Soft drink industry to grow 14.9% in 2018-23

Ethical living is a crucial trend currently influencing consumer preferences and driving new product development in soft drinks in India, according to global market research company Euromonitor International in its webinar ‘Megatrends shaping the soft drinks market in India’.

Mounting concerns about single-use plastic in India will fuel the ethical living trend in soft drinks as consumers become more conscious about their purchases, it noted on 21 Oct 2019.

According to Euromonitor International’s lifestyles survey 2019, 67% of digitally connected consumers from India identify themselves as environmentally conscious or eco-friendly with purchases leaning towards natural, organic and recyclable products.

“Trends in packaged food and beverages tend to set precedence for other fast-moving consumer goods categories, and we can already see the ethical living trend influencing purchases in the beauty and personal care industry as well,” said Amulya Pandit, senior research analyst at Euromonitor International.

According to Euromonitor International, the Indian soft drinks industry reached 22.8 billion litres in total volume sales in 2018 and is expected to grow by 14.9% in 2018-2023.

“It is important for companies and brands to recognise these megatrends and set-up short and long-term strategies to tackle these shifts in consumer demand,” said Pandit. fiinews.com