Global Non-Alcoholic Beverages Market 2020 can record a growth rate of 4.61% from 2019 to 2024 (analysis period), says Market Research Future (MRFR). MRFR also ventures that the market can reach a size of USD 1073.9 billion by 2024-end. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Primary Drivers and Challenges
Thanks to the factors such as population expansion, evolving lifestyle and surging disposable income, the non-alcoholic beverages market is all set to observe healthy growth in the following years. The mounting concerns about obesity and the rising health awareness among people has pushed the demand for bottled water products and functional beverages, while the demand for carbonated drinks seems to be slackening worldwide. The non-alcoholic beverage market is largely controlled by various national and international regulatory authorities as well as firms that are mostly focused on using resources such as electricity and water, which are quite scarce.
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Rising government schemes and policies combined with the surge in societal awareness regarding energy conservation and environment have given way to strict emission protection policies. The Clean Air Act, The Resource Conservation and Recovery Act and Clean Water Act are some of the prominent regulatory frameworks within the food and beverage industry that aim for energy and environment conservation. These are bound to induce substantial market growth between 2019 and 2024.
Growing popularity of energy drinks backed by the growth in hectic schedules, health concerns and urbanization also bolster market growth. The expanding worldwide population as well as disposable income and the escalating number of value-oriented consumers have led to market development across the globe. Rise in the number of smart consumers, rising preference for takeaway products in light of busy lifestyles and the rising urbanization rate also result in market expansion. E-commerce channels are gaining traction across regions, as smartphones and tablets are being increasingly adopted, leading to higher sales of non-alcoholic beverages. Increase in agreements and partnerships can also bolster the market growth in the coming period.
For instance, in August 2020, BODYARMOR Sports Drink entered an agreement with United States Tennis Association, which entails BODYARMOR LYTE is set to provide sports drinks to players during the US Open matches as well as practices in training facilities and locker rooms.
Eminent Market Vendors
Some of the most Eminent Market vendors profiled in MRFR study are Keurig Dr Pepper Inc. (US), Danone S.A. (France), Pressed Juicery LLC (US), Parle Agro Private Limited (India), FreshBev LLC (US), Jacobs Douwe Egberts B.V. (Netherland), Suja Life LLC (US), Red Bull GmbH (Austria), Suntory Beverage & Food Limited (Japan), Nestlé S.A. (Switzerland), The Kraft Heinz Company (US), The Coca-Cola Company (US), PepsiCo, Inc. (US), Arizona Beverage Company (US), Unilever (UK), to name a few.
Global Non-Alcoholic Beverages Market can be dissected based on product type, packaging type, and distribution channel. The market, in terms of product type, can be classified with respect to juices, RTD teas & coffees, carbonated soft drinks, sports & energy drinks, bottled waters, and others.
The key packaging types covered in the market study are cartons, cans, bottles, and others.
The key distribution channels in the global market re store-based as well as non-store-based. Some of the key store-based channels are convenience stores, supermarkets & hypermarkets, and more.
The market can be geographically considered for North America, Asia Pacific/APAC, Europe, and RoW/the rest of the world.
The non-alcoholic beverages market is extremely lucrative in APAC, accounting for a share of 38% as estimated in the year 2020. The vast population base along with the rising preference for energy drinks among athletes and sports enthusiasts are some of the key growth inducers in the APAC market. The increasing sales of carbonated juices and soft drinks, as popular meal accompaniment paired with the surge in organized retail across the region translates to extensive market growth in the region. A few other factors favoring the market growth can be the rising cases of water-borne diseases that have boosted the sales of bottled water coupled with the mounting introduction of innovative flavors by renowned vendors.
In North America the escalating production level of beverages along with the rise in the spending on the packaging technology remain top reasons for the fast market growth rate in the region. Rising investments in the development of nonalcoholic drinks with a variety of flavors to cater to the growing mass of consumers can benefit the North American market in the years ahead.
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