Beverages Industry Size, Share, Growth Analysis, By Type(Alcoholic Beverages, Non-Alcoholic Beverages), By Distribution Channel(Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels), By Nature(Organic, Conventional), By Region - Industry Forecast 2024-2031

Beverages Industry size was valued at USD 24.42 billion in 2019 and is poised to grow from USD 26.8 billion in 2023 to USD 71.83 billion by 2031, growing at a CAGR of 12.7% in the forecast period (2024-2031).

The Coca-Cola Company, the largest beverage company in the world, places a strong emphasis on keeping up with current trends by introducing new flavors of VitaminWater, fermented drinks, probiotic drinks, RTD beverages, and others. For instance, to meet the demand for energy drinks in India, the company launched an ethnic energy drink, a carbonated beverage named Jaljeera drink, in March 2021. The market's reinforced production and distribution capacities as well as the key players' strong domination are contributing aspects to this company's rise to supremacy. Due to a few corporations holding commanding positions, the market for non-alcoholic beverages is highly concentrated. The businesses are continually concentrating to suit the changing consumer tastes and ongoing market developments. 'Coca-Cola', 'PepsiCo', 'Nestle', 'Anheuser-Busch InBev', 'Heineken', 'Diageo', 'Dr Pepper Snapple Group', 'Keurig Dr Pepper', 'Monster Beverage Corporation', 'Red Bull GmbH', 'Suntory Beverage & Food Ltd.', 'Unilever PLC', 'Danone S.A.', 'The Kraft Heinz Company', 'Fomento Economico Mexicano S.A.B. de C.V. (FEMSA)', 'Carlsberg A/S', 'Molson Coors Brewing Company', 'The Hershey Company (owns the 7UP brand)'

Non-alcoholic beverages serve the essential refreshment purpose as well as mood lifters, fortified drinks, and sweet indulgence delight in the busy daily schedules of customers. These goods are more well-liked by customers who lead busy lives because regular use of them helps the body keep hydrated. As a 'grab-and-go' convenience that encourages customers to purchase them from the market, convenience beverages such as canned CSD and Ready-to-drink (RTD) coffee/tea have become popular. The Food Export Association reports that over the previous four years, sales of RTD tea and coffee have increased by almost 24%. The largest beverages industry share belongs to the United States.

Manufacturers have to launch several nutrient-rich items on the beverages industry due to the growing consumer interest in healthy beverages filled with nutrients. Consumers, particularly millennials, are becoming more adventurous and open to trying out fresh, healthier soda alternatives. By exposing the changing tastes of millennial consumers and their offspring around the world, the demand is forcing manufacturers to reconsider how they formulate their products and has an impact on new manufacturing ideas. To meet the nutritional demands of millennials and young children and support their healthy development, they must consume enough healthy beverages in early childhood, according to the National Health and Nutrition Organizations.

Due to a consistent rise in consumers' living standards and disposable income, Asia Pacific emerged as the market leader and will remain so during the forecast period. Consumer spending on beverage items has increased as a result of consumers' rising adoption of western culture and modernization. The International Wines and Spirits Record (IWSR) predicts that non-alcoholic brands will experience strong growth in these markets as people look for ways to drink less alcohol.