Craft Soda Market Overview:
Market Research Future (MRFR) projects the craft soda market 2022 to attain significant traction between 2022 and 2030 (evaluation period). Craft Soda Market size was valued at US$ 596.54 Mn. in 2021 and the total Craft Soda revenue is expected to grow at 3.9 % through 2022 to 2030, reaching nearly US$ 733.34 Mn.
Craft Soda Market Top Boosters and Restraints:
The COVID-19 outbreak has significantly altered the buying pattern among consumers, who now prefer ordering products online on their smartphones rather than stepping out of their house as the lockdown is still very much prevalent. Finance is tight, and the increasing spread of the SARS-CoV-2 pandemic has made everything potentially unsafe. This has however been a great time for the well-known names in the Craft Soda Market, backed by the extensive brand recognition and the well-organized and strong distribution channels that help sustain their global position. Customers are rampantly placing their orders online and craft sodas are being delivered right at their doorsteps.
Given the lingering danger of the novel coronavirus and the resultant economic chaos because of the lockdown, market firms are now highly focused on strengthening their supply chains, which could help fortify their delivery techniques as well as online presence. Experts believe that many of the craft soda vendors are doing everything in their capacity to accustom themselves to the current business scenario as a part of their long-term plan. The shift towards low-sugar beverages from sugar-laden drinks and the fact that craft soda can be a healthy substitute for alcohol, contributes majorly towards market growth. The mounting concerns regarding obesity and the increasing preferences for organic and natural drinks are also bolstering the market position for craft soda.
Other factors that could boost the market growth in the following years include the surge in the urbanization rate, the rising prevalence of busy schedules, and the increasing popularity of craft soda among the youth with a go-and-grab mindset. A few top players such as PepsiCo, The Coca-Cola Company and more continuously endorse the e-commerce platform, thanks to the high adoption rate of smartphones and tablets along with the advancements in technology. A huge number of craft soda manufacturers are taking up retail expansion and agreements as their top strategies to boost their distribution channels as well as global presence.
For instance, in July 2020, PepsiCo entered an agreement with the Vanderbilt University (US) to supply its broad range of beverages, some which includes STUBBORN craft soda, along with Pure Leaf iced tea, Gatorade and Mountain Dew. Students at the campus opt for healthier beverages, and to fulfill this demand, the university has partnered with the leading craft soda brand.
Craft Soda Market Segmental Review:
The Craft Soda Market can be considered for category, packaging type and distribution channel.
Category-wise, the key market segments are conventional as well as organic.
Depending on packaging type, the market can be narrowed down to cans, bottles, and more.
The distribution channel-based segments include store based as well as non-store based. The segments that are store-based include convenience stores, supermarkets & hypermarkets, and others.
Regional Insight:
The Craft Soda Market has been extensively covered in the MRFR report with respect to four major regions, namely Europe, North America, Asia Pacific/APAC, and RoW/the rest of the world.
Over the coming years, North America can most likely secure the leading position in the global market, because of the high and still increasing consumption rate of various types of carbonated beverages. The highest contribution to the said growth is made by the US, leading as the top consumer of craft soda in the region. The country exhibits a lucrative growth trend as more and more consumers are inclined towards organic craft soda considering the growing health concerns. The massive pool of mainstream retailers coupled with the sound financial conditions and soaring demand for healthy drinks also benefits the North American market. Besides, the increasing availability of different types of craft soda could also lead to higher sales in the ensuing years.
APAC can presumably score the fastest growth rate over the forecast period, quickly emerging as a lucrative market for leading manufacturers. The burgeoning pool of health-conscious people, in conjunction with the rising awareness about the health benefits of craft soda is cited to be a key growth booster. The growing prevalence of the western culture in the region and the broadening range of product offerings by leading brands also add to the market strength.
Top Key Players:
Five Star Soda (US), Cannonborough Beverage Co. (US), Phillips Soda Works (Canada), Dr Pepper Snapple Group, Inc (US), Brix Soda Company (US), Batch Craft Soda (US), Bucksnort Soda Company ltd. (US), Peak Drive Beverages (Canada), Appalachian Brewing Company (US), Tuxen Brewing Company (Denmark) are some of the renowned industry players profiled in the MRFR study.
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