Non-Alcoholic Beverages Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type [Carbonated Soft Drinks, Juices & Nectars (Sparkling Fruit Juices and Others), Bottled Water Dairy-Based Beverages, Dairy Alternative Beverages, RTD Tea & Coffee

Non-Alcoholic Beverages Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type [Carbonated Soft Drinks, Juices & Nectars (Sparkling Fruit Juices and Others), Bottled Water Dairy-Based Beverages, Dairy Alternative Beverages, RTD Tea & Coffee, Non-Alcoholic Beers, Malt Beverages, and Others], Packaging Type (Bottles, Cartons, Cans, and Pouches), Category (Sugar-Free and Conventional), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)

The non-alcoholic beverages market size is expected to grow from US$ 1,327.11 billion in 2022 to US$ 1,902.85 billion by 2028. It is estimated to grow at a CAGR of 6.2% from 2022 to 2028.

Non-alcoholic beverages include carbonated soft drinks, juices & nectars, bottled waters, dairy-based beverages, alternative dairy beverages, RTD tea & coffee, smoothies, non-alcoholic beers, RTD malt beverages and premixes, and energy and sports drinks. Over the past few years, awareness regarding health and nutrition increased significantly. Due to hectic working schedules and busy lifestyles, people cannot concentrate on their health and fitness, which leads to various health issues such as diabetes, obesity, skin diseases, eye problems, heart diseases, and cancer. People are increasingly spending on nutrient-enriched food and beverages to boost their health and reduce the risk of chronic diseases. This factor created a massive demand for functional food and beverages. Functional beverages usually contain one or more nutrients such as proteins, vitamins & minerals, good carbs, probiotics, and other nutrients that address specific health concerns of consumers. They enhance the overall physical state of the body and reduce the risk of disease progression. Furthermore, functional beverages keep the body well-hydrated and enhance immune health. Moreover, functional beverages support targeted and personalized health goals such as weight management, enhancing gut and immune health, and improving skin and hair health. This factor has enhanced their popularity among consumers of various age groups. Thus, the rising demand for functional beverages is driving the non-alcoholic beverages market.

Based on distribution channel, the global non-alcoholic beverages market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held the largest share in the global non-alcoholic beverages market in 2021, whereas the online retail segment is expected to register the fastest CAGR from 2022 to 2028. Supermarkets and hypermarkets are huge retail establishments offering extensive products such as personal care, groceries, and household products. These stores provide products from various brands at a reasonable price. It is easier for shoppers to find the right product at these stores. Moreover, these stores offer attractive discounts, multiple payment options, and a pleasant customer experience. Non-alcoholic beverage manufacturers usually prefer selling their products through supermarkets and hypermarkets owing to heavy customer footfall. Moreover, many leading non-alcoholic beverage manufacturers sell their products through well-known supermarkets such as Walmart, Aldi, and Tesco, owing to their customer reach and wide distribution network. These factors are driving the segment.

In 2021, Asia Pacific held the largest revenue share of the global non-alcoholic beverages market. Emerging countries in Asia Pacific are witnessing a surge in health-conscious consumers, creating a strong demand for non-alcoholic beverages, including energy drinks and fortified juices. Further, rising health consciousness, increasing awareness of the need for an active lifestyle, and growing prevalence of lifestyle diseases are inspiring health-oriented consumers to opt for healthy and sugar-free drinks. This factor also contributes to the growth of the non-alcoholic beverages market across Asia Pacific. Further, there is a high prevalence of lactose intolerance in countries in Asia Pacific, such as Japan and South Korea, driving the demand for alternative dairy beverages. Also, no/low alcoholic beers and wines are witnessing high demand in countries in Asia Pacific, such as Indonesia, Japan, China, and Malaysia, due to the rising trend of booze-free drinking. This factor is also favoring the non-alcoholic beverages market growth across Asia Pacific.

Key players operating in the global non-alcoholic beverages market include The Coca-Cola Company, PepsiCo, Nestle, Red Bull, Suntory Holdings Limited, Danone S.A., Califia Farms LLC, Keurig Dr. Pepper Inc, Asahi Group Holdings Limited, and Bolthouse Farms Inc. The manufacturers of non-alcoholic beverages are making significant investments to launch innovative products that meet the changing requirements of consumers. For instance, in March 2019, The Coca-Cola Company announced the launch of sparkling juice with 25% Kashmiri apple juice under its Minute Maid brand. Such innovative products are expected to drive the non-alcoholic beverages market over the forecast period.

The overall size of the global non-alcoholic beverages market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the non-alcoholic beverages market.

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