Market Outlook
The global non-alcoholic RTD beverages market is projected to be valued at USD 800 million by 2027, recording a CAGR of 4.5% during the forecast period. The growth of the non-alcoholic RTD beverages market is anticipated to be driven by several factors during the forecast period from 2020 to 2027. One of the key factors is the surging demand for non-alcoholic beverages among consumers. Additionally, the rising demand for functional beverages is augmenting the growth of the global non-alcoholic RTD beverages market. The growth of the organized retail sector in Asia-Pacific is one of the prominent factors supporting the growth of the global non-alcoholic RTD beverages market. However, stringent government regulations and guidelines are expected to restrict the growth of the global non-alcoholic RTD beverages market during the forecast period. Adoption of growth strategies and rising demand for organic products is anticipated to create lucrative opportunities for the global non-alcoholic RTD beverages.
The COVID-19 pandemic has fundamentally changed the buying behaviour of consumers. They are concerned about the impact of COVID-19, both from a health and economic perspective. Carbonated drinks followed by functional beverages are gaining momentum globally and are witnessing increasing demand amongst the young population. The rising demand can be attributed to social gatherings and increasing physical activities, mainly amongst health-conscious consumers. Additionally, consumers prefer to buy non-alcoholic RTD beverages from online stores as compared to supermarkets hypermarkets. Also, the consumers prefer non-alcoholic RTD beverages as it does not contain alcohol, provide functional benefits, and be consumed at all hours of the day.
Segmental Analysis
The global non-alcoholic RTD beverages market has been segmented based on product type, packaging type, distribution channel, and region.
By product type, the market has been divided into functional beverages, carbonated soft drinks, tea coffee, fruits vegetable juice, bottled water, dairy-based beverages, and others. The functional beverages are further breakdown into energy drinks, sports drinks, and others. The bottled water segment accounted for the largest market share in 2019, whereas the tea coffee segment is expected to record the highest CAGR during the forecast period. The carbonated soft drinks segment accounts for the second-largest market share of the global non-alcoholic RTD beverages market.
Based on packaging type, the global non-alcoholic RTD beverages market has been classified as bottles, cans, and others. The bottles segment accounted for the largest market share in 2019. Bottles are the most popular packaging solutions among beverage manufacturers. Consumers are mainly attracted to glass bottles as they are durable, hygienic, and aesthetically pleasing. The bottles segment accounted for the major market share due to various factors. One of the major factors for the rising growth of the bottles segment is their high holding capacity. The segment is estimated to retain its dominance throughout the forecast period of 2020-2027.
Based on distribution channel, the global non-alcoholic RTD beverages market has been classified as store-based and non-store-based. The non-store-based segment is projected to exhibit a higher CAGR during the forecast period. Non-store-based distribution channels include e-commerce, where in the manufacturers distribute non-alcoholic RTD beverages either through various online shopping sites or their websites, where they can showcase a wide range of products. Companies launching new products face difficulties in reaching out to consumers in different regions through brick-and-mortar stores. Thus, there is a preference for e-commerce channels to expedite the process.
Regional Analysis
Geographically, the global non-alcoholic RTD beverages market has been categorized as North America, Europe, Asia-Pacific, Rest of the World. As per MRFR analysis, Asia-Pacific constituted a dominant share of the non-alcoholic RTD beverages market in 2019. Various non-alcoholic RTD beverages in the Asia-Pacific region are relatively at the introductory stage. However, the presence of a strong population that prefers healthy beverages is expected to create lucrative opportunities in the coming years. The high millennial population in the region prefers healthy drinks. The key manufacturers emphasize promotional activities to create strong awareness among consumers regarding new products, which is accelerating the growth of the North American market. The rest of the world’s non-alcoholic RTD beverages market is projected to register a decent CAGR of 5.37% during the forecast period. Consumer awareness towards wellness and a strong drop in carbonated soft drinks consumption have resulted in its growth. Companies in these countries are targeting CSD drinkers with effective marketing strategies off late.
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