The carbonated soft drinks market will capture a 3.80% CAGR between 2020 and 2027, reveals Market Research Future (MRFR). The market size will be touching USD 370 Billion by the end of 2027.
Growth Factors and Impediments
Convenience food is trending among today’s consumers, with most of them buying grab-and-go products instead of bulk goods. This compels the manufacturers to come up with shelf-stable drinks with aesthetically appealing and eco-friendly packaging containing sustainable and renewable materials. New types of carbonated soft drinks are being launched in the market, which meet with the surging health consciousness among people. Most of these drinks have low-sugar, natural, and low-calorie ingredients. Stevia sweeteners are experiencing major demand compared to conventional sweeteners and will continue to garner traction in the years to come.
The soaring demand for on-the-go carbonated soft drinks and the trend of creative and vibrant packaging styles will not only foster the consumer base but foster the market size as well. Time pressed people are progressively going for products that facilitate an active lifestyle. This has been a huge booster for the convenience trend, fostering the sales of ready-to-drink beverages like carbonated soft drinks. Massive prominence of online food delivery as well as e-commerce platforms owing to benefits like discounts as well as cash-on-delivery options will provide significant opportunities to vendors in the following years.
With the alarming surge in obesity cases among children and adults alike as well as the rise in blood sugar levels, the demand for sugar-free carbonated soft drinks has skyrocketed worldwide. Higher sugar consumption could lead to heart diseases, diabetes, high blood sugar, and even cancer. The significant awareness among consumers about the ill-effects of sugar has compelled brands to focus on developing sugar-free carbonated soft drinks market. Even popular fast-food chains such as KFC, Burger King, and Dominos are adding sugar-free carbonated soft drinks options to their menu, thereby facilitating considerable market growth.
The flavors covered are lemon and lime, cola, orange, and more.
The packaging types considered in the review report are bottles as well as cans.
Major distribution channels that sell carbonated soft drinks include store-based coupled with non-store-based. Majority of the consumers opt for supermarkets and hypermarkets, which are store-based channels, owing to the convenient shopping experience that these stores offer them. With the surge in their income levels as well as the rising urbanization rate, modern hypermarkets and supermarkets are mounting in number, in turn revolutionizing the buying patterns of the buyers.
North America will continue prevailing as the top market for soft drink industry sales, thanks to the robust base of several affluent manufactures and the burgeoning HNWI populace. People’s surging preference for carbonated soft drinks is compelling the firms to focus on product advancements, in terms of taste, appearance, texture, and ingredients. These efforts help them spark the interest of a wider customers base.
Asia Pacific is reckoned to thrive at the fastest pace in subsequent years, consequently from the changing lifestyles of consumers and the striking growth in the urbanization rate. Surge in people’s spending prowess, thriving financial industry, and introduction of new products in Japan China, and India will further encourage market growth. The business is booming due to the emergence of several delivery aggregators such as Zomato and Swiggy, particularly in India. The soaring popularity of the food delivery services in conjunction with the rising internet use and smartphones as well as modern technologies such as voice-assistant apps will bolster the market demand in the region.
The major carbonated soft drink developers include Keurig Dr. Pepper Inc. (US), The Coca-Cola Company (US), Reeds Inc. (US), National Beverage Corp. (US), Postobón S.A.(Colombia), FN Foods Pte Ltd (Singapore), PepsiCo, Inc. (US), Cott Corporation (US), Jones Soda Co. (US), Britvic Soft Drinks Limited (UK), Tru Blu Beverages (Australia), Appalachian Brewing Company (US), and many more.
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