Non-Alcoholic Beverage Market To Record Lucrative Growth, Revenue To Surge To US$ 1,650.28 Billion By 2024
With the presence of a large pool of participants, the global non-alcoholic beverage market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). PepsiCo, Dr. Pepper Snapple Group, The Coca-Cola Company, Reed’s, Jones Soda Co., The Kraft Heinz Company, and Nestle S.A. are some of the key vendors of non-alcoholic beverage across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the non-alcoholic beverage market study.
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Citing an instance, in January 2018, JAB Holding Company decided to merge its Keureg Green Mountain coffee business with Dr Pepper Snapple Group—a soda manufacturing firm—for developing a behemoth that can generate nearly US$ 11 billion in pro-forma yearly revenue.
As estimated in this report, the global non-alcoholic beverage market stood at US$ 1,157.31 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this non-alcoholic beverage market is expected to reach US$ 1,650.28 billion by the end of the forecast period. The main products available in this non-alcoholic beverage market are carbonated soft drinks (CSD), fruit beverages, bottled water, functional beverages, and sports drinks. Among them, the demand for functional beverages is relatively higher and the trend is anticipated to remain so over the next few years, notes the non-alcoholic beverage market research report.
Large Scale Consumption Of Functional Soft Drinks To Steer Market Size
“Cumulative demand for functional soft drinks with few calories and low sugar is expected to lucratively impact the growth of non-alcoholic beverage market in the years ahead,” says the author of this study. Apart from this, firms are trying to introduce new products with unique flavors through both new product development as well as product innovation. This, in turn, is likely to generate huge revenues for non-alcoholic beverage market in the coming period.
New legislations pertaining to health, obesity, ecological concerns, and product labeling, however, are likely to inhibit the growth of non-alcoholic beverage market over the years to come.
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Extensive Adoption Of Soda-Based Products To Spur Regional Dominance
Regionally, North America has been leading the worldwide non-alcoholic beverage market and is anticipated to continue on the dominant position in the years to come, states the non-alcoholic beverage market study. Massive application and acceptance of soda-based products is the main factor behind the dominance of the North America non-alcoholic beverage market. The large presence of key market players being headquartered in North America along with rise in the obese population is another significant factor that is supporting the growth of this regional non-alcoholic beverage market.
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