Newark, NJ, May 25, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global craft soda market is expected to grow from USD 587.75 million in 2020 to USD 855.22 million by 2028, at a CAGR of 4.8% during the forecast period 2021-2028
Certain factors are boosting the growth of the global craft soda market. Some of them include growing concerns about obesity and shifting consumer preferences towards natural and organic drinks, and strict government guidelines for artificial ingredients and labelling and packaging. Increasing awareness of consumers about unhealthy ingredients used in soft drinks is boosting the market's growth. Chemicals used for colouring soft drinks can also increase the chances of developing pancreatic cancer, breast cancer, and prostate cancer. Tooth decay is one of the significant effects of carbonated beverages on the body. Also, soft drinks contain added ingredients that are carcinogenic & acidogenic and that cause corrosion of enamel from teeth and weight gain.
Craft soda, also known as artisanal soda, specialty, or small-batch, is a kind of soda drink brewed in small batches and contains natural ingredients, including natural sweeteners like honey, pure cane sugar, and stevia. Craft soda majorly comes under non-traditional soft drink flavoring to attract a lot of consumers looking for alternatives. Craft soda is an artisanal beverage that is generally preferred as a healthy alternative to regular carbonated drinks. The companies manufacture craft soda in small batches with unique recipes, flavor profiles, ingredients, and packaging.
The global craft soda market is expected to witness significant growth due to the rising youth population over the region, with a high youth population share due to healthy lifestyle trends. Several consumers want healthy and functional beverages, and this trend is taking over drinks. Consumers have become more health-conscious, and they're willing to try more nutritious alternatives to traditional soft drinks. These younger consumers are the most helpful to take the initiative on behalf of their well-being, and they are prepared to pay premium prices if necessary to achieve their goals. The factors restraining the market growth are the presence of alternatives and increasing social awareness towards the environmental concern, and strict government initiatives regarding energy conservation.
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Key players operating in the craft soda market include Jones Soda Co, Boylan Bottling Co, ReedÕs Inc, Crooked Beverage Co, SIPP eco beverage co. Inc, Pepsi, Tuxen Brewing Company, Q Drinks, Appalachian Brewing Co, JustCraft Soda, Gus, and The Coca-Cola Company. To gain a significant market share in the global craft soda market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Pepsi and The Coca-Cola Company are vital manufacturers operating in the craft soda market.
The young adults' segment dominated the market and held the largest market share of 39.18% in 2020.
Based on target consumers, the global craft soda market is segmented into middle-aged adults, young adults, and teenagers. The young adults' segment dominated the market and held the largest market share of 39.18% in 2020. This growth is attributed to the increasing urbanization and the rising disposable income of developing countries.
The organic segment dominated the market and held the largest market share of 57.05% in 2020.
Based on product type, the global craft soda market is segmented into organic and natural. The organic segment dominated the market and held the largest market share of 57.05% in 2020. This growth is attributed to the growing surge in intelligent customers who are more value-oriented and concerned about their fitness.
The orange and root beer segment dominated the market and held the largest market share of 28.16% in 2020.
Based on flavor, the global craft soda market is segmented into tropical fruits, passion fruit, orange, berries, and root beer. The orange and root beer organic segment dominated the market and held the largest market share of 28.16% in 2020.
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The indirect segment dominated the market and held the largest market share of 56.14% in 2020.
Based on the distribution channel, the global craft soda market is segmented into includes direct and indirect. The indirect segment dominated the market and held the largest market share of 56.14% in 2020. This growth is attributed to the increasing popularity of e-commerce websites among consumers across the globe.
Regional Segment Analysis of the Craft Soda Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil)
- The Middle East and Africa (South Africa, Saudi Arabia and the Rest of MEA)
Based on geography, the craft soda market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America region held the largest market share of 26.30% in the year 2020. This growth is attributed to its traditional market for crafts soda, an increase in the number of mainstream retailers, rising disposable income, increasing health concerns, and shifting preferences toward healthy drinks. On the other hand, the Asia-Pacific region is witnessing significant growth due to the changing consumer preference from sugar-loaded drinks to low sugar or mild calorie drinks. Choosing soda as a substitute for alcoholic beverages is increasing.
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About the report:
The global craft soda market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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