Knowledge Sourcing Intelligence announces the publication of a new report on “Global Beverage Market - Forecasts from 2020 to 2025” to their offering.
Shifting dietary pattern continuous R&D, new product development, the increased proclivity of consumers to experiment, increased health consciousness, profusion of delivery services, among others that result in healthy market growth.
As per the report, the global market pertaining to beverages is expected to reach US$1,854.589 billion in 2024 from US$1,544.610 billion in 2018.
The aspects of convenience, functionality, premiumization, and sustainability are the key determinants that are poised to incentivize the myriad of market players to invest in innovation facilitating their market relevance and thus drive the global beverage market growth to an unprecedented zenith during the forecast period. First, in view of “convenience”, the ready-to-drink (RTD) market has expanded exponentially. Pre-packing in cans is not only restricted to beers and wines but also has permeated to other varieties that are inclusive of multifunctional beverage products and snacking-drinks. This trend stems from the growing demand from consumers who prefers to relieve hunger while in transit concomitantly take in both energy and nutrition. Thus, the dual role of satisfy and satiate has become a business imperative for many beverage players. For instance, in June 2020, Faze Clan which is a gaming and eSports firm has reportedly acquired an ownership stake in meal replacement start-up CTRL which is known for its line of powdered meal replacement shakes that contain 22+ vitamins and minerals, carbohydrates, digestive enzymes to support healthy digestion, fiber, healthy fats, MCT’s to support appetite control, naturally occurring BCAA’s, prebiotic fiber to promote healthy gut bacteria, and proteins. Also, the need by fitness enthusiasts and office goers for instant revitalization from convenient cold brews is on the rise, as well. For instance, in March 2020, a ready-to-drink cold brew coffee product that is made using the Illy brand’s blend of 100% Arabica coffee, subsequently cold-brewed for 12 hours to create the ready-to-drink beverage. was unveiled by Illycaffè, (it's first).
On the other hand “sustainability “has also emerged as a necessity graduating from its trend attributes a few years ago, which when integrated into a company’s value chain enables them to remain ahead of the competition curve. In the context of beverage manufacturing, the processes often incorporate energy-intensive processes. To this end in February 2020, an award-winning craft brewer based in England has teamed up with Warburtons which has experience of 138 years in the bakery business to facilitate the launching of a session IPA monikered as Warburtons X Toast Ale Crumpet Beer with an ABV of 4.2% using leftover crumpets, replacing the use of some malted barley. Another example of employing innovative methods of reducing food wastes and manufacture new beverage products is that of the innovative British beverage brand Dash Water that uses vegetables and fruits that have been rejected by supermarkets to naturally infuse water with a dash of flavor, and that is devoid of sugar and calories. The fruit- and vegetable-infused sparkling water is made introduced in raspberry and cucumber flavors in January 2020 to the British market.
The consideration of wellness and health remains at forefront of the beverage industry since a growing number of consumers are inclined towards healthier options that are experienced a spike due to the advent of Covid-19. As a result, beverage companies are investing in product innovation that contains new ingredients to produce products that can offer functional benefits that support both physical and mental health. This trend has incentivized players who are not traditional beverage manufactures to enter the market. For instance, in July 2020, it was reported that Chobani has expanded its product portfolio of nutritional drinks with the launch of plant-based certified organic probiotic drinks that are produced with fruit juice and with whole grain oats base. Thereafter the beverage undergoes a fermentation process fermented assisted with a blend of probiotic cultures to promote digestive and immune health. marking the brand's expansion beyond the yogurt market.
As a part of the report, the major players operating in the global beverage market, which have been covered are Appalachian Brewing Company, Bacardi Limited, Brown-Forman Corporation, Carlsberg Breweries A/S, Constellation Brands Inc., Danone, GCMMF (Amul), Heineken N.V., Jones Soda Co., Keurig Dr Pepper Inc., Molson Coors Brewing Company, Nestle, Pepsi co Inc., Suntory Holding Limited, The Coca Cola Company, Unilever, and United Breweries Ltd.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-beverage-market
This report segmented the global beverage marketon the basis following terms