USD 422.7 billion
Report ID: SQMIG30G2025 | Region: Global | Published Date: November, 2022 | Pages: 265 | Tables: 91 | Figures: 76
Global Carbonated Beverages Market size was valued at USD 422.7 billion in 2021 and is poised to grow from USD 439.3 billion in 2022 to USD 674.8 billion by 2030, growing at a CAGR of 3.8% in the forecast period (2023-2030).
Carbon dioxide is added to a liquid to create carbonated drinks. Soft drink is the most popular kind of carbonated beverage. Additionally, carbonated drinks including water, juice, and energy drinks are often consumed. Some wine producers add carbon dioxide to their goods to make them bubbly and sparkling.
The strong popularity of soda drinks among generation X and generation Y consumers is anticipated to be a key factor in the market's growth. These beverages are more popular with consumers because they have an acidic bite, a pleasant tingling feeling, and a cooling effect with each sip. In addition to this, the product contains fruit tastes, which help customers accept such items. Clean water, flavouring ingredients to create the taste profile, sugar or other sweeteners, coloring agents, and preservatives that are meant to be included are all used in the production of carbonated beverages. With the introduction of glass bottles, cans, plastic bottles, high-speed packaging lines, and developing packaging methods, technology has undoubtedly contributed to the rise in consumption of carbonated beverages. For example, in contrast to developed countries like the US, where the per-capita consumption is 1,496 bottles, India's consumption of soft drinks in 2016 was 44 bottles. 1,489 bottles were consumed in Mexico, 1,221 in Germany, and 537 in emerging countries like Brazil. With consumption anticipated to nearly quadruple to 84 bottles by 2021, this under-penetration is likely to be corrected.
US Carbonated Beverages Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 422.7 billion
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Global carbonated beverages market is segmented based on the product, flavor, distribution channel, and region. Based on the product, the global carbonated beverages market is segmented as soft drinks, sports & energy drinks. Based on the flavor, the global carbonated beverages market is segmented into cola, fruit-based, and others. Based on distribution channel, the global carbonated beverages market is segmented into hypermarkets/supermarkets, specialty stores, convenience stores, online stores, and other distribution channels. Based on region, carbonated beverages market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Carbonated Beverages Market Analysis by Product
In 2021, carbonated soft drinks accounted for more than 50.0 percent of the global carbonated beverages market. Numerous business tactics have been employed to increase the penetration of carbonated beverages and maintain the client base. One of the key strategies that the majority of businesses have chosen to increase their income is product innovation. For example, in 2022, with an exclusive suite experience, Pepsi brings its new Nitro Pepsi Cola to Yankee Stadium and offers one of the best game-day experiences in baseball. Baseball is all about seamless moments, whether it's an exciting slide into home plate, an easy 100 mph fastball, or the ideal bat flip to celebrate a walk-off home run. The first-ever nitrogen-infused cola, Nitro Pepsi, is how Pepsi is commemorating the return of all those moments to Yankee Stadium this season.
During the projection period, the segment for carbonated sports and energy drinks is anticipated to increase at the quickest rate. Manufacturers of sports and energy drinks frequently add fizz to their products to give them a fresher taste. For example, in 2022, Rockstar Energy Drink is introducing a new type of energy drink with the release of Rockstar Unplugged. It is designed to provide the appropriate quantity of caffeine when needed. Rockstar Unplugged employs components like hemp seed oil and B vitamins to enhance positive feelings rather than giving a strong energy boost. These components, together with a fruit-forward energy boost, support the maintenance of a laid-back, free-flowing, and soul-nourishing attitude for any circumstance or mood.
Carbonated Beverages Market Analysis by Flavor
In 2021, the global revenue was more than 56% dominated by the cola taste. Due to the benefit of being the first to market, many items have been enjoying a lead. Furthermore, it is anticipated that in the near future, a high level of innovation used by important manufacturers, such as The Coca-Cola Company and PepsiCo, in terms of the production of products with zero calories and diet-free content, will preserve the appeal of the cola taste category. For example, in 2022, The latest limited-edition taste from Coca-Cola Creations—a collaboration with GRAMMY-nominated musician Marshmello—is now available. The first beverage ever co-created by a brand and an artist, Marshmello's Limited Edition Coca-Cola, evokes the sensation of blending top-charting tunes. The new beverage, which combines strawberry and watermelon flavors with the classic Coke taste, will debut in the United States in July and be made accessible in a few other nations. There will also be a sugar-free variant.
