LONDON, Jan. 25, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Soft Drink Concentrates Global Market Report 2024, the soft drink concentrates market has experienced robust growth, setting a strong foundation for future expansion. In 2023, the soft drink concentrates market size reached $35.13 billion, and by 2024, it is anticipated to grow to $37.35 billion at a commendable Compound Annual Growth Rate (CAGR) of 6.3%. The growth in the historic period is attributed to consumer demand for convenience and ready-to-drink products, the globalization of the beverage industry with diverse flavor preferences, economic factors, cost efficiency in production, flexibility in product formulations, and customization.
Anticipated Strong Growth Ahead
The soft drink concentrates market is poised for continued growth, with projections indicating an expansion to $46.41 billion in 2028 at a CAGR of 5.6%. The forecasted soft drink concentrates market growth is fueled by health and wellness trends driving low-sugar and natural variants, innovation in flavor combinations and functional ingredients, the emergence of niche and premium soft drink categories, the rise of e-commerce and direct-to-consumer distribution channels, and increasing environmental concerns driving sustainable practices.
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Emerging Trends Shaping the Future
In the forecast period, the soft drink concentrates market will witness key trends such as the introduction of artisanal and craft concentrates, adoption of cold-pressed and fresh ingredients, emphasis on convenience and ready-to-drink formats, innovation in natural colorants, and strategic partnerships and collaborations. These trends signify the industry's commitment to innovation, sustainability, and meeting evolving consumer preferences.
Rising Disposable Income as a Growth Driver
The growth of disposable income is expected to play a pivotal role in propelling the soft drink concentrates market forward. As disposable income increases, consumers have more purchasing power, leading to higher spending on non-essential items such as soft drinks. A notable example is the household gross disposable income in Iceland, which increased by 9.2% from 2021 to 2022, driving an increased demand for soft drink concentrates.
Industry Leaders and Innovations
Major companies in the soft drink concentrates market, including PepsiCo Inc., The Coca-Cola Company, and Cott Corporation, are actively introducing advanced solutions to gain a competitive edge. Innovations such as the introduction of multi-serve beverages with various flavors, as seen with Splenda's Peel & Pour Zero Calorie Drink Mix, showcase the industry's commitment to meeting diverse consumer demands.
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For industry players, the comprehensive soft drink concentrates market report provides invaluable insights for strategic decision-making. Investors, policymakers, manufacturers, and researchers can utilize the detailed analysis of market trends, growth projections, and emerging opportunities to navigate the dynamic landscape of soft drink concentrates.
Soft Drink Concentrates Global Market Report 2024 by The Business Research Company provides insights on the soft drink concentrates market size, soft drink concentrates market segments, soft drink concentrates market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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