven by shifting consumer preferences, increasing health consciousness, and innovative product offerings. In this comprehensive report, we will delve into the market dynamics, trends, and regional insights to provide a detailed analysis of the non-alcoholic beverages industry from 2023 to 2033.

Market Size and Growth

The non-alcoholic beverages market is expected to exhibit robust growth, with a value-based Compound Annual Growth Rate (CAGR) of 7.9% from 2023 to 2033. Starting at a valuation of US$ 17,74,537.8 million in 2023, the market is projected to reach approximately US$ 27,50,678.6 million by 2033. This substantial growth underscores the increasing demand for non-alcoholic beverage products worldwide.

Consumer Preferences and Driving Factors

The historical period from 2018 to 2022 saw the global non-alcoholic beverages market grow at a CAGR of 4.0%, reaching a value of US$ 17,74,537.8 million in 2023. This growth can be attributed to several factors:

  1. Health Consciousness in America: Consumers in North America are increasingly adopting healthier lifestyles, opting for sports and energy drinks to stay fit and hydrated. Innovative products like cold-pressed juices, craft sodas, and low-calorie beverages have gained popularity, replacing traditional soda beverages. Functional beverages offering benefits such as blood sugar management, energy, refreshment, and immunity boosting properties are on the rise.
  2. Protein Drinks in Asia Pacific: Asia Pacific has witnessed a surge in the consumption of protein drinks, not limited to athletes but also embraced by women and senior citizens. Health and wellness trends are driving the demand for soft drinks and healthier functional beverages among millennials in the region.
  3. Specialty Tea in Europe: Europe, the third-largest consumer of non-alcoholic beverages, is experiencing a shift towards non-alcoholic options and a growing preference for specialty teas. Spicy and adult drinks, incorporating flavors like chili and ginger, cater to health-conscious consumers seeking alternatives to sugary and alcoholic beverages.
  4. Health and Wellness Worldwide: The global populations growing health consciousness has led to increased demand for healthy and flavorful non-alcoholic beverages with natural ingredients. Consumers are actively seeking options that contribute to their overall well-being.

In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at- https://www.persistencemarketresearch.com/market-research/non-alcoholic-beverages-market.asp

Challenges in the Market

While non-alcoholic beverages are gaining traction, the high sugar content in fruit juices has become a concern, particularly in developed regions. Consumers are turning to lower-calorie, unsweetened alternatives like ready-to-drink teas and functional waters, which offer health benefits without excessive sugar.

Country-wise Insights

  1. North American Market: Canada is demonstrating significant growth with a CAGR of 3.4%. Energy drinks are thriving in this region, and the emergence of the organic sector is attracting more consumers to the non-alcoholic beverage market. A shift from physical stores to online platforms is also evident.
  2. Spanish and French Markets: The Spanish non-alcoholic beverage market is projected to grow at a CAGR of 2.8%, reaching US$ 25,228.8 billion by 2033. In France, a CAGR of 2.4% is expected, leading to a market value of US$ 21,747.9 billion by 2033.

Segmental Breakdown

The non-alcoholic beverages market can be segmented based on product type and packaging:

  1. Product Type: Carbonated beverages hold the largest share, accounting for 37.4% of the market in 2023. RTD Coffee is the fastest-growing segment, with a CAGR of 7.3%.
  2. Packaging: Cans dominate the market with a 52.1% share in 2023. Although cans are not the fastest-growing segment, they exhibit steady growth, with a CAGR of 3.5%.

Competitive Landscape

The global non-alcoholic beverages market is characterized by fragmentation, with a mix of multinational, regional, and local players. Multinational companies are focusing on enhancing their product portfolios, while local players are leveraging established distribution channels. Collaboration, mergers, and acquisitions are common strategies to expand market presence.

Notable examples include:

  • Suntory Beverage & Food Ltds joint venture and acquisition of PepsiCos beverage business in Thailand.
  • Coca-Colas acquisition of Unilevers AdeS plant-based beverage business.
  • Keurig Dr Pepper Inc.s acquisition of BAI brands, known for antioxidant drinks.
  • Monster Beverage Co.s introduction of new products in the ready-to-drink coffee energy drinks category.

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