With a CAGR of more than 6% from 2022 to 2028, the sector of tastes based on fruit is anticipated to have the fastest growth. A fruity-flavored carbonated beverage with the code S 01 Rhubarb - sour face pull was introduced by Rapscallion Soda in June 2020. It is an environmentally friendly, low-calorie beverage with a hint of sourness and a bubbly flowery finish. Scottish rhubarb, pink grapefruit zest, Sichuan pepper, and raw organic cane sugar are all added as infusions. For example, in 2022, Fanta is expanding its diverse taste lineup with a brand-new, exotic flavour that will be available for a brief period of time. Fanta Dragon Fruit Zero Sugar is an unusual flavor combination that redefines colorful snacking with a slightly sweet taste reminiscent of kiwi, pear, and watermelon as well as an electric pink glow. It was inspired by the tropical fruit indigenous to Mexico and Central America.
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North America dominated the global carbonated beverages market. The increased demand for carbonated beverages, altered eating patterns, and an increase in the region's youth population all contribute to the growth of the North American market. Additionally, in order to meet new difficulties, businesses are coming up with new ideas and manufacturing goods while taking into account the concerns about customers' health and wellbeing in the area. Coca-Cola, the market leader, maintains a product sustainability strategy for ongoing brand reliability. These elements are fueling the carbonated beverage market's expansion on the North American continent. For example, in 2022, Two of the largest North American brands of The Coca-Cola Company are making significant efforts to foster a circular economy for plastic packaging. To improve the possibility that the material will be used to make new beverage bottles, Sprite is switching from green to clear plastic and DASANI is introducing bottles that are entirely made of recycled PET plastic (caps and labels are excluded).
Furthermore, starting this summer, the bulk of DASANI bottles sold in the US will be made from 100 percent recycled plastic, including the 20-oz. and 1.5-liter singles as well as the 10-oz. and 12-oz. multipacks. This innovation applies to all DASANI bottles in Canada. The change supports the company's World Without Waste target of using at least 50% recycled material in its bottles and cans by 2030 as well as DASANI's commitment to stop producing the equivalent of 2 billion virgin plastic bottles by 2027 compared to 2021 levels.
The quickest CAGR of more than 6% is anticipated to be recorded in the Middle East and Africa between 2022 and 2028. Rapid product adoption in the area has led to the dominance of nations like Kenya and Nigeria in the market. The market is expanding quickly due to a young population, rising urbanisation, expanding financial sectors, and large manufacturers eyeing the area for product penetration. Furthermore, the population of Africa, which currently makes up 16% of the entire world's population, is projected to increase to 25% by 2050. This provides opportunities for the soft drink industry to expand, especially in East African nations like Kenya, Tanzania, and Uganda. East Africa has an $800 million soft drink market. Nigeria is the region's largest customer. East Africa likely has the most active regional soft drink market, with Kenya having had the highest development over the previous ten years.
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Carbonated Beverages Market Driver
Carbonated Beverages Market Restraint
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Global carbonated beverages market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. Moreover, the sustainability initiatives taken by the players are expected to boost the growth of the market during the forecast period. For example, in February 2022, the Coca-Cola Company set a precedent-setting objective to greatly increase the usage of recyclable packaging. The company's goal is for its portfolio of brands to sell at least 25% of all drinks sold globally by 2030 in refillable/returnable glass or plastic bottles, or in refillable containers using a conventional fountain or Coca-Cola Freestyle dispensers. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Carbonated Beverages Market
Carbonated Beverages Market Recent Developments
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According to our global carbonated beverages market analysis, in terms of product, the largest share in the global carbonated beverages market was held by carbonated soft drinks. Numerous business tactics have been employed to increase the penetration of carbonated beverages and maintain the client base. One of the key strategies that the majority of businesses have chosen to increase their income is product innovation. Based on flavor, the cola segment held the largest share in the global carbonated beverages market due to a high level of innovation used by important manufacturers, such as The Coca-Cola Company and PepsiCo, in terms of the production of products with zero calories and diet-free content, will preserve the appeal of the cola taste category. And by region, the global carbonated beverages market was dominated by North America. The increased demand for carbonated beverages, altered eating patterns, and an increase in the region's youth population all contribute to the growth of the North American market.
|Market size value in 2021||USD 422.7 billion|
|Market size value in 2030||USD 439.3 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Carbonated Beverages Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Carbonated Beverages Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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