Changes in Lifestyle & Consumption Habits of Consumers Driving Global Beverage Markets
PALM BEACH, Fla., June 30, 2022 /PRNewswire/ -- From the newly funded startups to well funded corporate conglomerates, almost all the players in the beverage market are striving hard to meet the never-ending desires of the new-age consumers. For instance, last year PepsiCo unveiled a new hydration platform, which is completely customizable to the needs of the consumer. It provides a variety of flavors, carbonation, and temperature options to choose from. New age consumers, mainly millennials are health-focused. They are expecting functional benefits from their beverages that are consumed on a regular basis. This behavior has led to the rise of a new category of beverages called 'miracle drinks'. CBD infused sparkling water, plant-based milk beverages are popular examples under this category. CBD infused beverages, vegan beverages are in demand as well. Changes in lifestyle and consumption habits of the new-age consumers are two major reasons driving this change. An industry report said that: "Home for the majority of the consumers, the APAC region will dominate the world's non-alcoholic beverage market in the upcoming years. The high consumption in Indian and Chinese markets drives growth for the non-alcoholic beverage industry in the APAC region. The warm climate and hotter summer drive sales of non-alcoholic beverages in the APAC region. Previously, the Carbonated soft drinks (CSD) segment accounted for driving revenue in this region. However, in recent times the consumption of CSD is expected to decline as young consumers prefer healthier alternatives such as 100% natural juice, Pulp fruit juice, etc. This behavior change opens up opportunities for native and DTC brands to penetrate the market." Active companies in the markets this week include Splash Beverage Group, Inc. (NYSE: SBEV), Kroger Co. (NYSE: KR), PepsiCo, Inc. (NASDAQ: PEP), Albertsons Companies (NYSE: ACI), Casey's General Stores, Inc. (NASDAQ: CASY).
- Changes in lifestyle and consumption habits of the new-age consumers are two major reasons driving this change.
- An industry report said that: "Home for the majority of the consumers, the APAC region will dominate the world's non-alcoholic beverage market in the upcoming years.
- The high consumption in Indian and Chinese markets drives growth for the non-alcoholic beverage industry in the APAC region.
- However, in recent times the consumption of CSD is expected to decline as young consumers prefer healthier alternatives such as 100% natural juice, Pulp fruit juice, etc.