Slow Growth In Non-Alcoholic Beverages Market Amid COVID-19
Wednesday, May 27th, 2020 | 1046 Views
The global non-alcoholic beverages market is expected to grow from $406.4 billion in 2019 to $417.6 billion in 2020 at a compound annual growth rate (CAGR) of 2.8 percent, according to Research and Markets. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of seven percent from 2021 and reach $513.4 billion in 2023.
The Asia Pacific was the largest region in the global non alcoholic-beverages market, accounting for 39 percent of the market in 2019. Western Europe was the second largest region accounting for 24 percent of the global non alcoholic-beverages market. Africa was the smallest region in the global non alcoholic-beverages market.
Increasing health awareness and consciousness among consumers, is driving the demand for beverages that provide nutrition, antioxidants and probiotics. Health beverages support detoxing, weight loss, digestive health, nutrition and in some cases act as meal replacements.
For instance, Kombucha, a fermented tea made from a mix of yeast, bacteria culture, sugar and tea is increasingly being consumed as a health beverage. According to the Beverage Daily, the kombucha market is expected to grow 25 percent annually until 2020.
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