Industry Trend Analysis
The global Craft Soda Market was worth USD 0.48 billion in 2014 and is expected to reach approximately USD 0.66 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 3.53% during the forecast period. Increasing population in emerging nations alongside the rising level of disposable income of consumers is anticipated to positively affect the product business in the coming years. Furthermore, the developing health concerns and rising awareness with respect to the usage of organic products are probably going to additionally support this growth. The switching inclination of consumers from sugar-loaded beverages to low-sugar or mid-calorie beverages and picking craft soda as a substitute for alcoholic beverages is anticipated to cultivate industry development amid the conjecture period. Furthermore, developing concern toward obesity and switching inclinations of consumers toward natural beverages are reshaping the worldwide craft soda industry.
Product Type Outlook and Trend Analysis
Organic craft soda rose as the quickest developing product compose portion over the figure time frame inferable from the expansion in smart buyers who are more concerned toward their safety and health. The producers, nowadays, are engaged with manufacturing natural craft sodas inferable from the expanding requirement by shoppers. Natural craft soda was the biggest product fragment in 2016. The switch in customer's inclination by virtue of expanding awareness toward healthy products is moving the business toward creating products that are good for health.
Target Consumer Outlook and Trend Analysis
Young adults represented 64.22 percent of the share of the market and rose as the most huge target buyer section in 2016. A portion of the components in charge of driving interest in this age gather are the impression of craft soda as a healthy alternative to eating routine and standard beverages and their inclination to pay for beverages that are tasty as well as healthy. Middle-aged adults rose as the second-biggest target consumer fragment in 2016, producing an income of USD 133.8 million. Expanding awareness about the negative impacts of sugary beverages and in addition corpulence concerns are one of the critical factors anticipated that would influence the development of craft soda in this age group.
Distribution Channel Outlook and Trend Analysis
The sales of craft soda fundamentally depend on the aptitude of the business player to convey different beverage products to the commercial center and disseminate them through extensive scale retailers or grocery stores, for example, Carrefour, Walmart, and Safeway, in light of the fact that these general stores are essential circulation channels for distribution channels for crafted beverage products the to reach end users. The most vital factor adding to development of the market has been the advancement in distribution channels. Food services and drinking places channel, which contains full-service eateries, fast-food outlets, takeaway, and bars, is another dominant distribution channel in this market.
Regional Outlook and Trend Analysis
North America rose as the biggest market in 2016 and is likewise anticipated that would be the quickest developing territorial fragment over the conjecture time frame inferable from an expansion in the quantity of standard retailers, increasing disposable income, expanding health concerns, and switching inclinations toward safe beverages. Europe represented roughly 24.82% of the market in 2016 attributable to the early acknowledgment of soda products and the rise of emerging economies. Enforcement of sugar taxes is foreseen to pose a limitation for this product in the region.
Some of the leading players in the market are Crooked Beverage Co, Wild Poppy Company, The Coca-Cola Company, Appalachian Brewing Co, The Original Craft Soda Company, Reed's, SIPP eco beverage co and Jones Soda. Numerous leading players, for example, The Coca-Cola Company and PepsiCo are undertaking the online business channel attributable to the adoption of cell phones and improvement in technology. Many craft soda producers are executing retail extension, which is foreseen to boost dispersion channels territorially.
The Craft soda Market is segmented as follows-
By product Type:
By Target Consumer:
By Distribution Channel:
Convenience & Specialty Stores
Supermarkets & Hypermarkets
Food Service & Drinking Places
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?