Carbonated Soft Drinks are processed beverages packed into airtight containers such as bottles and cans. Carbonated soft drinks are widely available to customers as retailers are increasing shelf space for these products. The market for carbonated soft drinks is fragmented due to the presence of several small- and large-scale players. These players are focusing on product development as a key strategy to cater to the changing needs of consumers. For instance, market players are launching low-calorie carbonated soft drinks to meet the growing demand from health-conscious consumers. The Global Carbonated Soft Drinks Market is Expected to Reach USD 330 billion by 2024 at a CAGR of 3.2% During the Forecast Period.
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The global carbonated soft drinks market has been segmented on the basis of flavor, packaging type, and distribution channel.
Based on flavor, the global carbonated soft drinks market has been divided into cola, lemon and lime, orange, and others. The cola segment is expected to garner the highest revenue share during the forecast period. Consumer preference for cola-flavored carbonated soft drinks is driving the growth of the segment. Cola-flavored drinks have a balanced taste, with equal measures of sweet, salt, bitter, and savory along with alkaline and acidic sensations.
On the basis of packaging type, the global carbonated soft drinks market has been classified as bottles and cans. The bottles segment is anticipated to gain the larger revenue share during the review period. Several market players provide carbonated soft drinks in different sizes of bottles for ease of consumption and storage. Moreover, market players are constantly introducing a variety of bottles and cans with innovative styles and colors to attract more customers.
The global carbonated soft drinks market has been segregated, by distribution channel, into store-based and non-store-based. The store-based segment has further been divided into hypermarkets and supermarkets, convenience stores, and others. The store-based segment is expected to hold the larger share of the global carbonated soft drinks market due to the high availability of carbonated soft drinks in retail stores. However, the non-store-based segment is expected to register a higher growth rate during the forecast period.
Some of the key players in the global carbonated soft drinks market are Britvic Soft Drinks Limited (UK), Tru Blu Beverages (Australia), Bickford’s Australia Pty Ltd (Australia), Suntory Holdings Ltd. (Japan), Reeds Inc. (US), F&N Foods Pte Ltd (Singapore), Appalachian Brewing Company (US), Keurig Dr Pepper Inc. (US), PepsiCo, Inc. (US), Cott Corporation (US), The Coca-Cola Company (US), National Beverage Corp. (US), The Asahi Group (Japan), Postobón S.A. (Colombia), and Jones Soda Co. (US).
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The global carbonated soft drinks market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to lead the global carbonated soft drinks market owing to the high consumer preference in the region.
The Asia-Pacific carbonated soft drinks market is expected to grow at a rapid pace owing to the surging consumption in the region and changing eating habits leading to consumers preferring ready-to-drink products.
Some of the growth strategies adopted by the players operating in the market were innovations, product launches, expansions, and mergers.