Craft Soda Market Trends, Growth Factor & Competitive Analysis by 2023
Key Players Profiled: PepsiCo, Coca-Cola, Reed's Inc., Wild Poppy, & Boylan Bottling
Global Craft soda Market is estimated to expand at a substantial CAGR in the forecast period as the scope, product types, and its applications are increasing across the globe. Craft soda, also termed as "Small-batch", "Specialty", or "Artisanal Soda", is a kind of soda drink prepared in small batches and comprises natural constituents comprising natural sweeteners like stevia, pure cane sugar, and honey.
Photo by Lanju Fotografie on Unsplash
Factors such as shifting preferences toward healthy drinks, rising concern toward obesity, technological advancement, and shifting consumer preferences toward organic and natural drinks are likely to drive the market in the forthcoming period. On the other hand, the presence of alternatives is anticipated to hinder market growth in the future.
Craft soda market may be explored by type, application, and geography. Craft soda market by type could span Natural Craft Soda and Organic Craft Soda. The "Organic Craft Soda" segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of the market include a surge in smart customers who are more value-oriented and concerned toward their fitness.
Craft soda market could be explored based on the application as Middle-aged and Elderly, Teenagers and Young Adults. The "Young Adults" segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of the market include demand in this age group are the awareness regarding craft soda as a healthy substitute to diet and rising demand.
Craft soda market is categorized based on geography into North America, Latin America, Japan, Middle East, and Africa, Western Europe, Asia Pacific, and Eastern Europe. North America is a leading region in the market. It is likely to maintain its dominance in the forecast period owing to factors such as high standard of living of the population, rising disposable income, the upsurge in the number of mainstream retailers, and developed economy. North America is followed by the European region owing to the acceptance of soda products and the emergence of established economies.
Key players operating in the craft soda market include Reed's, Inc., Jones Soda Co, Pepsi, Boylan Bottling Co, Appalachian Brewing Co, Crooked Beverage Co., SIPP eco beverage co. Inc., Gus, Just Craft Soda, Tuxen Brewing Company and Q Drinks. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Other news from the department business & finance
