The global soft drinks market size is poised to grow by USD 216.74 billion during 2020-2024, progressing at a CAGR of almost 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Soft Drinks Market 2020-2024 (Graphic: Business Wire)
The product innovations as one of the major factors driving the growth of the soft drinks market. Market players are focusing on enhancing their sales volume by launching new products with better formulation, ingredients, and packaging. They are also introducing products with added benefits for people concerned about their health and wellness. For instance, Coldpress launched two new low-calorie cold-pressed juices, which are said to have no more than 65 calories in a 150 ml bottle. These factors will boost the market growth.
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The major soft drinks market growth came from the juices and juice concentrates segment. The demand for juice products is increasing among consumers owing to their detoxifying properties. Moreover, players are coming up with new juice cleanses to cater to the changing consumer preferences. Product innovations such as cold-pressed juices will also drive the growth of the market during the forecast period. As a result of these factors, the segment is witnessing an increasing number of new product launches, which is driving the adoption of juice and juice concentrates among consumers.
APAC will offer several growth opportunities to market vendors during the forecast period. The growing investments, introduction of new products, and product innovations will significantly drive soft drinks market growth in this region over the forecast period.
The global soft drinks market is fragmented. Cott Corp., Danone SA, Keurig Dr Pepper Inc., Monster Beverage Corp., Nestlé SA, PepsiCo Inc., Red Bull GmbH, Suntory Holdings Ltd., The Coca Cola Co., and The Kraft Heinz Co. are some of the major market participants. To help clients improve their market position, these soft drinks market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global soft drinks market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Innovative Marketing Campaigns will be a Key Market Trend
Innovative marketing campaigns is one of the key trends that will influence