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Non-Alcoholic Drinks Market : Global Forecast over 2020
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The global market for non-alcoholic drinks market was valued at US$1,435.25 bn in 2013 and is projected to reach US$1,937.73 bn by the end of 2020, in terms of volume. The market is projected to rise a CAGR of 4.30% from 2014 to 2020.
Based on product, the tea and coffee segment is projected to rise at the leading CAGR of 7.0% from 2014 to 2020. The growth of the segment is vastly fueled by the rapid pace of industrialization and the rising disposable incomes of consumers. Regionally, the North America for non-alcoholic drinks market held the major revenue in 2013 and is predicted to lead the market in the next few years. The dominance of the regional market is attributed to the rising health awareness of populations across all age groups in the region.
Rising Disposable Incomes and Mounting Health Concerns Boost Market
The constant change in consumer shifts in the food and beverages segment and the rising spending of populations in non-alcoholic drinks attributed to increasing per-capita incomes are the key factors driving the market. The changing taste and preferences of consumers is inclined toward a variety of flavors bolstering the demand for various types of non-alcohol drinks. The general rising temperatures of the world, on account of global warming, is boosting the demand for non-alcoholic beverages. In addition, the rising health concerns has led a large chunk of population in developed and developing regions to prefer non-alcoholic over alcoholic drinks. For instance, this is fueling the demand for packaged fruit juices and dairy drinks.
The increasing disposable incomes of consumers in emerging economies has boosted the demand for soft drinks. The growing popularity of soft drinks across demographics is a key factor catalyzing the market. The changes in demographics in various regions has propelled the demand for tea and coffee.
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Inclination to Imbibe on New Flavors in Drinks among Young Populations Catalyzes Market
In recent years, the mounting health concern related to the adverse effect of sweetened beverages by artificial means is a key factor likely to hamper the demand for non-alcoholic drinks in the coming years. However, the rising purchasing power of consumers has led to the demand for innovative flavors and nutrition in coffee. Increased focus of numerous food and beverages company on differentiating their offerings have led them to capitalize on emerging opportunities in several emerging markets. In addition, the sustained introduction of new products in different flavors and variants is anticipated to open up lucrative avenues for these players. Furthermore, the rising youth populations, especially in developing nations of Asia Pacific, is a key trend expected to change the consumption pattern in favor of non-alcoholic drinks. These populations are active in trying new flavors as refreshing alternatives. This is expected to augur well for the market in the coming years.
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