Non-Alcoholic Beverages Market Size Worth $1,888.57 Bn to Grow at 6.2% CAGR During 2022-2028 | Industry Trends, Share, Growth, SWOT Analysis, Forecast by The Insight Partners

NEW YORK, Aug. 30, 2022 /PRNewswire/ -- The Insight Partners published latest research study on 'Non-Alcoholic Beverages Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Packaging Type, Category, and Distribution Channel,' the non-alcoholic beverages market size is expected to grow from US$ 1,247.20 billion in 2021 to US$ 1,888.57 billion by 2028. It is estimated to grow at a CAGR of 6.2% from 2022 to 2028. The market growth is attributed to changing consumer trends, rising health-conscious population, and increasing demand for convenience food and beverages. includes the factors governing the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.

Non-alcoholic beverages include carbonated beverages, juices and nectars, smoothies, energy and sports drinks, bottled water, dairy and non-dairy beverages, RTD tea and coffee, and others. The changing lifestyle of consumers and increasing demand for convenience food and beverages are driving the non-alcoholic beverages market. Moreover, rapidly emerging health and wellness trends are also driving the consumption of non-alcoholic beverages, propelling market growth.

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Non-Alcoholic Beverages Market - Strategic Insights

Non-Alcoholic Beverages Market: Competition Landscape

Some players operating in the global non-alcoholic beverages market include The Coca Cola Company, PepsiCo, Nestle, Red Bull, Suntory Holdings Limited, Danone S.A., Califia Farms LLC, Keurig Dr Pepper Inc, Asahi Group Holdings Limited, and Bolthouse Farms Inc., among others. Players operating in the global non-alcoholic beverages market focus on providing high-quality products to fulfill customer demand. Market players are constantly focusing on strategies such as investments in research and development activities and new product launches.

Key Developments

• In 2022, Gatorade, a PepsiCo-owned brand of sports drinks, launched 'Gatorade Fit' with no added sugar and free of artificial flavors, colors, and other additives. The product has a 100% daily value of antioxidants, vitamins, and electrolytes sourced from watermelon and sea salt.
• In 2021, Savvy Beverage, an Australian start-up, launched a line of nootropic drinks under the brand 'Brain Boost.' The drinks contain ashwagandha root extract, panax ginseng root extract, B vitamins, L-theanine, green coffee bean extract, and creatine monohydrate that uplift mood, reduce stress, improve focus, and energize mind.

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The manufacturers of non-alcoholic beverages are making significant investments in research & development to launch innovative products that meet the changing requirements of consumers. They are developing clean-label and organic products with no artificial additives, colors, and flavors to meet the rising consumer demand. For instance, Rugani Juice, a South African juice brand, offers 100% natural fruit and vegetable juices with no additives. The company uses unique juice extraction and packaging technologies that produce products with a 12-months shelf life. Such products are gaining immense traction among consumers.

The non-alcoholic beverages market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). Asia Pacific dominated the global market in 2021. The market growth is attributed to the improving lifestyle of consumers, rising per capita income, growing health-conscious population, and availability of a wide range of products across different retail channels. The presence of leading players such as The Coca-Cola Company, PepsiCo, and Nestle operating actively in the region also drives the growth of non-alcoholic beverages. These players are making significant investments in the region to increase their non-alcoholic beverages market shares. This factor is expected to provide significant momentum to the market growth in the coming years.

In 2021, Asia Pacific held the largest share of the global non-alcoholic beverages market. Consumers in the region are becoming aware of the importance of a healthy diet and active lifestyle due to the high prevalence of diabetes. According to the International Diabetes Federation (IDF), India had 77 million diabetic patients in 2019, making it the world's second-largest diabetic population. The population is expected to reach 101 million by 2030. In 2019, ~114 million adults in China had diabetes, as per the IDF.  Natural sweeteners, including stevia, are preferred by consumers in their beverages. Companies such as PepsiCo, Inc. and the Coca-Cola Company have pledged to eliminate artificial additives and lower the amount of sugar in their products. Thus, such initiatives taken by manufacturers are expected to boost the demand for non-alcoholic beverages in Asia Pacific over the forecast period.

