COVID-19 Impacts on Carbonated Beverages Market | Demand and Supply Challenges & Future Scope Analysis Report to 2027
The global carbonated beverages market size is expected to reach USD 607.25 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.1% from 2020 to 2027. Growing demand for premium drinks, coupled with improvement in economic indicators in developing economies, is expected to promote market growth. Furthermore, increasing spending by the carbonated beverage manufacturers has been playing a crucial role in the industry movement at the global level. These innovations are being brought in product, packaging, distribution, and other various aspects of the business. In June 2020, PepsiCo took an initiative to expand Soda Stream into an away-from-home environment, including workplace, college, airport, and other professional places with large public interactions.
Furthermore, the product can be easily regulated using the Soda Stream Professional Hydration Platform. The mobile-enabled application allows people to personalize their beverage as well as digitally track their water intake. The product has also been playing a crucial role in reducing plastic bottle waste.
Similarly, product launches have been playing a vital part in market growth. In April 2020, Taisho Pharmaceutical Holdings launched carbonated energy drinks under the brand Raizin. The product is available in two flavors, including ginger and mixed fruits. The beverage is caffeine-free and contains enXtra, a ginger plant extract known to have a positive effect on sports nutrition, weight loss, and cognitive care. It also contains ginkgo biloba extract, deproteinized royal jelly, vitamin B2 & B6, and amino acids, like histidine, isoleucine, and inositol. The product is being retailed at JPY 190.
In October 2019, Coca Cola launched its energy drinks in regular and cherry flavors. The zero-calorie product is available in 25 international markets. Its 12 ounces can contain 114 milligrams of caffeine, which has been derived from natural sources. Along with that, it contains guarana extracts and B vitamins.
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Carbonated Beverages Market Report Highlights
- By product, soft drinks dominated the market in 2019 with a share of more than 50.0%. This is attributed to the first-mover advantage
- The sports and energy drinks segment is expected to witness the fastest growth with a CAGR of 7.2% from 2020 to 2027. The growth is attributed to growing consciousness among people of all generations regarding healthy lifestyle
- By flavor, the fruit-based beverages segment is expected to witness the fastest growth during the forecast years with a CAGR of 6.3% from 2020 to 2027. Availability of a large variety of fruits, along with the option of having more number of natural ingredients, is leading to the rapid growth
- Central and South America dominated the market by accounting for over 25.0% share of the global revenue in 2019. Wide penetration of the product in Brazil, Colombia, Chile, and Argentina is acting as a prominent factor for regional growth.
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Grand View Research has segmented the global carbonated beverages market on the basis of product, flavor, distribution channel, and region