Soft Drink Market Size was valued at USD 1.40 Billion in 2023. The Soft Drink industry is projected to grow from USD 1.47 Billion in 2024 to USD 2.17 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.0% during the forecast period (2024 - 2032). Shifting consumer preferences toward healthier and natural beverage options and rise of e-commerce and online retail channels are the key market drivers fueling the market growth.
Level of Integration: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for Soft Drink market is growing due to the rise of e-commerce and online shopping has played a big role in how we buy things, and soft drinks are no exception. When we talk about e-commerce, we mean buying stuff online like ordering your favorite soft drinks from a website or app and having them delivered to your doorstep. This shift to online shopping has made it easier for people to get their hands on their preferred drinks without having to visit a physical store.
In addition, one thing about buying soft drinks online is that it opens up a whole new world of choices. You can explore different flavors and brands that might not be available at your local store. This variety is exciting for consumers who love trying new things. Plus, online platforms often offer special deals, discounts, and bundles, making it even more tempting to try out different soft drinks.
For soft drink companies, this digital shift means they can reach a wider audience. By having an online presence, they can connect with consumers who might not have easy access to their products through traditional brick-and-mortar stores. It's like bringing the soda aisle to your computer or smartphone. This expansion in reach and accessibility through e-commerce has contributed significantly to the growth of the Soft Drink Market, creating new opportunities for both consumers and companies in the fizzy and flavorful world of beverages. Thus, such factors are driving the Soft Drink market revenue.
The Soft Drink Market segmentation, based on type includes Carbonates, Dilutables, Bottled Water, Fruit Juice, and Still & Juice Drinks. The bottled water segment dominated the market, accounting for more than one third of market revenue. This is linked to the expansion into new markets and regions, especially in developing economies with rising disposable incomes and urbanization.
The Soft Drink Market segmentation, based on application includes Supermarket, Convenience Store, Online Stores, and Others. The supermarket segment dominated the market, accounting for more than one third of market revenue. Busy lifestyles and the preference for on-the-go and convenience-oriented products, leading to the growth of soft drink and grab-and-go formats.
Figure 1: Soft Drink Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Soft Drink market area will dominate this market due to presence of big giant players. The region has a well-established soft drink market with a robust adoption, fostering the growth of Soft Drink. Additionally, strong government support, including financial incentives, subsidies, and emission reduction targets, encourages both consumers and manufacturers to embrace technological advancement.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Soft Drink Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Soft Drink market accounts for the second-largest market share due to government regulations promoting healthier food and beverage options, leading to a shift in the industry's focus toward healthier formulations and reduced sugar content. Further, the German Soft Drink market held the largest market share, and the UK Soft Drink market was the fastest-growing market in the European region
The Asia-Pacific Soft Drink Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to countries like China and Japan actively promoting adoption of ready to drink products. Furthermore, growing consumer awareness and concern for environmental sustainability, leading soft drink companies to adopt eco-friendly packaging and sustainable business practices. Moreover, China’s Soft Drink market held the largest market share, and the Indian Soft Drink market was the fastest-growing market in the Asia-Pacific region.
Leading market players are Collaborations with other industry players, including manufacturers, and technology firms, enabling companies to leverage complementary strengths. Market participants are also adopting a variety of strategic activities to expand their global presence, with crucial market developments such as product launches, contractual agreements, research and development collaboration, mergers and acquisitions, increasing investments, and partnerships with other market players. To expand and survive in a more competitive and rising market climate, the Soft Drink industry must offer innovative solutions.
Manufacturing locally to reduce operational costs is one of the common tactics used by manufacturers in the global Soft Drink industry to increase their market share. In recent years, the Soft Drink industry has offered some of the most significant advantages to Consumers. Major players in the Soft Drink market, including Coca-Cola, PepsiCo, Nestle, Suntory, Danone, Dr Pepper Snapple, Red Bull, Asahi Soft Drinks, Kirin, Otsuka Holdings, Unilever Group, Arizona Beverage, B Natural, POM Wonderful, Highland Spring, Ito En, Britvic, Innocent Drinks, A.G. Barr, Rasna, Parle Agro, Bisleri International, Bottlegreen Drinks, Epicurex, F&N Foods, Ting Hsin International Group, Hangzhou Wahaha Group, Nongfu Spring, Uni-President Enterprises, Jiaduobao Group, and others, are attempting to increase market demand by investing in product development to increase their product line and cater to diverse consumer needs.