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The vegan population has grown significantly over the past few years. According to Veganuary (a non-profit organization that encourages individuals worldwide to go vegan for the entire month of January), in 2022, more than 620,000 people registered for the Veganuary campaign, and the registrations increased by 200% in the last 3 years. The demand for alternative dairy beverages is increasing promisingly due to the rising veganism trend and the increasing lactose-intolerant population. Therefore, beverage manufacturers are increasingly launching products with plant-based claims to meet the growing demand. For instance, in February 2021, Minor Figures, a UK-based beverage brand, launched a range of barista-quality canned tea and coffee with four different variants: latte, matcha latte, chai latte, and mocha. Thus, the rising popularity of plant-based beverages is projected to drive the non-alcoholic beverages market growth over the forecast period.

Based on packaging type, the non-alcoholic beverages market is segmented into bottles, cartons, cans, and pouches. The global non-alcoholic beverages market share for the bottles segment was the largest in the global non-alcoholic beverages market in 2021, whereas the cans segment is expected to grow at the fastest CAGR over the forecast period.  The bottle packaging is considered ideal for beverage and liquid food products. It can ensure extreme product integrity and the supply chain for juices, nectars, isotonic and teas, soft drinks, and liquid dairy products. It is sustainable and helps in optimizing the costs. The demand for bottle packaging is increasing due to an increased demand for bottled water, juices, carbonated drinks, and RTD tea and coffee, among others. Bottles made with recycled plastics are gaining traction owing to increased sustainability concerns. This factor is further anticipated to drive the segment's growth over the forecast period.

Based on distribution channel, the non-alcoholic beverages market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The non-alcoholic beverages market share for supermarkets & hypermarkets segment was the largest in 2021. Online retail is one of the fastest-expanding distribution channels due to its convenience in terms of product delivery. Online retail stores offer a wider range of products with heavy discounts; consumers can conveniently buy desirable products remotely. Additionally, home delivery service attracts many consumers to shop through e-commerce portals. Moreover, these websites offer comprehensive product information, along with user feedback, which helps consumers compare products and make informed decisions. During the COVID-19 pandemic, online retail channels gained popularity as they offered home delivery services. These factors are boosting the segment's growth.

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Non-alcoholic drinks, also known as 'virgin drinks', 'mocktails' and 'near beer', refer to the beverages that comprise less than 0.5% of alcohol content by volume. Non-alcoholic drinks market encompasses a wide range of refreshment beverages, including energy drinks, juices, soft drinks, coffee & tea, bottled water, and probiotics. The beverage industry has faced spectacular transformation in consumer preferences in the past decade.

People are readily switching to a vegan diet due to increased health and sustainability concerns. According to the International Food Information Council's 2021 Food and Health Survey, more than 4 out of 10 buyers believe plant-based food and beverages are healthier than conventional ones even when two products have similar ingredients and provide similar nutritional benefits.  The demand for dairy alternative beverages is increasing promisingly, due to the growing influence of veganism and the increasing lactose-intolerant population.

Therefore, beverage manufacturers are increasingly launching products with plant-based claims to meet the growing demand. For instance, in February 2021, Minor Figures, a UK-based beverage brand, launched a range of barista-quality canned tea and coffee with four different variants: latte, matcha latte, chai latte, and mocha. The products are made with oat milk and are certified vegan. Similarly, in October 2020, Sanitarium, one of the leading Australia-based health and nutrition companies, launched a dairy-free, gluten-free, and vegan-friendly breakfast drink under the brand name UP&GO. The product is made using soy milk enriched with protein, fiber, and calcium and has a low glycaemic index.  Thus, the rising number of product launches under the plant-based beverage category is expected to drive the demand for non-alcoholic beverages over the coming years.

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Impact of COVID-19 Pandemic on Non-Alcoholic Beverages Market

The COVID-19 pandemic disturbed the operations of food and beverages manufacturers in various countries such as the US, India, Japan, the UK, France, and Brazil. However, the non-alcoholic beverages market witnessed significant growth as consumers' health concerns increased dramatically after the outbreak. Nutrient-enriched beverages that offered immunity-boosting benefits witnessed huge demand. Moreover, the demand for 100% natural products free from synthetic additives increased in the region as consumers perceive these products to be healthier than conventional ones. These factors drove the global non-alcoholic beverages market growth.

In 2021, the governments of various countries relaxed certain restrictions, including lockdowns. The manufacturers were permitted to operate at full capacity, which helped them overcome the demand-supply gap. Companies relying on exports are gradually recovering due to the relaxation of border restrictions, thereby positively impacting the non-alcoholic beverages market growth.

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