Consumption
patterns in developed and developing countries are typically
distinct, owing to a difference in the socio-economic status of
consumers here. This difference is highly visible in the global
non-alcoholic drinks market. A beverage is considered to be
‘non-alcoholic’ if it has 0.5% or less alcoholic content (this
ratio is calculated by volume). For example, beer and wine are
available in non-alcoholic variants. In some countries, non-alcoholic
drinks are popularly referred to as ‘virgin’ drinks. Other
examples of such beverages are: tea, coffee, soft drinks,
ready-to-drink beverages, energy drinks, and bottled water.
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Global
market figures indicate growth, both in terms of non-alcoholic drinks
market revenue and volume. However, a closer look at the regional
dynamics reveals that the growth graph of non-alcoholic drinks’
consumption in developed countries (especially in the United States)
and developing countries is anything but similar. Globally, the
non-alcoholic drinks market is poised to exhibit a compounded annual
growth rate (CAGR) of 4.3% in revenue terms, for the period 2014 to
2020. In the same period, by volume, the market is estimated to grow
at a CAGR of 4.9%.
The
State of the Non-Alcoholic Drinks Market in Developing Economies
In
developing economies, new jobs are being created in developing
sectors such as construction, information technology, utilities, and
automotive. The impact of these new jobs can be felt in the form of
increased disposable income and resultant changes in consumer
lifestyle. With new-found affluence comes demand for novel varieties
of food and beverages. This bodes well for the non-alcoholic drinks
market, as an increased per-capita income is translating into higher
consumption of beverages without alcohol.
In a
number of developing countries, the demand for non-alcoholic drinks
is expected to remain relatively strong in the long run. The presence
of millions of young consumers is an important factor that works in
the favor of the non-alcoholic drinks market. By tailoring products
to suit the local tastes of consumers and launching
intelligently-designed market campaigns, market players can squeeze
the most from the non-alcoholic drinks market globally.
Countries
such as China, Singapore, and India are expected to drive a large
chunk of the overall growth of the non-alcoholic drinks market in the
next five to six years. The CAGR figures of the Asia Pacific region
are estimated to be higher than the global figures.
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Factors
Slowing Down Growth of Non-Alcoholic Drinks in Developed Markets
North
America has, for several years, been the most important region for
non-alcoholic drinks companies. It is the largest market for
non-alcoholic beverages, trailed only by the Asia Pacific region.
However, as consumers in this region become more aware of health
issues, and strive to maintain a healthy lifestyle, there has been a
noticeable dip in the overall demand for non-alcoholic drinks in this
region. A similar trend is being observed in the developed economies
of Europe.
Consumers
are clearly moving toward beverages such as bottled water or juices
over sparkling or carbonated drinks. Interestingly, the younger
population in the United States is now showing a decreased
inclination toward beverages that are perceived as being ‘unhealthy’.
Because of this reason, the overall growth prospects of the
non-alcoholic drinks market in the North America region do not seem
exciting, but they are not entirely discouraging. Scope for growth is
being observed in segments that promise to not offer high-calorie,
sugar-laden drinks. Opportunities have thus been created in sectors
such as diet drinks and zero-sugar beverages.
From
the global standpoint, growth in the non-alcoholic drinks market is
being spurred by inherent changes in consumer preferences.
Manufacturers, on their part, have been consistently introducing new
product variants in a myriad of flavors to beat the competition and
gain a wider consumer base. Going forward, the market for
non-alcoholic beverages is expected to constantly remain in a state
of change and growth.
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