Coca-Cola, one of the most iconic and globally recognized beverage companies, has a rich history dating back to its founding in 1886. Headquartered in Atlanta, Georgia, Coca-Cola has become synonymous with refreshing beverages enjoyed by millions around the world. The company boasts a diverse portfolio of brands, including its flagship product, Coca-Cola, as well as Sprite, Fanta, and a range of non-carbonated beverages. With a strong commitment to innovation and sustainability, Coca-Cola has continually adapted to changing consumer preferences, introducing new products and packaging initiatives. The company's global presence is marked by strategic partnerships, extensive distribution networks, and a dedication to corporate social responsibility initiatives, making Coca-Cola a leader in the competitive and dynamic beverage industry.
PepsiCo, another industry giant, is a global food and beverage company that has evolved into a household name since its inception in 1965. Headquartered in Purchase, New York, PepsiCo is renowned for its diverse product portfolio, which includes not only an array of soft drinks like Pepsi, Mountain Dew, and Tropicana but also an extensive range of snacks and food products under brands such as Lay's, Gatorade, and Quaker. The company's commitment to providing a broad spectrum of choices for consumers, coupled with a focus on sustainability and responsible business practices, has positioned PepsiCo as a major player in the competitive consumer goods market. Through strategic acquisitions, innovative product development, and a global distribution network, PepsiCo continues to navigate the ever-changing landscape of consumer preferences and market trends.
Soft Drink Industry Developments
June 2022: Keurig Dr Pepper Inc., a Quebec-based company specializing in the production and marketing of both alcoholic and non-alcoholic beverages, has formally entered into an agreement to acquire the worldwide rights to the non-alcoholic, ready-to-drink cocktail brand Atypique.
April 2022: With an investment of 600 crores, Hindustan Coca-Cola Beverages, the bottling division of the beverage giant Coca-Cola in India, is set to construct its second factory in Telangana.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1.40 Billion |
| Market Size 2024 | USD 1.47 Billion |
| Market Size 2032 | USD 2.17 Billion |
| Compound Annual Growth Rate (CAGR) | 5.0% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2023 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Coca-Cola, PepsiCo, Nestle, Suntory, Danone, Dr Pepper Snapple, Red Bull, Asahi Soft Drinks, Kirin, Otsuka Holdings, Unilever Group, Arizona Beverage, B Natural, POM Wonderful, Highland Spring, Ito En, Britvic, Innocent Drinks, A.G. Barr, Rasna, Parle Agro, Bisleri International, Bottlegreen Drinks, Epicurex, F&N Foods, Ting Hsin International Group, Hangzhou Wahaha Group, Nongfu Spring, Uni-President Enterprises, Jiaduobao Group |
| Key Market Opportunities | Changing Consumer PreferencesInnovation and New Product Development |
| Key Market Dynamics | Convenience and On-the-Go Consumption |
Soft Drink Market Highlights:
Frequently Asked Questions (FAQ) :
The Soft Drink Market size was valued at USD 1.40 Billion in 2023.
The global market is projected to grow at a CAGR of 5.0% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are Coca-Cola, PepsiCo, Nestle, Suntory, Danone, Dr Pepper Snapple, Red Bull, Asahi Soft Drinks, Kirin, Otsuka Holdings, Unilever Group, Arizona Beverage, B Natural, POM Wonderful, Highland Spring, Ito En, Britvic, Innocent Drinks, A.G. Barr, Rasna, Parle Agro, Bisleri International, Bottlegreen Drinks, Epicurex, F&N Foods, Ting Hsin International Group, Hangzhou Wahaha Group, Nongfu Spring, Uni-President Enterprises, Jiaduobao Group.
The bottled water Soft Drink category dominated the market in 2023.
The supermarket had the largest share in the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level II I have about two years of experience working in the consumer goods and retail industries and i am a biotech graduate.a tech-savvy analytically focused professional with a strong capabilities in identification, concept generation, and strategy evaluation. i can produce data-driven solutions while fusing unusual viewpoints with original concepts. i have been extensively working on business case studies, competitive & comparative analyses, and strategic reports. my primary areas of experience include client management, financial analysis, supply chain evaluation, market entry strategy evaluation, and estimating and forecasting market size.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
