Non-alcoholic RTD Beverages Market
The global non-alcoholic RTD beverages market is expected to be worth USD 800 million, with a CAGR of 4.5 percent over the forecast period. Several factors are expected to fuel the growth of the non-alcoholic RTD beverage market during the forecast period of 2020 to 2027. The rising demand for non-alcoholic beverages among consumers is one of the primary drivers. Furthermore, the global non-alcoholic RTD beverages market is benefiting from increased demand for functional beverages. One of the major reasons driving the worldwide non-alcoholic RTD beverage market is the expansion of the organised retail sector in Asia-Pacific. During the forecast period, however, tight government restrictions and rules are projected to limit the growth of the global non-alcoholic RTD beverages market.
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Segmental Analysis
The global non-alcoholic RTD beverages market Size 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 Size 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 Size 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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