Press release
South Korea Sugar Free Beverages Market Size to Grow at a CAGR of 18.5% in the Forecast Period of 2023-2028
South Korea Sugar Free Beverages Market
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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South Korea Sugar Free Beverages Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2022): USD 237.4 million
Forecast CAGR (2023-2028): 18.5%
Forecast Market Size (2028): USD 624.1 million
The primary factor propelling the expansion of the South Korea sugar free beverages market is the rising demand for low-calorie beverages, prevalence of obesity, and awareness of the health benefits of sugar free beverages. Obesity is on the rise in South Korea and can lead to multiple health complications due to which more and more individuals are gravitating towards nutritious, low-carb, and sugar-free diets that include high-quality protein powders made from sources including whey protein, bone broth, beans, collagen, lentils, and other legumes.
The main factors driving the South Korea sugar free beverages market expansion include the rising incidence of diabetes and obesity, the rising demand for sugar-free substitutes, and the surging preference of calorie-restricted diets. Over the course of the forecast period, the market is expected to grow as the adoption of healthy diets increases in the country. The market for sugar-free carbonated beverages is also growing as a result of the growth of quick service restaurants, fast food chains, cloud kitchens, meal delivery services, and restaurant chains.
South Korea Sugar Free Beverages Industry Definition and Major Segments
Sugar free beverages refer to a range beverages that are without sugar, either entirely without sugar flavouring or with the use of sugar replacements. The drinks typically contain no added sugar in amounts greater than 0.5 grammes. While sugar-free beverages may use sugar-replacement additives, 'no added sugar' beverages indicate that no sugar products have been added and the beverage contains only naturally occurring sugar.
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Based on type, the market is segmented into:
Energy Drinks
Fruit and Vegetable Juices
Ready- to- Go Drinks
Carbonated Soft Drinks
Alcoholic Beverages
Others
On the basis of distribution channels, the market is divided into:
Supermarkets and Hypermarkets
Convenience Stores
Online Sales
Others
South Korea Sugar Free Beverages Market Trends
Eco-friendly beverage packaging options are encouraging customers to switch to eco-friendly alternatives on the market, which is boosting the market for sugar free beverages in South Korea. Non-alcoholic and sugar-free zero-calorie beverages are becoming more popular in the beverage sector as people adopt the so-called 'healthy pleasure' lifestyle, in which people maintain their health by participating in activities they enjoy. Diet conscious individuals who like eating carefully and healthfully are embracing this trend resulting in an expansion of the South Korea sugar free beverages market is expanding as a result of this factor.
The sugar free beverages market in South Korea is expected to grow as a result of growing preference of the public to consume less sugar overall. Manufacturers are significantly expanding the market growth by launching new sugar free products on the market. Additionally, the significant increase in online sales of food and beverages have supported the market development as consumers prefer to buy sugar free beverages through online channels, accessing a wider variety of options and benefitting from various discounts available. Due to the high rate of internet usage and the popularity of e-commerce in the nation, physical retailers including supermarkets, hypermarkets, and convenience stores are seeing increased competition in the South Korea sugar free beverages market from online retail stores.
Key Market Players
The major players in the South Korea sugar free beverages market report are:
The Coca-Cola Company
Lotte Chilsung Beverage Co., Ltd.
The Kraft Heinz Company
PepsiCo, Inc.
Red Bull GmbH
Hitejinro Co.,Ltd.
others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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