Product ID: SQMIG30G2023
Report ID: SQMIG30G2023 | Region: Global | Published Date: August, 2022 | Pages: 260 | Tables: 65 | Figures: 75
Carbonated Soft Drinks Market size was valued at USD 416.91 billion in 2021 and is poised to grow from USD 432.6 billion in 2022 to USD 605.8 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).
The convenience of today's consumers is evident, and as a result, many daily purchases are made of single grab-and-go items rather than the more traditional bulk purchases. This prompted the development of shelf-stable innovations and environmentally friendly packaging that uses less preservatives and chemicals and clean, renewable materials. To make something for everyone, the items are continuously enhanced and reinvented. Companies are becoming more focused on integrating natural, low-calorie, and low-sugar components in their products, such as stevia sweeteners instead of traditional or synthetic sweeteners, as customer health awareness grows.
To entice customers seeking convenience and healthier options, the packaging is adopting a more "natural" aesthetic. The demand from consumers for portable drink options is still growing. It has become clear in the ready-to-drink industry that adopting inventive and eye-catching packaging can help sell the beverage to customers who are pressed for time and are increasingly looking for items that fit their active lifestyles. The demand for ready-to-drink beverages is thus being driven by convenience trends. While consumers' likes and flavour preferences are taken into consideration when designing carbonated soft drinks, these products are also now being produced to be functional beverages for consumers who are health-conscious. Customers anticipate newly released soft drinks to be free of long-term health-damaging substances and actively promote physical and mental fitness through carefully chosen components. Low-sugar soft drinks and goods that reduce stress are probably still in high demand among consumers. This trend is projected to be driven by the increasing value placed on both physical and mental health.
The manufacturing of carbonated soft drinks has changed as a result of technological advancements. Due to their numerous distinctive advantages, carbonated soft drinks market players have been labelling and packaging beverages with laser technology rather than inkjet technology. The production line can be easily integrated, the process coding is quick, and the printing is permanent. Because laser technology eliminates the need for any ink during the entire process, the final product is less expensive. It is also becoming more convenient to sell carbonated soft drinks out of small shops and vending machines as a result of packaging innovations' longer shelf lives.
US Carbonated Soft Drinks Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global carbonated soft drinks market is segmented based on the flavour, distribution channel, and region. Based on flavour, the market is segmented into cola, lemon, lime, orange. On the basis of distribution channel, the market is segmented into hypermarkets & supermarkets, online retail & D2C, convenience stores, others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Carbonated Soft Drinks Market Analysis by Flavour
Based on flavour, the carbonated soft drinks market is segmented into Cola, Lemon, Lime, Orange. In 2021, cola taste had the greatest share—more than 50.0%. Due to the first mover's advantage, carbonated soft drinks with cola flavour are the most popular. HI-CHEW introduced their cola-flavored Soda Pop Mix, the soda has a crisp flavor that precisely satisfies customers’ desire for uncommon, cutting-edge, and unconventional soft beverages. The demand for flavor has been increasing quickly and consistently in the US. Candy lovers have been savoring this effervescent sensation that is only rivaled by a sip of soda to quench their thirst. It pays tribute to the iconic soda by serving up its reviving, bubbly flavour.
During the forecast period, the citrus market is anticipated to grow at the quickest CAGR of 4.9%. Rapscallion Soda released S 01 Rhubarb. Citrus tastes are added to the carbonated soft drink for added flavour. The low-calorie beverage is made of grapefruit zest, cane sugar, Scottish rhubarb, and Sichuan pepper. It has a somewhat acidic flavour and a bubbly floral finish.
Carbonated Soft Drinks Market Analysis by Distribution Channel
On the basis of distribution channel, the market is segmented into Hypermarkets & Supermarkets, Online retail & D2C, Convenience stores, Others. The highest proportion, almost 20.0%, was held by mass merchandisers, supermarkets, and hypermarkets in 2021. Due to the shopping experiences offered by supermarkets and general merchandisers, many customers prefer to purchase soft drinks from these establishments. Modern supermarkets and hypermarkets have sprung up all over the world as a result of rising income levels and global urbanisation. The character of the food and beverage supply is changing as a result of the introduction of these supermarkets and hypermarkets.
The quickest CAGR of 6.1% is expected for the Online retail & D2C segment till 2028. This sales channel is expanding since there are more online merchants with competitive pricing. The growth can also be ascribed to generation X, millennials, and generation Z's growing familiarity and dependence on the Internet and e-commerce.
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North America dominated the carbonated soft drinks market. The region with the highest percentage of exceeding 25.0%. The youth market for carbonated soft drinks is anticipated to drive the regional industry in the near future in nations like Brazil, Argentina, and Venezuela. Market participants for carbonated soft drinks are projected to have a strong presence among HNWIs in the years to come. The market players are being encouraged to develop goods that are in line with the consumption requirements of both the elderly and the children who live in this region by the rising consumer propensity toward these products.
Asia Pacific held the second largest market share. In terms of flavour, Cola is one of the most consumed beverages in Asia. Combinations of carbonated and dairy drinks are becoming more and more popular. The market expansion in such regions is also being fueled by rising disposable income in developing countries, particularly in the Asia Pacific region: However, the obesity epidemic hurt the market as a whole, which prompted the development of various drinks free of harmful additives.
In terms of expansion in the global market for carbonated soft drinks, the forecast period is in favour of the European market. Due to shifting dietary preferences and the early adoption of carbonated soft drinks, nations like Germany, France, and the UK are leading in Europe. Middle East and Africa is expected to be the fastest-growing regional market. Growing disposable income, rapid urbanisation, the expansion of the banking sector, and the introduction of innovative products in nations like Kenya and Nigeria are anticipated to continue to be supportive drivers for the industry's expansion.
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The global carbonated soft drinks market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Players in the Global Carbonated Soft Drinks Market
Carbonated Soft Drinks Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global carbonated soft drinks market analysis, in terms of flavour, in 2021, cola taste had the greatest share—more than 50.0%. Due to the first mover's advantage, carbonated soft drinks with cola flavour are the most popular. According to distribution channel, the highest proportion, almost 20.0%, was held by mass merchandisers, supermarkets, and hypermarkets in 2021. Due to the shopping experiences offered by supermarkets and general merchandisers, many customers prefer to purchase soft drinks from these establishments.
|Market size value in 2021||USD 416.91 billion|
|Market size value in 2030||USD 432.6 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 Soft Drinks 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 Soft Drinks 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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