SWOT ANALYSIS OF NON-ALCOHOLIC BEVERAGES INDUSTRY

The non-alcoholic drinks market was valued at USD 834.3 billion in 2021 and is anticipated to grow at a CAGR of 5.8% from 2022 to 2030. The rising health consciousness among consumers is the key driver for market growth. Globally most consumers are shifting towards low and non-alcoholic beverages as they want to live a healthy life and explore booze-free drinks. Thus, manufacturers are exploring this segment and launching a new version of the drinks. According to the IWSR report, non-alcoholic beverages have outpaced low-alcoholic beverages in 2019- 2020. Further, according to Bacardi Trends Report 2021, non-alcoholic drinks have been gaining more traction among consumers. These trends are expected to positively impact market growth. The Asia Pacific led the market with a share of more than 30% in 2021. The region is driven by increasing product penetration and changing consumer preferences in economies such as India, Australia, China, and the Philippines. Moreover, increasing production plants by the key manufacturers in this region is also expected to positively impact the growth. Increasing product launches and expansion strategies by companies like PepsiCo, and The Coca-Cola Company is likely to boost the market in this region.