According to the global E-commerce Foundation 2018, internet penetration continues to increase steadily every year. Technological developments and virtual shopping trends are expected to have a huge impact on the beverages sector, owing to the rise in dependency of consumers on the internet and e-commerce. Thus, the rising consumer dependency on soft drinks and other innovative products will augment the growth of the market in the coming years.Įvolution of e-Commerce Platforms to Attract Higher Revenues According to the Food Export Association 2019, an approximate of 24% growth rate was witnessed in the sales of RTD tea and coffee in 2019 over the past four years. Convenience drinks such as canned CSD, and Ready-to-drink (RTD) coffee / tea have become a mainstream trend that offers the ‘ grab-and-go’ convenience and entices consumers to buy them from the market. The regular intake of these products helps the human body to stay hydrated and are more popular among consumers with a busy lifestyle. Non-alcoholic beverages not only offer the basic refreshment function but are also used as mood enhancements, fortified drinks, and satisfaction of sweet indulgences in the daily hectic schedule of consumers. DRIVING FACTORSĪdoption of Innovative Beverages to Support Human Hydration will Augment Growth Thus, such introduction of new beverages in the global market place will aid in the expansion of the market during the forecast period. According to the Key National Health and Nutrition Organizations 2019, adequate intake of healthy beverages in early childhood is an important factor required to meet the nutritional needs of millennials and young children to support their healthy development. The demand is prompting the manufacturers to re-examine their product formulation and has impacted the emerging concepts in manufacturing by highlighting the evolving taste of millennial consumers and their kids across the world. Consumers, especially millennials are becoming more experimental and willing to try new and healthier alternatives to traditional soft drinks. The rising consumer preferences towards healthy beverages enriched with nutrients have necessitated manufacturers to introduce several nutritious products in the market. The emergence of Nutritious Beverages will Trigger the Market Growth Request a Free sample to learn more about this report. Furthermore, cancellation of major sports events, such as the Cricket World Cup 2020, Indian Premier League (IPL) 2020, Summer Olympics, and others will further impede the market growth in the current year. The impact will result in supply disruptions in the market. According to the World Trade Organization, the overall trade scenario across the world will get impacted by approx. The global non-alcoholic beverages market is facing an abrupt downfall in the sales and consumption of soft drinks due to the outbreak of COVID-19 pandemic worldwide. The emerging markets, coupled with shifting consumer’s demand with the advent of innovative products offer multiple growth opportunities to develop markets over the coming years.ĬOVID-19 Pandemic Impacted the Consumption Pattern of Beverage Products The relaxed trade duties and tariff barriers in the overseas market have encouraged the manufacturers to reinforce the production capabilities worldwide. The market offers a holistic view to the investors within the sector, owing to the rising popularity of refreshment drinks and increasing civilization among human societies. The market for non-alcoholic beverages holds more than 50% share in the global beverage market with a growing trend for the past several years. The global beverage industry is benefitting from a wave of fundamental transformation and continuously evolving with the increasing associations with social and cultural roles in the market. The global non-alcoholic beverages market size was valued at USD 919.13 billion in 2019 and is projected to reach USD 1,257.77 billion by 2027, exhibiting a CAGR of 8.20% during the forecast period.
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