The Global Beverage Additives Market size is estimated to reach $51.9 Billion by 2025, growing at a CAGR of 6.1% during the forecast period 2020-2025. Beverage additives are the substances that are added during storage or processing to improve or preserve the quality of the product. It helps to enhance product consistency, to enhance color and flavor, to maintain freshness, to maintain wholesomeness and palatability, and improve its nutritional value. Increase in disposable income, modern lifestyle, and rising demand for natural additives is driving market growth during the forecast period 2020-2025.
Beverage Additives Global Market Segment Analysis – By Additives Type
Based on Additives Type, Beverage Additives Global Market is segmented into Sweeteners, Flavouring agents, Preservatives, and Colorants. Flavouring agent holds the largest share in terms of revenue in 2019. This is owing to demand for different better taste flavor by the customers from all over the globe. However, Preservatives is set to be the fastest growing CAGR 6.8% during the forecast period 2020-2025. This is owing to the their low cost, diverse functionalities, and abundance and growing resistance from consumers are among the major reasons leading to faster growth of preservatives.
Beverage Additives Global Market Segment Analysis – By Type of Beverages
Based on Beverages type, Beverage Additives Global Market is segmented into Alcoholic Beverages, and Non-Alcoholic Beverages. The Alcoholic Beverages segment held the largest share in 2019. This is owing to the increase in global young-adult demographic, coupled with high disposable income and consumer demand for premium or super premium alcoholic products. However, Non-Alcoholic Beverages segment is set to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to rising awareness about healthy lifestyle & wellness, rising disposable income and an increasing number of people consuming soft drinks and juices with their meals.
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Beverage Additives Global Market Segment Analysis – By Geography
Based on Geography, The Beverage Additives Global Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America region dominated the Beverage Additives Global Market in 2019 with a share of 34.9%. This is owing to increasing demand for beverage and additives in the US and is being driven by the trend for nutritional and functional drinks in the North American region. However, Asia Pacific is set to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to the rising demand from consumers, applications like solvents, preservatives, and food additives, beverages, and rapid urbanization, evolving lifestyle in the Asia -Pacific region.
Beverage Additives Global Market Drivers
Increasing demand for soft drinks with low sugar and demand for less fat soft drinks
The soft drinks industry is under increasing pressure as consumer spending stagnates, increasingly reject artificial alternatives. Almost half of consumers (48%) globally are actively choosing soft drinks with low or no sugar. Consumers are more willing to experiment with new product varieties when buying more generic beverages such as bottled water and RTD coffee/tea, than beverages that serve a functional purpose like energy and sports drinks. However, the rising awareness about healthy lifestyle & wellness, rising disposable income and an increasing number of people consuming soft drinks and juices with their meals are driving the Beverage addictives global market.
Beverage Additives Global Market Challenges
The beverages sector has faced the worst impact of the coronavirus so far. The manufacturing and supply chain and beverages companies have been wearily coping up with the pandemic. The Countrywide lockdown has prevented the employees from working in beverages factories. Undeniably, the challenges faced by beverage addictive global industry every day, this is owing to the ridiculously strong competition and the fact that a single change is bound to affect the entire supply chain.
Beverage Additives Global Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Beverage Additives Global Market. Key companies of this market are among others. Dallant S.A, Kerry Group, Cargill Incorporated, NutraSweet Company, Bell Flavors & Fragrances Inc, Prinova Group LLC, Ashland Incorporated, Koninklijke DSM N.V, International Flavors & Fragrances Inc, and Celanese Corporation.
In October 2020, Ashland Incorporated has launched Phyteq Raspberry, a multifunctional preservative booster that acts as a preservative potentiator to protect cosmetics from spoilage.
Geographically, North America region held the highest market share in 2019. This is owing to increasing demand for beverage additives in the US are being driven by the trend for nutritional and functional drinks in the region.
Factors such as increasing demand for soft drinks with low sugar and demand for less fat soft drinks, driving the demand for beverage additives to the growth of market during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Beverage Additives Global Market.
Related Reports :
A. Artificial Sweeteners Market
B. Flavor Additives & Enhancers Market
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