LONDON--(BUSINESS WIRE)--The global fruit-flavored soft drinks market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing product innovations. Vendors in the market are continuously innovating their products in terms of ingredients, flavors, formulation, packaging, and other aspects to increase the sales of their products. Increased awareness about health and wellness is one of the aspects, driving the market. Hence, vendors are introducing products with added benefits. In April 2018, Perrier launched a new peach flavor to its existing line up of carbonated mineral water. The new product is sugar-free, has zero calories, and uses natural flavors. Thus, these continuous product innovations will fuel the growth of the market, during the forecast period.
This market research report on the global fruit-flavored soft drinks market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing demand for fruit-flavored craft soft drinks as one of the key emerging trends in the global fruit-flavored soft drinks market:
Global fruit-flavored soft drinks market: Increasing demand for fruit-flavored craft soft drinks
Craft soft drinks are manufactured in small batches and contain premium and natural ingredients, creative flavors, and unusual packaging. The demand for fruit-flavored craft carbonated beverages is increasing in the US. The popularity of fruit-flavored craft soft drinks in the US is increasing among millennials, as they are open to experimenting with new products and flavors. Some of the companies offering fruit-flavored craft soft drinks include Jones Soda, Reed's Brooklyn Soda Works, Dry Sparkling, and Cool Mountain Beverages. These are available in the US through various retail and online channels. Thus, the growing popularity of craft soft drinks will drive the global fruit-flavored soft drinks during the forecast period.
“Private label brand products is one other factor boosting the growth of the global fruit-flavored soft drinks market. Major retailers across the globe are introducing their own brand of fruit-flavored soft drinks such as carbonated soft drinks, energy drinks, sports drinks, and other products to capitalize on the growing demand for fruit-flavored soft drinks among the consumers. Unlike branded products, private-label products are priced less. Thus, the demand for private label brands is expected to increase during the forecast period, thereby fueling the growth of the global fruit-flavored soft drinks market during the forecast period,” says a senior analyst at Technavio for research on non-alcoholic beverages.
Global fruit-flavored soft drinks market: Segmentation analysis
This market research report segments the global fruit-flavored soft drinks market by product (fruit-flavored carbonated soft drinks and fruit-flavored non-carbonated soft drinks) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of over 38%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth, due to the strong economic growth of the companies, which will lead to increase in disposable income and enable them to spend on products such as soft drinks.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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