Carbonated Soft Drinks Global Market Report 2024

The carbonated soft drinks market size has grown steadily in recent years. It will grow from $118.24 billion in 2023 to $122.37 billion in 2024 at a compound annual growth rate (CAGR) of 3.1%. The growth observed in the historical period can be credited to various factors such as the increasing consumer preference for convenience, the global expansion of beverage brands, effective marketing and branding strategies, the prevalence of on-the-go lifestyles, the emphasis on affordability and accessibility, as well as ongoing innovations in flavors and product variety.

The carbonated soft drinks market size is expected to see steady growth in the next few years. It will grow to $137.23 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The anticipated growth in the upcoming period can be linked to innovations focusing on low-calorie and functional beverages, increasing initiatives for sustainability, the surge in craft and artisanal beverage popularity, regulatory actions such as sugar taxes impacting the industry, and the ongoing emphasis on health and wellness trends. Significant trends projected for the forecast period encompass digital marketing and e-commerce strategies, the widening scope of flavored and functional beverage varieties, heightened consumer interest in premium and artisanal soft drinks, the adoption of sustainable and eco-friendly packaging practices, and the rising prominence of premium mixers tailored for cocktails.

The anticipated increase in recreational activities is poised to drive the growth of the carbonated soft drinks market. Recreational activities, characterized as enjoyable and stimulating pursuits undertaken in one's spare time, often involve the consumption of carbonated drinks to stay hydrated and experiment with flavor additives for a mental boost. Supporting this trend, data from the US Bureau of Labor Statistics in October 2021 revealed a significant increase in time spent on leisure and sports activities, with a daily rise of 32 minutes per person. This heightened engagement in recreational pursuits is expected to positively impact the carbonated soft drinks market.

The growing demand in the beverage industry is identified as a key driver propelling the growth of the carbonated soft drinks market. The beverage industry, encompassing the production, distribution, and sale of beverages for human consumption, is experiencing an upward trajectory. This growth is likely to fuel increased demand for carbonated soft drinks, offering a fizzy or effervescent quality with diverse flavors, formulations, and packaging options to satisfy consumers' thirst and taste preferences. In December 2022, data from Kirin Holdings Company Limited, a Japan-based beverage company, reported a global consumption of approximately 185.60 million kiloliters of beer in 2021, marking a 4.0% increase from the previous year. This surge in beverage industry demand contributes significantly to the overall growth of the carbonated soft drinks market.

Product innovations emerge as a prominent trend within the carbonated soft drinks market, with major companies actively pursuing innovative solutions to reinforce their market positions. Notably, in September 2020, Sprecher Brewing Company, a US-based producer of hand-crafted beers and sodas, introduced the first all-natural, zero-sugar craft sodas. These zero-sugar sodas, featuring an exclusive blend of monk fruit, stevia, and erythritol sweeteners, align with Sprecher's commitment to a handcrafted natural ingredient legacy. The introduction of these innovative, health-conscious options in a compact can format reflects the industry's responsiveness to evolving consumer preferences and the demand for convenient, on-the-go beverage choices.

Prominent companies in the carbonated soft drinks market are strategically focusing on product innovation, incorporating artificial intelligence (AI) technology to gain a competitive advantage. The concept of AI-Crafted Flavor in carbonated soft drinks involves the utilization of artificial intelligence algorithms to design and optimize unique taste profiles, thereby enhancing sensory experiences for consumers. A noteworthy example is the launch of Coca-Cola Y3000 Zero Sugar by the Coca-Cola Company in September 2023. This limited-edition mystery flavor drink utilizes AI-crafted flavor, blending carbonated water created by both human expertise and cutting-edge artificial intelligence technology. Offered in both zero sugar and original taste versions, Coca-Cola Y3000 Zero Sugar aims to provide consumers with a futuristic taste experience, showcasing the integration of AI in the creation of unique and enticing beverage flavors.

In August 2022, Coca Cola HBC, a Switzerland-based beverage company, undertook the acquisition of Three Cents for approximately USD 48 million. This strategic acquisition is expected to complement Coca-Cola HBC's existing portfolio of adult sparkling beverages, which already features well-known brands such as Schweppes and Kinley. Three Cents, a UK-based producer of carbonated beverages, adds value to Coca-Cola HBC's offerings, further strengthening its position in the competitive beverage market. The acquisition aligns with the industry trend of strategic partnerships and acquisitions to expand product portfolios and meet evolving consumer preferences in the carbonated soft drinks segment.

Major companies operating in the carbonated soft drinks market report are PepsiCo Inc., Keurig Dr Pepper Inc., Monster Energy Company, National Beverage Corporation, Jones Soda Co., Refresco Group B.V., Suntory Beverage & Food Limited, Postobon S.A., Parle Agro Private Limited, Britvic Soft Drinks Limited, Asahi Soft Drinks Co.Ltd., The Kraft Heinz Co., Ektam Machinery Co., Q-BEV Sp. z o.o., The Coca-Cola Company, Cheerwine, Crush International, ANADOLU GRUBU A.S., Danone S.A., Cott Corporation, Royal Crown Cola International, Canada Dry, Vernors, SODASTREAM INTERNATIONAL LTD., Schweppes International Limited, Faygo Beverages Inc., Big Red Inc., Nestlé S.A., Molson Coors Beverage Company, Heineken N.V.

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

The primary categories of carbonated soft drink products include soft drinks, carbonated water, sports and energy drinks, among others. Soft drinks encompass flavored beverages that incorporate carbon dioxide, sweeteners (nutritive, nonnutritive, or intense), and permissible food additives, available in various flavors such as cola, citrus, and more. These beverages are packaged in bottles and cans, reaching consumers through a diverse array of distribution channels such as hypermarkets, supermarkets, mass merchandisers, convenience stores, gas stations, food service outlets, online stores, direct-to-consumer (D2C) platforms, and others.

The carbonated soft drinks market research report is one of a series of new reports that provides carbonated soft drinks market statistics, including carbonated soft drinks industry global market size, regional shares, competitors with a carbonated soft drinks market share, detailed carbonated soft drinks market segments, market trends and opportunities, and any further data you may need to thrive in the carbonated soft drinks industry. This carbonated 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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