The market for non-alcoholic beverages is experiencing the effects of the COVID-19 pandemic, and as a result, industry leaders are implementing numerous safety standards, measurements, and quality checks in an effort to increase consumers’ trust and confidence in their products. Increased sales of beverages that have functional benefits, such as improving immunity, are likely to have a beneficial effect on the market. This rising demand for functional beverages that enhance health without affecting flavour is driving the non-alcoholic beverage industry forwards.
On the other side, increased consumer awareness is decreasing demand for high-sugar, carbonated beverages, a trend that is visible in both off-trade and on-trade channels.
Request Access Full Report is Available:@ https://www.zionmarketresearch.com/report/non-alcoholic-beverage-market
The pandemic also altered the packaging size landscape in 2020, with consumers opting for larger pack sizes and multipacks since they are more cost-effective and minimise the frequency of store visits.
Asia-Pacific has been the fastest-growing market region due to the availability of numerous untapped markets, a large population, and rising disposable income. Due to the availability of inexpensive labour and raw materials, the region driven by growing economies such as China, India, Thailand, and Malaysia has a competitive edge over other regions. The market is anticipated to be driven by the rising demand for alcohol-free beverages in these regions. Make in India, 100 percent FDI in food, and the One Belt One Road (OBOR) Initiative are luring new entrants to construct manufacturing and distribution facilities in the Asia-Pacific region. For instance, in October 2021, Anheuser Busch InBev India (AB InBev) introduced Budweiser Beats, a 250ml can debut in the non-alcoholic energy drink category.
In 2021, North America was the second-largest market for this business, due to the existence of developed economies and early soda product uptake. The region, led by the United States, is home to numerous internationally recognised beverage makers, such as PepsiCo and Coca-Cola. Growing obesity rates in the United States and Mexico, as well as government-imposed taxes on sugar goods, operate as constraints for CSDs and as drives for products created with low-calorie, non-nutritive sweeteners.
Key Companies & Market Share Insights
The industry is extremely competitive due to the presence of both small and large businesses. In this market, product differentiation is vital, driving research and development initiatives. The combination of rapidly evolving technology and demanding customers creates pressure for product enhancement and new product creation. Companies are investing extensively in research to develop new products that comply with regionally enforced norms and laws. Product line expansion and expansion have played a vital role in this industry’s development.
In the case of consumer goods, the switching cost for customers is low, thus businesses must engage customers through valuable offerings and develop customer experience through a customer-centric corporate culture. In addition to an excellent product, advertising is one of the most important factors in enhancing brand recognition. Companies participating in this industry invest extensively in promotional activities in an effort to establish a distinctive brand image that provides a competitive edge.
With her business partner Morgan McLachlan, Katy Perry created the alcohol-free beverage brand De Soi in January 2022. The product range of three non-alcoholic sparkling aperitifs, including Golden Hour, Champignon Dreams, and Purple Lune.
The Coca-Cola Company announced the debut of Fresca canned cocktails in collaboration with Corona’s U.S. manufacturer in January 2022.
In India, DrinksDeli opened an online portal for alcohol-free beverages in October 2021. The startup intends to market packaged coffee and cocktail mixers.
Some of the key players operating in the global non-alcoholic beverages market are:
- Keurig Dr Pepper Inc.
- The Coca-Cola Company
- Cott Corporation
- Danone S.A.
- SUNTORY BEVERAGE & FOOD LIMITED
- Asahi Group Holdings, Ltd.
- Red Bull