Report notes aspiration for non-alcoholic beverages among young adults
The value for carbonated beverage market in India anticipates a CAGR of ~4.87% juxtaposed with a more rapid expected growth for the non-carbonated segment at a CAGR of ~8.42% within the forecast period of FY 2024-2028, according to an industry report.
The “Non-alcoholic Beverages Market in India 2023-2028” report also highlights the moderate challenges faced by new entrants in establishing brand image and loyalty alongside a competitive landscape populated by innovators and existing giants.
It lists the market conditions:
Drivers: Emphasis on alcohol reduction for health reasons, the aspiration for non-alcoholic beverages among young adults, and digital engagement strategies targeting the Gen Z audience.
Challenges: Adverse weather impacts on demand, health concerns over sugar-loaded beverages, and logistical issues in rural market penetration and chilled drink availability.
In the landscape of market influencers, the surge in wholesome, functional drink varieties takes precedence, indicating a pivot towards products that offer more than mere refreshment.
The strategic positioning of non-alcoholic beverages as a sophisticated lifestyle choice has opened new consumer segments, enhancing the market’s potential for robust growth.
The domain of competition within the industry sees companies like Dabur Limited innovating with health-centric offerings. The introduction of immunity-boosting beverages aligns with the current health and wellness trend, marking the assertion of major market players in the non-alcoholic beverage sphere.
The market is led by Dabur India Limited, ITC Limited, Nestle India Limited, Bisleri International Private Limited, Coca-Cola India Private Limited, Hector Beverages Private Limited, Parle Agro Pvt Ltd, PepsiCo Holdings India Private Limited and Red Bull India Private Limited. Fiinews.com
