Craft Soda Market size is forecast to reach $711.3 billion by 2025, growing at a CAGR of 4.99% during the forecast period 2020-2025. Craft Soda is a flavoured carbonated drink widely categorized under soft drinks. Rising health concerns and the growing willingness of young adults for authentic beverages are the major factors driving the growth of the market. Technological advancements and increasing awareness regarding the consumption of organic products is set to further enhance the overall market demand for Craft Soda Market during the forecast period 2020-2025.
Product Type – Segment Analysis
The Organic Craft Soda held the largest share in the Craft Soda Market in 2019 and is estimated to grow at a CAGR of 3.29% during the forecast period 2020-2025 owing to the global trend of organic food & beverage. Organic craft soda is a kind of soda drink brewed in small batches and contain natural ingredients, including natural sweeteners like pure cane sugar, stevia, and honey. Rising health concerns and high market penetration is increasing the demand for organic craft soda. Organic Craft soda is a non-traditional flavoured soft drink to attract customers looking for alternatives. An increasing number of consumers who are concerned about their health are set to drive the market. Manufacturers these days have started the development of the soda line by shifting from nutritive sweeteners to non-nutritive sweeteners that contain low or no calories. Organic craft soda is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025 owing to the growing surge in smart customers who are more value-oriented and concerned about their fitness.
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Target Consumers- Segment Analysis
The Young Adults held the largest share in the Craft Soda Market in 2019 and is estimated to grow at a CAGR of 3.03% during the forecast period 2020-2025 owing to the growing health concerns and increasing awareness regarding the soft drinks. These days the young adults are becoming diet concessions, so they prefer to consume craft soda as a healthy substitute to soft drinks and alcohol. The craft soda is prepared in small batches as well as can be distinct as come in bottles that contain natural flavors such as root beer, crème soda, ginger soda, and fruity flavor like cherry, berry, orange, etc. Crafted soda is utilized as a healthy option for carbonated drinks as well as to alcoholic beverages. Clean labels and organic source of manufacturing is driving the young adult’s demand. Shifting customer preferences and choices from sugared drinks to zero-calories or low-sugar drinks and picking craft sofa as a replacement for alcoholic drinks is boosting the market growth. The young adults are set to be the highest growing segment and are estimated to register the highest CAGR during the forecast period 2020-2025 owing to the increasing urbanization in developing countries and rising disposable income of the population.
Geography – Segment Analysis
North America dominated the Craft Soda Market in 2019 with a share of more than 38%, followed by the Asia Pacific owing to the rising health concerns and high market penetration. Increasing demand for alternatives offering in monotonous mature markets and rising demand from ethical buyers along with the rising urbanization is increasing the growth of the craft soda market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the changing consumer preference from sugar-loaded drinks to low sugar or mild calorie drinks and choosing soda as a substitute for alcoholic drinks is increasing the growth of the craft soda market in this region.
Drivers – Craft Soda Market
Rising health concerns and growing willingness of the young adults for authentic beverages
Rising health concerns and the growing willingness of the young adults for authentic beverages is increasing the growth of the craft soda market owing to the healthy lifestyle trends. Consumers approach wellness in a holistic view these days and they prefer drinks that give more health benefits to them. Several consumers want functional and healthy beverages and this trend is taking over drinks. Consumers have become more health-conscious, and they’re willing to try healthier alternatives to traditional soft drinks. Enhanced craft soda is gaining a great market position, especially among consumers seeking out products good for their health with high sugar content as the price to pay. Young adults prefer health drinks that support on-the-go lifestyles with less time in the working day to exercise. Nowadays, increasing interest of the young generation in preventive measures shows a shift in awareness and behaviour. These younger consumers are the most willing to take initiative on behalf of their well-being, and they are prepared to pay premium prices if necessary, to achieve their goals. Thus, increasing the growth of the Craft Soda Market during the forecast period 2020-2025.
Rising awareness of consumers about unhealthy ingredients used in soft drinks.
Rising awareness of consumers about unhealthy ingredients used in soft drinks is increasing the growth of the craft soda market. Soft drinks are high in sugar that increases the insulin level which feeds tumours. Chemicals that are used for colouring soft drinks can also increase the chances of developing breast cancer, prostate cancer, and pancreatic cancer. Increased levels of sugar consumption can lead to an increased chance of being diabetic. Tooth decay is one of the major effects of carbonated drinks on the body. Soft drinks contain added ingredients that are acidogenic and carcinogenic and thus causes corrosion of enamel from teeth and causes weight gain. Thus, increasing the growth of the Craft Soda Market during the forecast period 2020-2025.
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Challenges – Craft Soda Market
Presence of alternatives and increasing social awareness towards environmental concern
Some of the factors that is set to impede the growth of the Craft Soda Market are the presence of alternatives and increasing social awareness towards environmental concern. Strict government initiative regarding energy conservation is set to create hurdles for the craft soda market.
Craft Soda Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Craft Soda Market. In 2019, the Craft Soda Market share is consolidated by the top ten players present in the market. Craft Soda, the top 10 companies are Jones Soda Co., Reed’s Inc., Appalachian Brewing Co., Boylan Bottling Co., Bai Brands, Excel Bottling, Blue Sky, Dry Soda Co., and Justcraft Soda among others.
In November 2018, Appalachian Brewing Co., is acquired by CBA
North America dominates the Craft Soda Market owing to the rising health concerns and rising awareness of consumers about unhealthy ingredients used in soft drinks. The Craft Soda Market scope for different regions will be provided in the final report.
Rising youth population and changing consumer preference from sugar-loaded drinks to low sugar or mild calorie drinks is likely to aid in the market growth of the Craft Soda Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Craft Soda Market report.
The presence of alternatives and increasing social awareness towards environmental concern is set to create hurdles for the Craft Soda Market.
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