Introduction of New Products to Augment Growth of Non-alcoholic Drinks Market

2024-10-28 12:09:32 Lifestyle

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Non-alcoholic drinks, also known by the name of virgin drinks, are beverages that comprise less than 0.5% alcoholic content in terms of volume. Some of the common non-alcoholic drinks are non-alcoholic wine and non-alcoholic beer. Apart from these, bottled water, juices, soft drinks, ready-to-drink coffee and tea, dairy drinks, and energy drinks are some of the widely consumed non-alcoholic drinks across the globe. In 2013, soft drinks accounted for the largest share in the non-alcoholic drinks market; however, the tea and coffee segment is anticipated to grow at a fast pace in the coming years.

According to a study by Transparency Market Research, in 2013, the global market for non-alcoholic drinks was worth US$135.2 bn and is estimated to reach a value of US$193.7 bn by the end of 2020, exhibiting a 4.30% CAGR between 2014 and 2020. In terms of volume, in 2013, the global market for non-alcoholic drinks stood at 912.77 bn liters and is projected to be 1,289.03 bn liters by the end of 2020, exhibiting a 4.90% CAGR between 2014 and 2020.

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Growing Health Awareness to Hamper Growth of Non-alcoholic Drinks Market

The increasing disposable income in developing economies and changing consumer lifestyle are some of the major factors that are estimated to boost the demand for non-alcoholic drinks in the near future. In addition, the growing demand for a mix of energy, flavor, and hydration is expected to fuel the growth of the market. Moreover, the introduction of several no-sugar and no-preservative non-alcoholic drinks is estimated to drive the global market for non-alcoholic drinks.

Nevertheless, growing health awareness among the population is estimated to curb the growth of the market in the coming years, due to the increasing awareness about the ill effects of overconsumption of sugar. However, the increasing participation of players is expected to fuel the growth of the market in the near future.

Asia Pacific Non-alcoholic Drinks Market to Witness Rapid Growth due to Increasing Disposable Income

Among the major regions, North America and Europe are facing a major concern over the growing prevalence of obesity, which is directly related to the increased consumption of artificially sweetened and sugary drinks. As a result, several non-alcoholic drinks have been introduced in the market to offer low-calorie and no-sugar drinks to the consumers. On the other hand, the Asia Pacific market is predicted to register a high growth rate in the coming years owing to the growing disposable income of consumers and rapid urbanization in this region.

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The growing demand for non-alcoholic drinks has attracted several players to the global market for the same. Thus, in the next few years, many new players are projected to be a part of the non-alcoholic drinks market and offer new products in order to create a niche and attract consumers. Some of the prominent players leading the global market for non-alcoholic drinks are Dr. Pepper Snapple Group, Inc., Dydo Drinco, Inc., Attitude Drinks, Inc., Nestl? S.A., PepsiCo, Inc., LiveWire Ergogenics, Inc., A.G. Barr, plc., The Coca-Cola Company, Danone, and Calcol, Inc.