According to a report published by Grand View Research, Inc.; the craft soda market is estimated to reach a valuation of around USD 732.4 million by 2025. Factors such as increasing health concerns, high awareness about organic products among consumers, and growing disposable income levels can propel the market over the forecast period (2014 to 2025). In addition, increasing demand for takeaway products due to busy lifestyle can also boost the product demand.
Changing consumers preference from sugar-laden drinks to mid-calorie or low-calorie beverages and preference for craft soda as an alternative to other carbonated drinks and alcoholic drinks is expected to boost the market growth during the forecast period. In addition, increasing concerns regarding obesity and changing consumer preference for natural and organic products is boosting the market growth. Organic craft soda contains natural sweeteners such as honey, stevia, and agave nectar. Therefore, demand for product is increasing due to its low-calorie contents.
Full research report on craft soda market analysis:
Moreover, development of innovative products and technological improvements in microbreweries is expected to increase the product demand in the coming years. Increase in production coupled with development of unique flavors and creative packaging is expected to augment the demand for different types of crafted beverages across the world. Easy availability of the product due to expansion of distribution channels is acting as a driver for the market. The product can be sold through several distribution channels including online stores, convenience stores, specialty stores, supermarkets, and hypermarkets across many regions. However, increasing social awareness and strict government initiatives regarding environment and conservation of energy is considered as the key restraining factor for the market.
The worldwide craft soda market can be segmented on the basis of type, target consumer, distribution channel, and region. Based on type, the market can be classified into natural and organic. As per target consumer, the market can be segmented into teenagers, young adults, and middle-aged adults. Based on distribution channel, the market can be categorized into supermarkets and hypermarkets, online stores, convenience and specialty stores, food service and drinking places, and others.
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Geographically, the market can be fragmented into North America, Europe, Asia Pacific, Middle East and Africa, and Central and South America.
North America, followed by Europe, is likely exhibit fastest growth over the forecast period due to several niche segments. In 2016, North America accounted for the largest market share. It is likely to showcase the fastest growth rate over the forecast period. This growth can be associated with increasing disposable incomes, high standard of living, rising health concerns, and increasing consumer preference for healthy drinks in the region. Rise in the number of mainstream retailers and growing demand for wide range of craft sodas in the region is also expected to bolster market growth. Investments in packaging and labeling technologies to cater to young demographics and demand for a variety of craft sodas is anticipated to augur market demand.
In 2016, Europe estimated for nearly 24.82% of the market due to early acceptance of these products. Growing demand for artisanal drinks due to consumers preference for these products as a substitute for alcohol is one of the major factors to drive the market growth. However, imposition of sugar taxes is likely to hinder the product demand in the region.
Prominent players operating in the market include PepsiCo, Inc.; SIPP eco beverage co. Inc.; Wild Poppy Company, PepsiCo, Inc.; and Reed’s Inc. Market players are strongly focusing on various strategies such as new product launches, mergers and acquisitions, and technological collaborations to gain an advantage in the market. Product differentiation is an important factor for the players, which has encouraged them to develop innovative products and invest in extensive research and development (R&D). Participants in the industry are making use of e-commerce channel due to high penetration rate of smartphones and technological developments. Participants are increasingly designing websites to initiate promotional campaigns to increase their market share. Several manufacturers have started the development of their healthier soda line using organic non-nutritive sweeteners instead of by nutritive sweeteners due to increasing demand for organic products from consumers.
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