The global non-alcoholic drink market size is estimated to reach USD 1.6 trillion, by 2025, and is projected to grow at a CAGR of 5.3% from 2019 to 2025, according to a new report by Million Insights. The increase in demand for non-alcoholic drinks has contributed to harmful effects of alcoholic drinks. Moreover, the growing demand for the nutritional beverages is expected to boost the market growth in the next few years.
Growth Drivers:
The growing population of working individuals, athletes, and fitness enthusiasts is projected to increase the demand for nutritional drinks. This factor is anticipated to boost the demand for juices, and energy drinks in the coming few years. Additionally, the customers are shifting towards organic and natural products are also expected to support the market growth.
The increasing health consciousness among consumers is boosting the growth of drinks with added natural elements. Thus, the manufacturers are developing products with low calories and sugar content to attract more consumers. Furthermore, antioxidant beverages, probiotic drinks, and sports drinks are also gaining in popularity. The manufacturers promote the new products by collaborating with celebrities and athletes to create awareness about the product in the market.
Product Insights
Depending on the product type the non-alcoholic drinks market is fragmented into soft drinks, tea & coffee, juices, dairy drinks, functional drinks, bottled water, and others. The soft drinks segment constituted the largest market share of around 24.3%, in 2018. Major players are introducing the product with less calorie and sugar content products for health benefits. For example, in 2018, Coca-Cola has launched a juice called Simply Light with less sugar.
The functional drinks category is anticipated to grow at the highest CAGR of 6.0% during the forecasted period, 2019 to 2025. The growing popularity of nutritional drinks with added natural ingredients is expected to propel the product demand. The shifting consumer preference especially in emerging countries such as India and China is projected to boost demand for dairy and fruit juice drinks. The increasing application of fruit juices in the bakery and confectionary sector is also supporting the market growth.
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Distribution Channel Insights
The distribution channels are bifurcated into offline and online. The offline channel segment attributed to a market share of more than 80.0%, in 2018. The offline channel comprises convenience stores, retail outlets, supermarkets, and other specialty stores. Major players in the segment include Amazon, 7-Eleven, and Walmart.
Moreover, the 7-Eleven has partnered with Future Group to open new stores in the Indian market in the year 2019. According to reports, Amazon is also planning to launch grocery stores in the American market. These strategies are expected to propel the growth of offline channels.
The online channel is projected to grow at the highest CAGR of around 5.6% during the forecasted period. The growing trend of digital media is allowing manufacturers to adopt promotional strategies to gain traction among consumers. Additionally, online retailers offer a wide range of discounts, coupon codes to increase their sales.
Regional Insights
In 2018, North America held the largest non-alcoholic drink market share of over 34.0% in the overall market. The key players in the markets are focusing on product innovation and acquisitions to meet up with rising customer demand. For example, the Coca-Cola Company has launched cocktails of sparkling drinks with brands like Sangria, Ginger Mule, in 2019.
Asia Pacific region is anticipated to grow at the highest CAGR of 6.0% over the forecasted period. The increasing awareness about the product and health advantages over its consumption is mainly propelling the market growth. The companies are continuously looking for new product launches to increase their consumer base. For instance, in 2019, Gujarat cooperative milk federation has introduced fruit juices with different flavors.
Moreover, stiff government regulations and policies regarding alcoholic beverages are expected to boost the demand for non-alcoholic drinks. According to studies, it is found that over 310,000 deaths in 2017 were due to excessive alcohol consumption. All these harmful effects are expected to positively impact the growth of the market.
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