Global Non-Alcoholic Beverages Market is projected to grow with a significant growth rate of 4.61% from 2019 to 2024 and reach a market value of USD 1073.9 billion by the end of 2024. Company’s strategies inclined to launch of new non-alcoholic beverage products is also encouraging the growth of the market. Prevailing trends observed during the analysis include innovations in food and beverage processing techniques and technology advancements and consumer’s preference towards healthy drinks. Despite demonstrating the huge growth potential, the non-alcoholic beverages segment, as a category faces a lot of challenges. The predominant one is the stomach-churning combination of a high level of caffeine and a load of sugar in one handy can, Energy drinks are said to have encouraging obesity and aggressive behaviour. Besides, some non-alcoholic drinks like Coke or Pepsi, loaded with huge amounts of pesticides are addictive.
The emphasis on traditions and innovation in non-alcoholic beverages are the key driving forces encouraging the sales across the segments in the market supporting the market growth. Sixty-two percent of Millennial also avoid specific products over concerns regarding environmental impact. Boomers, on the other hand, choose based on value and price. Millennials look for value, but they also rate health factors such as low carb, calories, vitamin-fortified and organic as very important. The market has recently shifted to accommodate the trend towards non-alcoholic beverages, with some major beer brands offering non-alcoholic alternatives.
Prominent players in the Non-Alcoholic Beverages Market Size include Fuze Beverage (US), PepsiCo (US), Coca-Cola (US), Kraft Foods (US), Nestlé (Switzerland), Kraft Foods (US), Campbell Soup Company (US), and Ocean Spray (US).
The MRFR analysis is segmented into four key dynamics for the convenience of understanding;
By Type: Probiotic Drinks, Alcohol-Free Drinks, Energy Drinks, RTD, Juice, Herbal & Fruit Teas, Fortified water, and Dairy & Non- Dairy Beverages among others.
By Packaging: Bottle, Tetra Pack, Sachet, and Tin Can among others.
By Distribution Channel : Store-Based and Non-Store Based among others.
By Region: North America, Europe, APAC and the Rest-of-the-World.
Globally, Europe region dominates the non-alcoholic beverages market with the largest market share followed by North-America and APAC. Changing consumption pattern, rising weight loss diet trend the markets for non-alcoholic beverages are growing in the region. Besides factors such as high disposal income & increasing health eccentric populace coupled with the influence of media provide impetus to the regional market growth. North America is another lucrative market for non-alcoholic beverages. This growth attributes to America’s largest market backed by the high per capita income and the presence of large innovative players operating in the country’s non-alcoholic beverages market.
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The Asia Pacific region accounts for one of the promising markets for non-alcoholic beverages, globally. Attributing to the presence of major markets in some of the APAC countries, such as China, Sri Lanka, India, and Indonesia, the APAC market is expected to grow with a phenomenal CAGR during the assessment period.
Additionally, increasing consumption of non-alcoholic beverages in countries like China and India where large consumer base is available and where improving economic conditions are improving the quality of life of people are some of the key driving forces propelling the market growth in the region.
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