This growth is driven by the increasing social awareness surrounding the health issues associated with sugary and alcoholic beverages, leading consumers to shift towards natural, sweet-laden, and low-calorie alternatives.
NEWARK, Del, Nov. 27, 2023 (GLOBE NEWSWIRE) — The global craft soda market value is expected to rise from US$ 742.8 million in 2024 to US$ 1,200.8 million by 2034. The market is expected to rise at a CAGR of 4.9% through 2034.
Increasing consumption of craft sodas, which are often pitched as fit for every beverage occasion, is driving growth in the market. Purchasing decisions regarding craft soda are driven by ratings and reviews left on eCommerce or brand websites by product users. As a result, players are focusing on enhancing taste profiles and increasing product accessibility to elevate customer experience.
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Players are also allocating a portion of their budgets to eye-catching distinctive packaging as exterior covering markets the contents inside. Some participants are also offering product customization options, celebrating the values, cultures, and languages of the markets they are entering. This is done to increase their acceptability in different markets.
Different consumption patterns of the younger generation are also elevating sales of craft sodas. This target population prefers exciting new flavored craft sodas, exhibiting a drift away from mass-produced, manufactured spirits.
“Various markets are expected to drive the demand for craft sodas over the next ten years. The emerging premiumization trend is positively impacting the revenue generated from craft soda, enhancing market opportunities for producers of functional beverages,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Key Takeaways from the Craft Soda Market Report
- The United Kingdom craft soda market is expected to expand at a CAGR of 5.2% through 2034. Meanwhile, the market in Germany is anticipated to register a CAGR of 4.5%.
- The United States market is forecasted to display a growth rate of 3.7% through 2034.
- In Asia Pacific, the markets in India and China exhibit CAGRs of 4.7% and 4.2%, respectively, through 2034.
- The B2C distribution channel is anticipated to hold a market share of 72.4% in 2024.
- Cola flavor is projected to account for a massive share of 38.40% in 2024.
Strategic Developments in the Craft Soda Market
Recognized leading players are leading the market on the back of expanding brand-loyal customers. However, these players are expected to rely on product innovation in craft soda as consumers show a higher preference for new, flavorful beverages.
The emerging trend of premiumization is projected to impact both new and old players as consumers show a willingness to pay higher prices for beverages infused with original flavors. Market participants are expected to expand into different product categories, like energy drinks and fruit juices. This is in response to the robust consumption levels of these beverages.
Besides product innovation and premiumization, players are expected to employ various strategies to expand their reach. These strategies include mergers, acquisitions, and geographical expeditions.
New Developments in the Craft Soda Market
- In October 2023, Jones Soda Co. announced a new special edition called Orange Chocolate Soda. The product is going to be available at retail outlets across the United States.
- In November 2021, Dayton’s brand Rock, Paper, Soda made its debut. This development is in response to growing consumer interest in non-alcoholic options. The brand made its debut with Orange Winter Chai, which is a gourmet spin on classic orange soda.
- In January 2021, Jones Soda introduced 12-packs and special flavors.
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Key Players Operating in the Craft Soda Market
- Jones Soda Co.
- Appalachian Brewing Co.
- Reed’s Inc.
- PepsiCo, Inc.
- The Original Craft Soda Company
- The Coca-Cola Company
- Crooked Beverage Co.
- SIPP eco beverage co. Inc.
- Boylan Bottling Co.
- Wild Poppy Company
- Others
Key Segments in the Global Craft Soda Market Report
By Flavor:
- Cola
- Tropical Fruits
- Berries
- Others
By Packaging:
- Glass
- Cans
- Plastic
- Others
By Distribution Channel:
- On-Trade
- Off-Trade
- B2C
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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