Soft Drinks Global Market Report 2024

The soft drinks market size has grown strongly in recent years. It will grow from $440.96 billion in 2023 to $465.57 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The historical growth in the soft drink industry during the past period can be attributed to several factors. These include the dominance of carbonated soft drinks (CSD), catering to convenience and on-the-go lifestyles of consumers, effective marketing and branding strategies employed by companies, affordability of these beverages, their widespread availability across various markets, and consistent innovation in flavors. These combined elements significantly contributed to the industry's growth during that time.

The soft drinks market size is expected to see steady growth in the next few years. It will grow to $565.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. Anticipated growth in the upcoming period within the soft drink industry is expected to be driven by various factors. These include the influence of health and wellness trends, increased focus on sustainable practices within the sector, the rise of premiumization and craft soft drinks, efforts to reduce sugar content and incorporate functional ingredients, the introduction of cultural and regional flavors, and innovations in packaging. Key trends projected for this period encompass the introduction of low or no-calorie and sugar-free options, the continued growth of premium and craft soft drinks, a heightened emphasis on sustainable packaging and practices, diversification in flavors and ingredients, and the exploration of alternative and sustainable sweeteners. These trends are poised to shape and drive the industry's evolution in the forecasted period.

The anticipated increase in demand for food and beverages is set to drive the growth of the soft drink market. The food and beverage sector, encompassing organizations involved in the processing, packaging, and distribution of raw food products, is witnessing a surge in consumer preference for healthier and ready-to-eat beverage options with diverse flavors. This trend contributes to the expansion of the food and beverage sector, thereby propelling the growth of the soft drinks market. Notably, a report from FoodDrinkEurope in December 2022 highlighted the EU food and drink industry's robust performance, with a turnover of €1,121 billion ($1,185.74 billion) in 2022, compared to €1,093 billion ($1,157 billion) in 2021. The increased demand for food and beverages is a key driver fueling the growth of the soft drink market.

The rising demand for convenience food is expected to be a significant catalyst for the growth of the soft drink market. Convenience foods, designed to save time in food acquisition, preparation, and cleanup, feature soft drinks prominently due to their taste, refreshment, accessibility, marketing appeal, energy density, and value for money. A survey conducted by Japan-based trading company Itochu Corporation in August 2023 revealed that approximately 45% of 9,461 respondents consume bento boxes, or ready-to-eat (RTE) lunch boxes, sold at convenience stores. More than 10% of those buying bento boxes reported consuming them more than once a week, particularly among men and young consumers. This growing demand for convenience food, including soft drinks, is a key factor driving the expansion of the soft drink market.

Product innovation emerges as a noteworthy trend gaining traction in the soft drink market, with major companies actively pursuing innovative solutions to enhance their market standing. An example of this is PepsiCo Inc., a US-based food, snack, and beverage corporation, which introduced a new product named STARRY in January 2023. STARRY is a lemon-lime flavored soda that is caffeine-free and available in various sizes, offering a refreshing burst of lemon-lime flavor for different occasions. The product distinguishes itself with stronger, higher-level citrus flavors that stay true to the fruit, providing a more aromatic and balanced, clean finish compared to Sierra Mist. This commitment to product innovation underscores major companies' efforts to fortify their positions in the competitive landscape of the soft drink market.

Major players in the soft drink market are strategically focusing on the introduction of innovative flavors, particularly mango-flavored soft drinks, to enhance their competitive positioning. Mango-flavored soft drinks have gained popularity, offering a delightful combination of the natural sweetness and flavor of mangoes with the effervescence of carbonated water. A notable example is PepsiCo Inc., a leading US-based food, snack, and beverage corporation, which in March 2021, launched Pepsi Zero Sugar Mango Flavored Cola Soft Drink. This marked the company's first permanent flavor introduction in five years, with the product available nationwide in both regular and zero-sugar variants. Pepsi seamlessly blends the sweet and juicy mango flavor with the classic taste of Pepsi cola, creating an appealing synergy in Pepsi Mango.

In September 2022, Reliance Industries Ltd., a prominent India-based multinational conglomerate, acquired Campa-Cola for an undisclosed amount. This acquisition serves as Reliance Industries Ltd.'s entry into the fast-moving consumer goods (FMCG) sector, with plans to relaunch special soft drink products. Campa-Cola, an Indian-based soft drink provider, offers a range of products, including sundew and camp in four flavors such as orange, lemon, coca, and mango soft drinks. This strategic acquisition positions Reliance Industries Ltd. to tap into the soft drink market and leverage the unique offerings of Campa-Cola to cater to evolving consumer preferences and strengthen its presence in the FMCG sector.

Major companies operating in the soft drinks market report are Pepsico. Inc., Nestle S.A., The Coca-Cola Company, Keurig Dr Pepper Inc., Red Bull GmbH, Monster Energy Company, Asahi Group Holdings Ltd., Danone S.A., Kirin Brewery Company Limited, National Beverage Corp., Arizona Beverage Company, Del Monte Pacific Ltd., Mondelez International Inc., Parle Agro Pvt Ltd., Postobon S.A., Purity Soft Drinks Ltd., Britvic plc, Suntory Holdings Limited, Cott Corporation, Big Red Inc., Faygo Beverages Inc., Jones Soda Co., Polar Beverages, Royal Crown Cola International, Shasta Beverages Inc., Sodastream International Ltd., The Boston Beer Company, The J.M. Smucker Company, Talking Rain Beverage Co., Ajegroup.

North America was the largest region in the soft drinks market in 2023. The regions covered in the soft drinks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the soft drinks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Primary classifications of soft drinks include carbonated soft drinks, juices, juice concentrates, bottled water, ready-to-drink (RTD) tea and coffee, among others. Carbonated soft drinks, known for their sweetness and effervescence, come in various flavors such as cola, citrus, and others. These products are distributed through diverse channels, encompassing both offline and online avenues, and are retailed in supermarkets, convenience stores, online retail platforms, and other sales outlets.

The soft drinks market research report is one of a series of new reports that provides soft drinks market statistics, including soft drinks industry global market size, regional shares, competitors with a soft drinks market share, detailed soft drinks market segments, market trends, and opportunities, and any further data you may need to thrive in the soft drinks industry. The soft drinks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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