Sugar Free Carbonated Drinks Market expected to reach $243.5 billion By 2030 at CAGR of 7.3%

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 rise in prevalence of obesity and high blood sugar levels among the population boost the demand for sugar free carbonated drinks. Regular carbonated drinks contain sugar that is harmful for health thus people shift 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. Moreover, surge in health awareness among the global population boosts the demand for sugar free substitutes of carbonated drinks. These factors propel the growth of the sugar free carbonated drinks market during the forecast period. The desire to look fit and active among the consumers is a key factor fueling the demand for sugar free carbonated drinks in the market.

The growth and development of restaurant chains, cloud kitchens, food delivery services, quick service restaurants, and fast food chains foster the sugar free carbonated drinks market growth. The fast food chains such as KFC, Pizza Hut, Domino's, YUM Brands, and Burger King, most of the times include a carbonated soft drink in their regular affordable meal plan. This resulted in the increased consumption of sugar free carbonated drinks across the globe. According to the data published by the Centers for Disease Control and Prevention (CDC), around 36.6% of adults in the U.S. consume fast food on regular basis. Therefore, the rise consumption of fast food from the popular fast food chains is exponentially contributing toward the growth of the sugar free carbonated drinks industry.

However, there are certain obstacles faced by the sugar free carbonated drinks market. These include rise in raw material prices, decline in consumption of carbon infused drinks, and seasonality which hampers the growth of the market. There are certain health related risks associated with the consumption of carbon infused drinks. Therefore, there has been a decrease in the overall consumption of carbonated drinks from the past few years in the mature markets like North America and Europe, thereby hampering the sugar free carbonated drinks market growth.

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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). According to the sugar free carbonated drinks market forecast, on the basis of type, the soft drinks segment was the highest contributor to the market, accounting for $48 billion in 2020, and is expected to sustain its significance during the forecast period, owing to higher preference and consumption of soft drinks across the globe.

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.

According to the global sugar free carbonated drinks market analysis, in 2020, North America dominated the market, garnering around 34.6% of the total sugar free carbonated drinks market share, followed by Europe. North America and Europe are characterized by high disposable income, higher penetration of fast food chains, and increased consumer awareness, which makes them leading markets for sugar free carbonated drinks. However, Asia-Pacific is expected to show promising growth rate due to increase in penetration of fast food chains, rise in disposable income, and surge in awareness among consumers regarding the benefits associated with low calorie drinks.

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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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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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