Sugar Free Carbonated Drinks Market Witnessed to Flourish $243.5 billion by 2030|Refresco Group B.V.,Suntory Group

According to a new report published by Allied Market Research, titled, "Sugar Free Carbonated Drinks Market By Type, Flavor, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global sugar free carbonated drinks market size is expected to reach $243.5 billion by 2030 at a CAGR of 7.3% from 2021 to 2030.

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Sugar free carbonated drinks are low calorie or no calorie carbon infused drinks with added natural/artificial flavors, coloring, preservatives, and other ingredients. Aspartame, Saccharin, Acesulfame K are some of the sugar substitutes used as sweetener in sugar free carbonated drinks. The sugar free carbonated drinks market is a brand conscious industry. It is very important for the market players to maintain a positive brand image among the consumers. Moreover, the consumers' taste and preferences change constantly in this market. Hence, the introduction of new products and new flavors at regular time intervals have become increasingly important for the market players to compete in the market.

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The rise in prevalence of obesity and high blood sugar levels among the population is the key reason behind the surge in demand for the sugar free carbonated drinks. Everyone loves the fizzy and bubbly taste of regular carbonated drinks such as seltzer, sparkling water, energy drinks, sports drink, and regular soft drinks. Regular carbonated drinks contain sugar that is harmful for health thus people are shifting toward sugar free substitute of carbonated drinks. According to a study by the Global Burden of Disease, around 4.72 million people died prematurely due to obesity and around 6.53 people died due to high blood sugar in 2017. Higher consumption of added sugar may lead to obesity that again results in various health risks such as heart disease, diabetes, high blood pressure, and certain cancers. These factors are responsible for rise in health consciousness among the population.

The sugar free carbonated drinks market is segmented on the basis of type, flavor, distribution channel, and region. By type, the sugar free carbonated drinks market is divided into soft drinks, energy drinks, sports drink, and carbonated water. By flavor, it is segregated into cola, lime, orange, lemonade, and others. By distribution channel, it is classified into hypermarkets/supermarkets, convenience stores, independent retailers, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, Spain, France, Austria, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, and rest of LAMEA).

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On the basis of flavor, the cola segment exhibited around 54% of the market share in 2020 due to the immense popularity of the cola flavor. Cola flavor was popularized by the aggressive marketing campaigns by The Coca-Cola Company, market leader in carbonated drinks market, in the past few decades.

As per the sugar free carbonated drinks market trends, by distribution channel, the others segment was the prominent segment. This segment includes food service industry, fast food chains, quick service restaurants, food delivery services, online sale channels, and others. Others distribution channel is a dominating and the fastest-growing segment due to the growing popularity of fast food chains and online sales channels all across the globe.

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Key findings of the study

The sugar free carbonated drinks market size was valued at $125.3 billion in 2020, and is estimated to reach $243.5 billion by 2030, growing at a CAGR of 7.3% during the forecast period.
By type, the sports drink segment is estimated to witness the fastest growth, registering a CAGR of 7.9% during the forecast period.
By flavor, the cola segment was valued at $67.7 billion, accounting for 54% of the global sugar free carbonated drinks market, in 2020.
The U.S. was the most prominent market in North America, in 2020, and is projected to reach $21.2 billion by 2030, growing at a CAGR of 6.2% during the forecast period.

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Players operating in the global sugar free carbonated drinks market have adopted various developmental strategies to expand their market share, exploit the sugar free carbonated drinks market opportunities, and increase profitability in the market. The key players profiled in this report include Arizona Beverage Company, Llc., Asahi Group Holdings, Ltd., Bisleri International, Jones Soda Co., Keurig Dr Pepper, Inc., Kofola CeskoSlovensko A.S., PepsiCo, Inc., Refresco Group B.V., Suntory Group, and The Coca-Cola Company.

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