Sugar Free Carbonated Drinks Market to Reach $243.5 Bn, Globally, by 2030 at 7.3% CAGR: Allied Market Research
- Growing popularity of low calorie intake and developments in the food service industry drive the growth of the global sugar free carbonated drinks market.
PORTLAND, Ore., Oct. 20, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Sugar Free Carbonated Drinks Market by Type (Soft Drinks, Energy Drinks, Sports Drink, and Carbonated Water), Flavor (Cola, Lime, Orange, Lemonade, and Others), and Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Independent Retailers, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030." According to the report, the global sugar free carbonated drinks industry was estimated at $125.3 billion in 2020, and is anticipated to hit $243.5 billion by 2030, registering a CAGR of 7.3% from 2021 to 2030.
Drivers, restraints, and opportunities-
Growing popularity of low calorie intake, developments in the food service industry, and increasing expenditure on health & wellness products drive the growth of the global sugar free carbonated drinks market. On the other hand, high prices of raw materials and declining demand for carbonated drinks impede the growth to some extent. However, new product launches are anticipated to pave the way for lucrative opportunities in the industry.
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COVID-19 scenario-
- Complete or partial shutdown of manufacturing operations and distorted supply chain hampered the production of sugar free carbonated drinks, thereby impacting the market negatively.
- At the same time, the market also witnessed a rapid upsurge in at-home consumption of sugar free carbonated drinks, which in turn gave the market a mixed impact altogether.
The soft drinks segment to dominate by 2030-
Based on type, the soft drinks segment held the major share in 2020, accounting for nearly two-fifths of the global market. Its immense popularity among the consumers due to its fizzy and bubbly taste drives the growth of the segment. At the same time, the sports drink segment would register the fastest CAGR of 7.9% from 2021 to 2030. Growing participation of people in fitness, sports, and athletic activities is responsible for the increasing demand for the sports drinks across the globe, making it the fastest-growing segment.
The cola segment to maintain the dominant share-
Based on flavor, the cola segment contributed to more than half of the global sugar free carbonated drinks market revenue in 2020, and is projected to lead the trail throughout the forecast period. This is because the taste of cola has always been popular even since it was invented and has remained dominant in the market till now. However, the lime segment is projected to grow at the fastest CAGR of 8.7% from 2021 to 2030, due to the fact that lime is well known for its acidic taste and digestion improving properties.
North America garnered the highest share in 2020-
Based on region, North America contributed to the highest share in 2020, accounting for more than one-third of the total market share, and is estimated to continue its dominant share in terms of revenue by 2030. Urbanization, higher purchasing capacity, increased health awareness, and desire for active lifestyle has fostered the growth of the market in the region. Simultaneously, Asia-Pacific is expected to showcase the fastest CAGR of 8.3% during the forecast period, owing to growing penetration of restaurant chains such as McDonald's, KFC, and Burger King.
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Key players in the industry-
- Asahi Group Holdings, Ltd.
- Bisleri International
- The Coca-Cola Company
- Arizona Beverage Company, Llc.
- Jones Soda Co.
- Keurig Dr Pepper, Inc.
- PepsiCo, Inc.
- Refresco Group B.V.
- Kofola CeskoSlovensko A.S.
- Suntory Group
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