According to a new market report published by Lucintel, the future of the global beverage industry looks good with opportunities for alcoholic and non-alcoholic beverages. The global beverage industry is expected to reach an estimated $1.9 trillion by 2021 and is forecast to grow at a CAGR of 3.0% from 2016 to 2021. The major drivers for the growth of this market are growing urbanization, and disposable income.
In this market, alcoholic and non-alcoholic are the major beverage types. On the basis of comprehensive research, Lucintel forecasts that the non-alcoholic segment is expected to show above average growth during the forecast period. Consumer preferences, growing population, and health awareness are the major drivers.
Within global beverage industry, beer is expected to remain the largest segment by value. Acceptance of alcohol consumption by consumers, population base of the young generation, and increasing per capita income are the major driving forces that spur growth for this segment over the forecast period.
APAC is expected to remain the largest region and to witness the highest growth rate during the forecast period due to huge population base.
For business expansion, Lucintel’s report suggests innovation and new product development for achieving the good customer base.
Emerging trends which have a direct impact on the dynamics of the industry include the use of natural flavors and sweeteners to meet consumer health concerns, and increased interest in exotic drinks. Anheuser-Busch InBev NV, Coca-Cola, PepsiCo, Inc., Diageo plc, and Heineken Holding NV are among the major suppliers of beverages.