Kvass Market Expected to Reach US$ 6.23 Billion by 2030 | CAGR 10.2% [PDF Version]

Allied Market Research published a report, titled, "Kvass Market by Flavor Type (Apple, Lemon, Cherry, Mint, Beets, Strawberry and Others), Packaging Type (Bottle, Can and Others), Price Point (Premium and Mass), and Distribution Channel (Supermarket, Convenience Store, E-Commerce, Food service and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global kvass industry generated $2.38 billion in 2020, and is anticipated to generate $6.23 billion by 2030, witnessing a CAGR of 10.2% from 2021 to 2030.

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Prime determinants of growth

Surge in influence of social media, growth in millennial population, rise in consumer awareness, and change in consumer preferences drive the growth of the global kvass market. However, availability of substitute products and threat of counterfeit kvass drink hinder the market growth. On the other hand, emergence of e-commerce and rise in demand for the premium drinks in developing countries present new opportunities in the coming years.

Regional Analysis:

Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global kvass market. This is due social media, local events/promotions and presence of traditional kvass processing industries, who associates the kvass with high quality products, sustainability and local produced products. However, Asia-Pacific region is expected to witness the fastest CAGR of 11.9% during the forecast period, owing to growth in millennial population and dynamic changes in the consumption pattern of the developing countries.

Major Key Companies:

The players operating in the Kvass industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include All Stars Beverages, Bryanskpivo, Carlsberg Group, Coca-Cola Company, Gubernija, Kvass Beverages LLC, Maltra Foods, Ochakovo, PepsiCo, Inc. and Piebalgas alus.

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According to the kvass market opportunities, on the basis of distribution channel, the supermarket and e-commerce segments are expected to witness significant CAGRs of 10.8% and 10.7%, respectively, during the forecast period. The cumulative share of these two segments was 42.3% in 2020, and is anticipated to reach 44.5% by 2030. Increase in urbanization, rise in working class population, and competitive pricing boosts the popularity of supermarkets in the developed and the developing regions.

Key Market Findings

-> The kvass market size was valued at $2,389.4 million in 2020, and is estimated to reach $6,231.2 million by 2030, registering a CAGR of 10.2% from 2021 to 2030.

-> In 2020, depending on flavor type, the cherry segment accounted for $270.0 million, garnering 10.6% of the global Kvass market.

-> On the basis of packaging type, the can segment acquired $828.0 million, exhibiting 11.0% of the global kvass market share.

-> In 2020, by price point, premium segment was valued at $770.3 million, accounting for 32.2% of the kvass market share.

-> Russia was the most prominent market in Europe in 2020, and is projected to reach $752.4 million by 2030, growing at a CAGR of 8.5% during the forecast period.

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According to the packaging type, the can segment is estimated to reach $2,315.00 million by 2030 at a CAGR of 11.0%. Kvass cans are no longer made of tin or steel, rather these are made of aluminum. Cans are airtight and hermetically sealed, preventing oxygen from damaging the kvass. They are impervious to the damaging effects of light and store kvass just as well as glass bottles. Since the inside of can is coated with a water-based polymer, it prevents the kvass from coming in contact with the aluminum; thereby, retaining it flavor and taste. Aluminum cans are lightweight thus provide ease of transportation.

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