Nonalcoholic
drinks are beverages that contain less than 0.5% alcohol by volume.
While popular beverages such as coffee, tea, and fruit juices count
as nonalcoholic drinks, nonalcoholic varieties of alcoholic drinks
such as beer and wine are also considered among nonalcoholic drinks.
The demand for nonalcoholic drinks has grown smoothly over the last
few decades, as the adverse effects of alcohol consumption have
become progressively clearer and uncontestable. The rising health
awareness among the global population is thus a key driver for the
global nonalcoholic drinks market.
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According
to Transparency Market Research, the global nonalcoholic drinks
market was valued at US$1,435.2 bn in 2013. Exhibiting a 4.30% CAGR
between 2014 and 2020, the market is expected to rise to a valuation
of US$1,937.7 bn. By volume, the market is expected to exhibit an
even higher 4.90% CAGR in the same timeframe, with the total volume
of the market expected to rise to 1,289 bn liters from 912.7 bn
liters in 2013. This illustrates both the growing demand for
nonalcoholic beverages and the expected price wars in the market for
the same.
What
is the key driver for the global nonalcoholic drinks market?
The
growing awareness about the health benefits of nonalcoholic drinks is
the prime driver for the nonalcoholic drinks market in developed
regions. A study conducted in 2015 showed that the consumption of
soda in the U.S., one of the largest markets for aerated drinks, had
fallen to a 30-year low due to the steadily growing health awareness
among the population.
Furthermore,
2016 is set to be the first year in which the sales of bottled water
in the U.S. are expected to outstrip sales of soda-based drinks.
While concerns about water contamination have played their part, it
is becoming clear that consumers are not only moving away from
alcoholic drinks, but also making the healthier choice when it comes
to nonalcoholic drinks.
The
growing demand for coffee and tea is another key driver for the
global nonalcoholic drinks market. Coffee and tea have several health
benefits, due to which the traditional consumption of both across the
world is being supplemented by new drinkers. The ease of selling
prepackaged ready-to-drink coffee and tea has made them easily
available across the world, further boosting the growth prospects of
the global
nonalcoholic drinks market. The segment of tea and coffee is
expected to exhibit a higher CAGR than any other product segment of
the market in the 2014-2020 forecast period.
How
is the nonalcoholic drinks market performing in emerging regions?
In
emerging regions, the growing demand for fizzy fruit-based drinks is
an influential factor likely to shape the trajectory of the
nonalcoholic drinks market in the coming years. While the demand for
aerated drinks is steadily dropping in developed countries, the
market for the same is still in its growth phase in emerging
economies. As a result, the demand for soda-based drinks is still
growing in regions such as Asia Pacific and Latin America. In the
hugely promising India market, for instance, both PepsiCo and Coca
Cola are expected to launch new fruit-based aerated drinks in the
coming years, leading to improved growth prospects for the
nonalcoholic drinks market.
While
North America is the leading contributor to the global nonalcoholic
drinks market at present, the booming demand for aerated drinks and
tea/coffee is expected to make Asia Pacific the key contributor in
the coming years.
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