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 global beverage sector is taking advantage of a wave of fundamental change and is constantly changing due to the beverages industry's growing associations with social and cultural roles. With a growing tendency over the previous few years, non-alcoholic beverages now account for more than 50% of the worldwide beverage market. Due to the expanding popularity of reviving beverages and the advancement of civilization across human societies, the market provides investors with a comprehensive view of the industry. Manufacturers have been motivated to expand their production capacities globally by the lowered trade restrictions and tariff barriers in the international market. In the upcoming years, there will be several growth prospects in emerging countries due to the shifting customer demand brought on by the introduction of novel products.

Due to the worldwide spread of the COVID-19 epidemic, the beverage industry for non-alcoholic beverages is experiencing a sudden decline in soft drink sales and consumption. The World Trading Organization predicts that for a while, the global trade environment would be negatively impacted by between 15 to 30 %. Market supply interruptions will be the result of the impact. The cancellation of important sporting events including the Summer Olympics, Indian Premier League (IPL), Cricket World Cup, and others would further hinder the market's growth this year.

US Beverages Industry is poised to grow at a sustainable CAGR for the next forecast year.