The global Diet Soft Drinks Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global diet soft drinks market size is projected to touch USD 5.2 billion by 2025, according to a new report by Million Insights. It is projected to grow at a CAGR of 3.2% through the forecast period of 2019 to 2025. There has been an upsurge in demand of diet soft drinks in the past few years owing to changing preference of consumers from beverages with high sugar content to healthier ones with low or no sugar content.
Consumers have been preferring zero or low calorie beverages because of increasing health concerns that is anticipated to boost the growth of the market in the upcoming years. With an aim to gain a larger share in the market, key competitors like Coco Cola and PepsiCo have been concentrating on introducing low sugar and healthy soft drinks. To capture a larger health conscious group of consumers, several companies have started producing diet variants of their soft drink products in different flavors.
Key Players:
- Coca Cola
- PepsiCo
- Keurig Dr Pepper, Inc.
- Nestlé
- Cott Corporation
- Polar Beverages
- Unilever
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Growth Drivers:
Rising demand for diet soft drinks in the industry of food services is anticipated to boost the product demand. Further, the trend of eating clean and healthy amongst the consumers has positively affected the growth of beverage and food industry, where the manufacturers are concentrating on manufacturing products with minimum or no artificial preservatives. For example, Coco Cola had introduced Diet Coke in several flavors and sugar-free beverages in the untapped markets like New Zealand. Likewise, Schweppes produces diet tonic water that is also consumed as a soft drink.
Increase in demand for diet variants of carbonated drinks as an addition while having food is anticipated to boost the production of these products. Further, the trend of eating healthy and clean has affected the beverage and food industry, where the manufacturers are concentrating on introducing products with minimum or no artificial flavors. For example, Coke had lofted Coke Life in Argentina that has stevia as an additive.
Distribution Channel Outlook:
- Supermarkets & General Merchandisers
- Convenience Stores
- Food Service & Drinking Places
- Online
Diet soft drinks are mostly purchased from general merchandisers and supermarkets. Supermarkets generated USD 1.4 billion revenue in 2018. Availability of a large variety of products and comparison between different varieties with respect to product details is driving the growth of this segment. Further, growth of the organized retail sector and exclusive discounts offered by the major players in the market is propelling the product demand.
The online channel of distribution is anticipated to grow at the fastest CAGR of 3.8% in the forecast period. Increasing number of e-commerce sites and rising use of smartphones in day-to-day life is driving the growth of this segment. Companies such as grofers and bigbasket are providing door-to-door delivery along with availability of a huge variety of products and exclusive offers and discounts on them.
Regional Outlook:
North America accounted for USD 1.4 billion of revenue in 2018 and thereby, dominated the market. The upsurge in revenue was due to increasing consumption of soft drinks in day-to-day life of consumers in the U.S. especially belonging to 15-20 years age group. Additionally, many new companies were focusing on capturing the new segments of the market with their premium range of products that included special flavors in drinks having nutritional and health benefits, with the aim of targeting consumers with higher purchasing power.
Asia Pacific is anticipated to grow at a CAGR of over 3.8% in the forecast period. The region offers lucrative opportunities for latest segments like non-alcoholic beverages and convenience food, as emerging economies like India and China are adapting the western lifestyle and culture that enables consumers to be conscious about their health in day-to-day life.
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