New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Kvass Global Market Report 2023" - https://www.reportlinker.com/p06479801/?utm_source=GNW
The global kvass market is expected to grow from $2.63billion in 2022 to $2.94 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The kvass market is expected to reach $4.36 billion in 2027 at a CAGR of 10.3%.
The kvass market consists of sales of mass-produced kvass and homemade kvass drink.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Kvass refers to a traditional fermented beverage made by fermenting bread or rye flour with water and sugar, often flavored with fruits, herbs, or spices. It is used as a probiotic beverage and as a refreshing beverage.
Europe was the largest region in the kvass market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in kvass report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of Kvass include bread flavor, milk flavor and others.Bread flavor kvass refers to a traditional fermented drink made by fermenting rye bread, which gives it a distinctive sour and tangy flavor.
They consist of various packaging types including bottle, can and others that are priced at premium and mass. These are distributed through the supermarket, convenience stores, e-commerce, food service and others.
The rise in the consumption of functional beverages is driving the kvass market going forward.A functional beverage is a non-alcoholic drink containing ingredients such as herbs, vitamins, minerals, amino acids, other raw fruit or vegetables.
Kvass is a functional beverage offering health benefits such as strengthening the immune system, cleansing blood, and treating digestive ailments. For instance, according to the Institute of Food Technologists (IFT), a US-based non-profit scientific society, the sales of functional foods and beverages in the United States reached $83 billion in 2021, a 6.8% increase over 2020. Further, in February 2023, according to a survey of 1000 US adults conducted by Advantage Solutions, a US-based sales, marketing, and technology solutions company. 60% of the respondents purchase nutritional supplements. One-third of the respondents had purchased functional beverages in the past three months. Further, more respondents agreed they would likely buy beverages with dietary claims in the upcoming months. Thus, the increasing consumption of functional beverages is driving the kvass market.
Product innovations are a key trend gaining popularity in the kvass market.Major companies operating in kvass market are introducing innovative products such as Kolo-Cola Kvass to sustain their position in the market.
For instance, in June 2022, Funky Monkey, a Russia-based beverages manufacturer launched Kolo-Cola, a cola-flavored kvass drink. The uniqueness of the product is that its bottle has a design that represents a Christian symbol and each batch is consecrated by the Russian Orthodox Church.
In March 2020, Marussia Beverages, a US-based producer of alcoholic beverages acquired Itkulsky Distillery for an undisclosed amount.The acquisition would allow the company to expand its alcoholic product range and improve its offerings.
Itkulsky Distillery is a Russia-based distillery that produces alcoholic drinks such as vodka, kvass, and natural spirits.
The countries covered in the kvass market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The Kvass market research report is one of a series of new reports that provides Kvass optical components market statistics, including Kvass optical components industry global market size, regional shares, competitors with a Kvass optical components market share, detailed Kvass optical components market segments, market trends and opportunities, and any further data you may need to thrive in the Kvass optical components industry. This Kvass optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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