Non-Alcoholic Beverages Market Scope
Non-alcoholic beverages are drinks that contain less than 0.5% alcohol by volume. Such beverages cater to several functions in the human body such as hydration and abundant source of nutrients required by the human body. Non-alcoholic beverages boost energy level by providing the required sugar and calories. Non-alcoholic Beverages Market Size was valued at USD 984.9 Billion in 2022. The non-alcoholic beverages market industry is projected to grow from USD 1032.17 Billion in 2023 to USD 1501.9092 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2023 – 2032).
Changing consumer preference and growing health consciousness among consumers, thereby boosting the consumption of functional drinks followed by the increasing popularity of non-alcoholic beverages in countries enforcing alcohol prohibition laws such as Kuwait, Saudi Arabia, and Iran are driving non-alcoholic beverages Market Size across the globe.
Growth Boosters and Challenges
Non-alcoholic beverages have gained massive demand worldwide, particularly among millennials. The emerging trend of a healthier lifestyle has been rapidly gaining momentum among consumers. The mass across the globe is growing aware of the different beverages and food they consume and carry out comparisons of the products to gain the benefits. Surging consumer awareness, a heightened number of informed consumers with clearer expectations, and their willingness to buy healthy goods can enhance the non-alcoholic beverages market size in the years ahead. Additionally, mounting awareness level about the toxic impact of alcohol consumption among the consumers is compelling them to go for non-alcoholic beverages instead of alcoholic beverages, like spirits, beers, wines, and more.
On the other hand, the prevalence of an unhealthy lifestyle has been contributing to the spread of diabetes, cardiovascular diseases, and obesity, forcing consumers to opt for healthier beverages. This has enhanced the preference for functional beverages among consumers. Functional beverages are often marketed as drinks with healthy ingredients that offer a wide series of health benefits. Owing to the presence of healthy ingredients like vitamins, amino acids, herbs, bacteria, and minerals in these beverages, the demand is seeing an upsurge worldwide.
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The majority of the functional beverages Non-Alcoholic Beverages Market Outlook like non-alcoholic RTD beverages have a beneficial impact on the body, including improved heart rate, immune system, electrolyte replenishing benefits post-exercise, digestive health hydration, and better intestinal flora as well as gut function, which is propelling the demand among consumers.
With respect to product type, the non-alcoholic RTD beverages market caters to dairy-based beverages, tea & coffee, carbonated soft drinks, bottled water, fruits and vegetable juice, and others. Functional beverage types are sports drinks, energy drinks, and more. Bottled water segment forms the highest share in the non-alcoholic RTD beverages market.
Depending on packaging type, the non-alcoholic RTD beverages Market Overview’s has been considered for cans, bottles, and more. The bottles segment can project growth at the highest rate of 5.42% from 2020 to 2030. Bottles are a highly popular packaging solution among the manufacturers. Consumers generally find glass bottles more appealing since these are hygienic, aesthetically pleasing, and durable.
Major distribution channels in the global non-alcoholic RTD beverages market include store-based as well as non-store-based. The store-based segment is leading the worldwide industry.
North America can anticipate being the most lucrative market for non-alcoholic RTD beverages. Rapid change in consumers’ preference and taste, with higher inclination toward healthy beverages, the interest in various non-alcoholic RTD beverages has risen as well. This is one of the top reasons behind the strong market growth. This shift is almost parallel to the steady drop in the consumption of alcoholic beverages, particularly among the US population, with a preference for low to no alcohol-based healthy beverages. In addition, the surging popularity of functional beverages, like sports drinks, energy drinks, fruit and vegetable juices and RTD tea & coffee is fostering business growth.
The Asia-Pacific market for non-alcoholic RTD beverages is the global leader, given the presence of a burgeoning populace increasingly opting for healthy beverages. The expansive millennial population prefers healthier drinks, in the wake of rising influence of the western culture, giving a strong boost to the popularity of healthy diets.
Prominent firms active in the worldwide market for non-alcoholic RTD beverages are The Coca-Cola Company (US), Nestlé S.A. (Switzerland), Keurig Dr Pepper Inc. (US), Danone S.A. (France), LotteChilsungBeverage Co. Ltd. (South Korea), Suntory Holdings Limited (Japan), Starbucks Corporation (US), POKKA SAPPORO Food & Beverage Ltd (Japan), PepsiCo (US), Yakult Honsha Co., Ltd. (Japan), and more.
Given the surging competition in the worldwide market, brands are increasingly taking up effective strategies to bolster their consumer base. Advertising campaigns, product innovation and new launches are a few of the major strategies deployed by the major companies to augment their market standings. Many eminent brands are focused on making use of attractive packaging solutions to capture the interest of a higher number of consumers.
Applied Nutrition, a UK-based renowned sports nutrition brand is launching its latest L-Carnitine sports drink. Carni-Tone is the brand’s first flavored spring water and will be an addition to its series of ready-to-drink (RTD) products. It is also the brand’s first L-Carnitine RTD beverage in the Applied Nutrition series and will be sold in three new flavors –raspberry and cherry, apple and blackcurrant, as well as summer fruits. The 500ml drink has zero calories, zero sugar, contains 1,500mg of L-Carnitine, along with vitamins B3, B6 & B12, and is rich in minerals.
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