Craft Soda Market Future Growth Challenges, Size, Share, Demand, Trends, Revenue and Forecast to 2023
Research Reports
Jan 12, 2021
Market Overview
Craft sodas are produced in small batches. These are specialty drinks and contain all-natural elements with diverse natural flavors such as ginger ale, crème soda, and root beer. Craft sodas come with fruit variations like orange and cherry along with natural sweeteners such as honey, stevia, and pure cane sugar among others. They are mostly available in cans and bottles throughout the world.
Craft soda is an artisanal drink which is usually opted as a healthy substitute to regular carbonated drinks. They are prepared with natural ingredients and contain less or no preservatives. The rising demand for beverages with natural ingredients among the growing health-conscious population is likely to drive the craft soda market. The wide popularity of crafted beverages including craft soda has encouraged the beverage makers to introduce innovations in their offerings and develop their product portfolio with artisanal roots. For example, Coca-Cola launched two fruit flavored sodas in February 2018; California raspberry and Georgia peach in the US market to exploit on the rising popularity of craft soda.
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Market Segmentation
By category, the worldwide craft soda market has been segmented into organic and conventional craft soda. The conventional craft soda segment is likely to rule the global craft soda market over the forecast period. Though, the organic segment has been projected to expand at a higher CAGR over the forecast period owing to the growing preference of customers for organic products. The cognizance towards the advantages of organic products is projected to drive the growth of the segment.
By packaging type, the worldwide craft soda market has been segmented into cans and bottles. The bottles segment is likely to lead the global craft soda market over the forecast period. However, the cans segment is anticipated to develop at the highest CAGR over the forecast period owing to its on-the-go suitability.
By distribution channel, the worldwide market for craft soda has been segmented as non-store based and store-based market. The store-based segment has been further sub segmented into convenience stores, hypermarkets, supermarkets, and others. The store-based segment is likely to rule the market wherein hypermarkets and supermarkets are anticipated to hold a remarkable share. However, the convenience store segment is expected to record the highest CAGR over the forecast period. The convenience stores are developing their assortment of beverages in the shelves which is anticipated to increase the rise of this segment.
Regional Analysis
Based on region, the worldwide craft soda market has been segmented into Asia-Pacific, Europe, North America, and RoW. North America is likely to lead the global craft soda market. Additionally, the increasing demand for organic craft soda in the US is expected to further aid the market growth in this region. Europe is also projected to hold a notable share in the global craft soda market with increasing need for craft beverages.
The APAC craft soda market is expected to grow fast with increasing preference for flavored carbonated drinks among the customers. Evolving markets such as India, Australia, and China are likely to widely contribute to the growth of the craft soda market in this region. Manufacturers have an increasing potential in these regions to introduce their products in the untapped markets.
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Key Players
The global craft soda market has been dominated by key players such as Appalachian Brewing Company (ABC). It was established in 1997, with their original brewpub and brewery situated in downtown Harrisburg, Pennsylvania. ABC is one of America’s major brewpubs. The other key players include Dr Pepper Snapple Group, Inc (US), Cannonborough Beverage Co. (US), Peak Drive Beverages (Canada), Brix Soda Company (US), Five Star Soda (US), Bucksnort Soda Company ltd. (US), Phillips Soda Works (Canada), Batch Craft Soda (US), and Tuxen Brewing Company (Denmark).
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