Ready to drink beverages market is growing at a CAGR of 6.1% during the forecast period (2019-2024).
- Increased consumer awareness and their increasing interest in a healthy lifestyle have led to increased demand for healthy ready to drink products.
- Furthermore, growing health awareness and demand for convenience food & beverages is anticipated to drive the ready to drink market.
Scope of the Report
Ready to drink beverages is available as tea, coffee, fruit & vegetable smoothies, alcopops, energy drinks, dairy based beverages flavored & fortified water, and others in different packing formats such as bottles, cartons, cans, and others.
Key Market Trends
Increasing Popularity of Ready To Drink Tea
Rising health awareness, the introduction of functional ingredients, rising disposable income, and increasing urbanization are some of the factors driving the demand for ready to drink tea across the globe. Ready to drink tea is considered to be beneficial in certain parts of the world particularly in Asian countries like China, India, and Japan which is contributing towards its accelerating market growth. Moreover, it is known to improve digestion and deliver instant energy. With people showing more consciousness towards their food and drinks, more consumers are shifting towards tea and coffee over carbonated beverages.
North America Witnessed as Fastest Growing Segment
The United States is the largest market in North America, wherein there is a significant shift in consumer preferences, especially among high-income consumers. North America market is projected to increase due to its rising health awareness and busy lifestyle. Consumers in the region are shifting to fortified water due to more awareness and understanding of the bad effects of the carbonated drinks. Lastly, the popularity of certain ready to drink beverages such as due to its functional benefits have led to its increased consumption among consumers in the region.
PepsiCo, Danone, Keurig Dr Pepper, Inc., and Abbott are some of the companies leading the ready to drink market. Companies are continuously innovating and targeting new consumer to gain profits. The emerging smart advertising, strong positioning, and marketing by manufacturers coupled with launching products with functional benefits such as ready to drink green tea has futher increased manufacturing capabilties of the companies.
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