Non-Alcoholic Drinks Market Industry Growth
Albany, NY -- (SBWIRE) -- 03/25/2019 -- The global non-alcoholic drinks market stood at US$1,435.25 bn in 2013 and is projected to expand at a steady CAGR of 4.30% during the forecast period of 2014–2020. The market may reach valuation of US$1,937.73 bn by the end of 2020. The average consumption of non-alcoholic beverages is projected to rise to 1,289.03 bn liters by 2020.
Non-alcoholic drinks refer to beverages, which have less than 0.5% alcoholic content by volume. Non-alcoholic beer and wine fall under this category. Non-alcoholic beverages are also known as 'virgin drinks.' Soft drinks, juices, ready-to-drink tea and coffee, bottled water, and energy drinks are the most-consumed non-alcoholic drinks globally. Changing customer needs and introduction of new flavors and product variants are the major factors driving demand for non-alcoholic drinks.
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Based on types global non-alcoholic drinks market is segmented into dairy drinks, shakes, tea, juice and coffee, bottled water, soft drinks, and others product wise. Among all these, soft drink stood dominate the market in 2013 with overall 471.07 bn liters consumption. While tea and coffee sector is likely to emerge as the most prominent sector in between 2014 and 2020 with 7.0% CAGR. The dominance of the regional market is attributed to the rising health awareness of populations across all age groups in the region.
Rising Disposable Incomes Boosts global non-alcoholic drinks market in developing regions
Increasing disposable incomes of consumers in developing regions is contributing to the growth of the global non-alcoholic drinks market. The growing popularity of the non-alcoholic drinks especially soft drink is catalyzing the growth of the market. Apart, inclination of the customers towards different flavors is bolstering global non-alcoholic drinks market. Also, rise in general temperature on account of global warming is favorable condition for increase demand of non-alcoholic drinks. Further, the mounting health concern among youth regarding the adverse effect of sweetener in non-alcoholic beverages is likely to hamper growth of the global non-alcoholic drinks marker. Furthermore, the increase in youth population especially in Asia Pacific region has changed the consumption pattern of the market. Due to which global non-alcoholic drinks market has seen change in the consumer patter. All these factor has boost the consumption of non-alcoholic drinks.
The global non-alcoholic drinks market demonstrate a fierce competitive landscape, where in top players are considering innovative strategies to lure the customers, notes Transparency Market Research (TMR). Top players of global non-alcoholic drink market are focused towards strengthening their product portfolio where as small players are opting product differentiation strategy to gain a blow. Manufacturers of the non-alcoholic drinks are gaining foothold in the market by launching drinks that caters local taste and preference. Some of the key players operating in the global non-alcoholic drinks market are Dr Pepper Snapple, Dydo Drinco, LiveWire Ergogenics A.G. Barr, Danone, PepsiCo, the Coca-Cola Company, Attitude Drinks Inc., and Nestlé S.A.
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Strict Government regulation pose threat to the growth of global non-alcoholic drink market
Strict Government regulation on non-alcoholic drink may dampen future prospects of the market to an extent. Owing to this, the global manufacturer are ought to follow different guidelines in the different region. It increases cost of production of the beverages. Further, high government taxes and import duty on non-alcoholic beverages in subsequently rising the selling price of the products. It in turn damping the global non-alcoholic drink market. However, with the increase buying capability of the population in hot selling region these factors can easily be overcome.