The global beverage market is evaluated at US$1,544.610 billion for the year 2018 and is projected to grow at a CAGR of 3.10% to reach the market size of US$1,854.589 billion by the year 2024. The market is projected to grow at a decent rate during the forecast period owing to the growing per capita global consumption of drinks in major developing regions owing to rising disposable income and changing preferences of consumers towards ready-to-drink beverages. Moreover, the growing focus by key market players is investing heavily on mergers, acquisitions, and product launches in order to gain a competitive advantage over other players also show the growth potential of the market in the coming years. Furthermore, the growing per capita consumption of alcoholic drinks and consumer preferences regarding premium products is also expected to augment the market growth. However, rising health concerns regarding the sugar content of packed beverages coupled with health concerns regarding consumption of alcohol may hinder the growth of the market during the forecast period. However, the launch of new products in the non-alcoholic segment such as with drinks healthier content and zero sugar is further projected to create ample opportunities for the market during the forecast period and beyond. Geographically the Asia Pacific is expected to hold the dominating share in the market owing to rising disposable income, rapid urbanization coupled with changing the lifestyle of consumers.
DRIVERS
Growing consumption per capita consumption of alcoholic beverages.
Rising disposable income.
Expansion of distribution channels
RESTRAINTS
Rising health consciousness regarding the consumption of both alcoholic and non-alcoholic beverages.
INDUSTRY UPDATES
In January 2019, The Coca-Cola Company acquired Chi Ltd., a leading company in beverages like juices and value-added dairy.
In August 2019, Diageo announced the acquisition of Seedlip, the world’s first distilled non-alcoholic spirits brand as a majority shareholder.
Some of the major players discussed in this report are Unilever, The Coca Cola Company, GCMMF (Amul),
Bacardi Limited, Carlsberg Breweries A/S, and Heineken N.V. among others.
Segmentation
The global beverages market has been analyzed through the following segments:
By Type
Alcoholic Beverages
Non-Alcoholic Beverages
Bottled Water
Carbonated Soft Drinks
Fruit Juice
Milk
Dairy Milk
Almond Milk
Soy Milk
Rice Milk
Coconut Milk
Cashew Milk
By Packaging Type
Cartons
Cans
Bottles
Others
By Distribution Channel
Online
Offline
Supermarkets
Departmental Stores
Specialty Stores
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Colombia
Chile
Others
Europe
Germany
France
United Kingdom
Spain
Italy
Netherlands
Russia
Others
Middle East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Australia
Others
Frequently Asked Questions (FAQs)
Q1. What will be the beverage market size by 2024?
A1. The global beverage market is projected to reach a market size of US$1,854.589 billion in 2024.
Q2. What factors are anticipated to drive the beverage market?
A2. The market is projected to grow at a decent rate during the forecast period owing to the growing per capita global consumption of drinks in major developing regions owing to rising disposable income and changing preferences of consumers towards ready-to-drink beverages.
Q3. What are the growth prospects for the beverage market?
A3. The global beverage market is projected to grow at a CAGR of 3.10% over the forecast period.
Q4. What is the size of the global beverage market?
A4. The beverage market is evaluated at US$1,544.610 billion for the year 2018.
Q5. Which region holds the largest market share in the beverage market?
A5. The Asia Pacific is expected to hold the dominating share in the beverage market owing to rising disposable income, rapid urbanization coupled with changing the lifestyle of consumers.
