Market Size of Beverages Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.26 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Beverage Market Analysis
The beverages market is expected to grow from USD 3.56 trillion in 2023 to USD 4.39 trillion by 2028 at a CAGR of 4.26% during the forecast period (2023-2028).
- Rising health consciousness and the growing prevalence of lifestyle diseases encouraged consumers to choose healthy drinks. Furthermore, the market is witnessing an increased demand for low-alcohol-by-volume beverages, specifically among millennials and baby boomers. For instance, according to UN Comtrade statistics, the amount of non-alcoholic drinks imported to Hungary peaked in 2022 at 174 million euros from 154 million euros in 2021. The sales of low-alcohol drinks have been rising, with the availability of a broader product portfolio with improved taste, aiding consumers to select products as per their preferences easily.
- Furthermore, the increasing participation of individuals in professional sports, recreational outdoor activities, and exercise and physical fitness is creating demand for dietary supplements, such as energy drinks. Energy drinks are functional beverages that help increase energy and enhance mental alertness and physical performance. Leading players are further focusing on developing sugar-free drinks to cater to the needs of individuals with diabetes and other chronic illnesses.
- For instance, in 2022, an Australian soft drinks company, Nexba, launched a range of caffeine- and sugar-free energy drinks with added vitamins and prebiotics. Nexba Natural Energy drinks are free from artificial ingredients and available in two flavors: Lemon yuzu and Wild Citrus. The company claims the flavors contain ginseng extract, vitamin B complex, and vitamin C to improve gut health and enhance energy levels. Therefore, the abovementioned factors will likely influence the market positively during the forecast period.
