Sugar-Free Beverages Market Size Overview
Sugar-Free Beverage Market is expected to grow at a higher CAGR of 6.4% Forecast to 2023. A good and healthy substitute for sugar-based beverages is called sugar-free beverages. These beverages also contain sugar content, but the sweeteners added in these beverages are generally artificial sweeteners like sucralose, neotame, saccharin, aspartame, and stevia. Those who are more inclined towards weight reduction prefer Sugar-Free Beverage Market as these are healthier substitutes and helps in reducing the overall sugar intake of an individual. The demand for these beverages is increasing as most consumers are shifting towards healthy attributes. This drink helps in reducing cravings while maintaining a healthy diet.
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COVID 19 Analysis
The global pandemic of COVID 19 has affected a large section of society. Most people have lost their livelihood because of this global pandemic. It has affected the growth and dynamics of several industries. Owing to the shortage of vaccines, everyone is concerned about their immunity and follows social distance. Owing to the lockdown and post lockdown situation most of the manufacturing units of various industries were shut down which affected the sales revenue. As a consequence, sales revenue of the sugar-free beverage market also declined. Not only this but the supply chain network was also distributed during the lockdown situation which decreased the profit margin.
However, it is expected that the sugar-free beverage market will recover from this loss caused by the global pandemic of COVID 19 by the end of the third quarter of the coming year as many people are becoming health conscious to increase their immunity. Company and gain positive market growth by strategizing according to the needs of the market.
Competitive Dashboard Analysis
The top players operating in the Sugar-Free Beverages Market Size include Mars Inc. (U.S.), The Hershey Company (U.S.), Unilever (U.K.), Nestlé (Europe), PepsiCo (U.S.), The Coca-Cola Company (U.S.), and The Kraft Heinz Company (U.S.).
Sugar-Free Beverages Market Size: Segmental Analysis
The global Sugar-Free Beverages Market Size has been segmented on the basis of product type, claim, and distribution channel.
By product type, the Sugar-Free Beverages Market Size is segmented into soft drinks, fruits & vegetable juices, dairy beverages, energy drinks, and others. Of these, the fruits & vegetable juices segment is likely to dominate, mainly due to its health benefits.
The claim segment comprises lactose-free, gluten-free, organic, and others. Of these, the organic segment is estimated to dominate, mainly due to consumer’s inclination towards preservative-free and natural products.
Based on the distribution channel, the market includes store-based, non-store based. Of these, the store-based segment will command the highest market share owing to the improving and organized retail format across the globe. On the other hand, the recent boom in the e-commerce sector has led to increasing demand for the non-store based segment.
Geographically, the Sugar-Free Beverages Market Size spans across Europe, North America, Asia Pacific, and the Rest of the World (RoW).
Considering the global scenario, the Sugar-Free Beverages Market Size will be dominated by North America. The soaring demand for calorie-free sweeteners like stevia, especially in the regions of Brazil and the US, increasing health issues like diabetes and obesity, and surging geriatric population are some of the primary growth stimulants of the regional market. Moreover, the surging rate of competition and the existence of industry bigshots in the region are likely to contribute to the market’s growth.
The Asia Pacific will acquire the second position in the global market owing to surging disposable income, coupled with the rapid shift in consumer’s preferences. Key players in the region are highly involved in R&D activities to develop new and innovative products and cater to the unmet needs of health-conscious consumers.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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