The beverages market is expected to grow from USD 3.71 trillion in 2024 to USD 4.58 trillion by 2029 at a CAGR of 4.26% during the forecast period (2024-2029).
The market is highly competitive, with key players operating, such as Nestlé S.A., Anheuser-Busch InBev, Heineken N.V., PepsiCo, Inc., and The Coca-Cola Company. Various active companies in the market have adopted product innovation as a strategy due to changing consumer preferences worldwide. The primary focus of the companies is to offer products with different flavors and added functionalities, thereby catering to consumer preferences efficiently. For instance, in September 2022, Gatorade, a PepsiCo brand, launched a caffeinated energy drink, "Fast Switch," for athletes. The product is a cross between an energy drink and a sports drink. The product is non-carbonated, contains no sugar, and does not include any artificial colors or flavors.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook