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Soft Drinks Market Size, Share & Growth Forecast 2024-2033
Soft Drinks Market Size
According to The Business Research Company's, The soft drinks market size has grown strongly in recent years. It will grow from $440.96 billion in 2023 to $465.57 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to carbonated soft drinks (csd) dominance, convenience and on-the-go lifestyle, marketing and branding, affordability and widespread availability, flavor innovation.
The soft drinks market size is expected to see steady growth in the next few years. It will grow to $565.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to health and wellness trends, sustainability practices, premiumization and craft soft drinks, reduced sugar and functional ingredients, cultural and regional flavors, innovative packaging. Major trends in the forecast period include low/no-calorie and sugar-free options, premium and craft soft drinks, sustainable packaging and practices, diversification of flavors and ingredients, alternative and sustainable sweeteners.
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Market Drivers and Trends:
The rise in demand for food and beverages is expected to propel the growth of the soft drink market going forward. The food and beverage sector encompasses all organizations that process, package, and distribute raw food products. Consumers are preferring beverages with healthier and ready-to-eat options with different flavors, as a result, the expansion of the food and beverage sector boosts the growth of the soft drinks market. For instance, in December 2022, according to a report published by FoodDrinkEurope, a Food industry confederation in the European Union, the EU food and drink industry turnover was €1,121 billion ($1185.74 billion) in 2022 up from €1,093 billion ($1157 billion) in 2021. Therefore, the rise in demand for food and beverages is driving the growth of the soft drink market.
Product innovation is a key trend gaining popularity in the soft drink market. Major companies operating in the soft drink industry are focused on developing innovative solutions to strengthen their position in the market. For instance, in January 2023, PepsiCo Inc., a US-based food, snack, and beverage corporation, launched a new product called STARRY, which is a lemon-lime flavored soda. Starry is caffeine-free and available in a variety of sizes to provide a refreshing burst of lemon-lime flavor for every occasion that is easy to drink, perfectly sweet, and provides an exceptional taste and flavor experience. Additionally, it has stronger, higher-level citrus flavors that are true to the fruit and more aromatic, which deliver a more balanced, cleaner, crisp finish than sierra mist.
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Major Key Players of the Market:
Pepsico. Inc.; Nestle S.A.; The Coca-Cola Company; Keurig Dr Pepper Inc.; Red Bull GmbH; Monster Energy Company; Asahi Group Holdings Ltd.; Danone S.A.; Kirin Brewery Company Limited; National Beverage Corp.; Arizona Beverage Company; Del Monte Pacific Ltd.; Mondelez International Inc.; Parle Agro Pvt Ltd.; Postobon S.A.; Purity Soft Drinks Ltd.; Britvic plc; Suntory Holdings Limited; Cott Corporation; Big Red Inc.; Faygo Beverages Inc.; Jones Soda Co.; Polar Beverages; Royal Crown Cola International; Shasta Beverages Inc.; Sodastream International Ltd.; The Boston Beer Company; The J.M. Smucker Company; Talking Rain Beverage Co.; Ajegroup
Soft Drinks Market 2024 Key Insights:
• The soft drinks market will grow to $565.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Increased Demand For Food And Beverages Fuels Growth In The Soft Drink Market
• Key Players Introducing Innovative Products To Strengthen Their Positions
• North America was the largest region in the soft drinks market in 2023
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