Global Soft Drinks Market 2019-2023 | Product innovations to Boost Demand | Tech
Posted by Loise Williams on December 19th, 2019
Technavio analysts forecast the global soft drinks market to grow at a CAGR close to 6% during the forecast period, according to their latest market research report.
The increasing demand for craft soft drinks is one of the major trends being witnessed in the globalsoft drinks market2019-2023. Craft soft drinks are manufactured in small batches and contain premium and natural ingredients, unique flavors, and unconventional packaging. The demand for craft carbonated beverages is increasing in the US market and the segment is registering a high growth rate. The popularity of craft soft drinks is increasing among millennials as they are open to experimenting with new products and flavors. Some of the companies offering craft soft drinks include Jones Soda, Reed's Brooklyn Soda Works, Dry Sparkling, and Cool Mountain Beverages. These are available to US consumers through various retail and online channels. Moreover, major soft drink companies are also looking to tap into the growing craft soft drinks segment. For instance, in September 2016, Red Bull launched a new line of craft energy drinks. The new product, Red 8611, is claimed to be made from ingredients grown on organically certified farms. Thus, the growing popularity of craft soft drinks will help in the growth of the global soft drinks market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global soft drinks market is the increasing number of product innovations:
Global soft drinks market: Product innovations
Continuous product innovations constitute one of the primary growth drivers for the global soft drinks market. Players are continuously innovating their products in terms of ingredients, formulation, packaging, and other aspects to increase sales. Realizing the potential of the growing health and wellness trend among consumers, players are introducing products with added benefits. In April 2018, Perrier launched a new peach flavor to its existing lineup of carbonated mineral water. The new product is sugar-free and has zero calories and natural flavors. In April 2018, Sprite launched a reformulated product in the UK market. The new product uses a combination of sugar, acesulfame K, and aspartame. This new combination claims to reduce the sugar content in the product by about 50%. Thus, continuous product innovations will help in the growth of the global soft drinks market during the forecast period.
According to a senior analyst at Technavio for research on non-alcoholic beverages, “Apart from product innovations, various innovative marketing campaigns adopted by players to attract consumers will help in driving market growth. Players such as THE COCA-COLA COMPANY and PepsiCo are revamping their marketing strategies to counter the decreasing sale of carbonated soft drinks globally. In April 2018, THE COCA-COLA COMPANY launched a new marketing campaign under the banner “We Do" in the UK. This campaign included billboard advertisements and social media campaigns as well. The campaign included images of Elvis Presley in the advertisements and was carried out to celebrate 132 years of Coca-Cola Classic. Thus, the introduction of new marketing and advertising campaigns will help in the growth of the global soft drinks market during the forecast period.”
Global soft drinks market: Segmentation analysis
The global soft drinks market research report provides market segmentation by product (carbonated soft drinks, juices and juice concentrates, bottled water and RTD tea and coffee), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for over 38% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Five Forces Analysis
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About the AuthorLoise Williams
Joined: August 7th, 2019
Articles Posted: 266
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