United States MLCC - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Soft Drinks - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2030)

The Soft Drinks Market size is estimated at 676.1 billion USD in 2024, and is expected to reach 901.7 billion USD by 2030, growing at a CAGR of 4.92% during the forecast period (2024-2030).

The growing demand for healthier, functional drinks across the regions is propelling the soft drink growth

• In 2023, the global market was dominated by carbonated soft drinks. The rising consumer preference for clean-label, gluten-free, low-calorie, and low-carb options fueled the growth of the low-calorie carbonated beverages segment in the food industry. Key players like Coca-Cola and Pepsi are actively innovating, introducing a range of flavors in their zero-calorie offerings to attract a wider consumer base. Some countries are employing fiscal measures, such as higher taxes, to curb sugary drink consumption. Consequently, the carbonated soft drinks market witnessed a robust 14.6% growth in value from 2019 to 2023.
• The juice segment holds a significant position as the second-largest category in the market. Global consumer preferences for juices are being shaped by health and wellness trends, product launches, and enhanced packaging. In the US, 40% of juice and smoothie consumers increased their juice intake in 2023, primarily driven by a desire to boost their vitamin intake. In 2022, around half of Chinese consumers prioritized a healthy lifestyle, with 32% specifically purchasing health-focused products, including nutritious juices.
• RTD (ready-to-drink) coffee is emerging as the fastest-growing soft drink category, with a projected value CAGR of 10.72% during 2024-2030. The formulation of RTD coffee, especially its appeal to health-conscious consumers, is pivotal. Manufacturers are responding by introducing low-calorie and sugar-free variants, allowing consumers to savor the rich coffee flavor without worrying about excess calories. This strategic move is expected to bolster sales and drive market growth in the coming years.

Availability of soft drinks in a wide range and continuous innovations are driving demand

• From 2021 to 2023, the global sales value of soft drinks surged by 8.38%. The carbonated beverage market is poised for long-term growth, driven by robust product advertising, a preference for convenient on-the-go food options, and increasingly busy lifestyles. Today's health-conscious consumers prioritize both nutrition and taste in their beverage choices. Notably, major industry players are actively transitioning to biodegradable packaging materials, reflecting their commitment to environmental sustainability.
• Asia-Pacific, a developing region, is projected to witness a significant sales value growth of 19.88% from 2023 to 2026. Key players are continuously innovating, introducing new flavors in their zero-calorie offerings to entice a broader consumer base. There is a rising consumer demand for low-sugar and low-calorie options, prompting some countries to implement fiscal measures, such as higher taxes, to curb sugary drink consumption effectively.
• During 2024-2030, the African soft drink market is set to emerge as the fastest-growing region, with a projected CAGR of 8.35%. Factors such as increasing disposable incomes, rapid urbanization, expanding financial sectors, and significant product launches in countries like Nigeria and Kenya are expected to drive industry growth. In 2020, beverage consumption in the Middle East stood at 3,733 million liters of dairy, 2,646 million liters of juice, nectars, and still drinks, 6,909 million liters of coffee and tea, 11,310 million liters of packaged water, and 2,981 million liters of carbonated soft drinks, totaling 27,857 million liters. This substantial consumption volume is on the rise, presenting ample opportunities for market entry and product innovation in the beverage sector.

Global Soft Drinks Market Trends

Continous innovation in flavors along with unique formations are catering to changing consumer preferences

• The average volume per person in the Soft Drinks market amounted to 42.91 liters in 2023. RTD coffee, RTD tea, RTD juices, energy drinks are high in demand due to their convenient and health benefits. The soft drink consumption is increasing rapidly owing to continued attention on health and comfort.
• Products are constantly being developed to cater to a wide range of consumers who are getting more health-conscious, brands like Pepsi recently released Pepsi Zero Sugar Cola Soft Drink with Mango Flavor. However, juices and nectars, carbonated beverages, and iced tea were the most launched soft drink subcategories in 2022.
• The average retail prices has increased from USD 0.3 per 355 ml in 2019 to USD 0.5 per 355 ml in 2023. However, the soft drinks market per person revenues of USD 111.20 are generated in 2023. In global comparison, most revenue is generated in the United States where carbonated beverage sales were up 9.7% totaling USD 35.1 billion for the 52 weeks ending May 15, in total U.S. multi-outlets.
• Many people have experienced a quick boost in their energy after consuming soft drinks. It boosts a person’s mind and also helps in regaining energy. Drinking carbonated soft drinks can make consumer feel better in nausea. Furthermore, soft drinks in addition to water also meets the minimum fluid requirement by the body.

Soft Drinks Industry Overview

The Soft Drinks Market is fragmented, with the top five companies occupying 14.56%. The major players in this market are PepsiCo, Inc., Red Bull GmbH, Suntory Holdings Limited, The Coca-Cola Company and Tingyi (Cayman Islands) Holding Corporation (sorted alphabetically).

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