Soft Drinks Market Size

Soft Drinks Market Analysis

The Soft Drinks Market size is estimated at 676.1 billion USD in 2024, and is expected to reach 901.7 billion USD by 2030, growing at a CAGR of 4.92% during the forecast period (2024-2030).

676.1 Billion

Market Size in 2024 (USD)

901.7 Billion

Market Size in 2030 (USD)

3.64 %

CAGR (2018-2023)

4.92 %

CAGR (2024-2030)

Largest Segment by Soft Drink Type

20.79 %

value share, Standard Cola, 2023

Factor that carbonated beverages are being considered as an instant quench solution along with numerous options available in the market makes it the largest segment.

Largest Region

32.51 %

value share, North America, 2023

Large consumer base, rising affluence of population and the comparatively hotter climate in the region are the major factors attributing to the large market size.

Fastest-growing segment by Soft Drink Type

8.26 %

Projected CAGR, Herbal Tea, 2024-2030

The market is booming owing to the functionality, nutritional benefits, and flavor profiles that come with different types of teas that appeal to a broad range of consumers.

Fastest-growing region

8.35 %

Projected CAGR, Africa, 2024-2030

Improving economical conditions in the major countries of the region and growing demand for beverages at home are the primary factors boosting the market growth.

Leading Market Player

6.22 %

market share, The Coca-Cola Company, 2022

The Coca-Cola Company remain pioneers in the market owing to its wide geographical footprint along with the hereditary and customer trust maintained by timely stratergic moves.

The growing demand for healthier, functional drinks across the regions is propelling the soft drink growth

Availability of soft drinks in a wide range and continuous innovations are driving demand

Soft Drinks Industry Segmentation

Carbonated Soft Drinks, Energy Drinks, Juices, RTD Coffee, RTD Tea, Sport Drinks are covered as segments by Soft Drink Category. Aseptic packages, Disposable Cups, Glass Bottles, Metal Can, PET Bottles are covered as segments by Packaging Type. Off-trade, On-trade are covered as segments by Distribution Channel. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.

• In 2023, the global market was dominated by carbonated soft drinks. The rising consumer preference for clean-label, gluten-free, low-calorie, and low-carb options fueled the growth of the low-calorie carbonated beverages segment in the food industry. Key players like Coca-Cola and Pepsi are actively innovating, introducing a range of flavors in their zero-calorie offerings to attract a wider consumer base. Some countries are employing fiscal measures, such as higher taxes, to curb sugary drink consumption. Consequently, the carbonated soft drinks market witnessed a robust 14.6% growth in value from 2019 to 2023.
• The juice segment holds a significant position as the second-largest category in the market. Global consumer preferences for juices are being shaped by health and wellness trends, product launches, and enhanced packaging. In the US, 40% of juice and smoothie consumers increased their juice intake in 2023, primarily driven by a desire to boost their vitamin intake. In 2022, around half of Chinese consumers prioritized a healthy lifestyle, with 32% specifically purchasing health-focused products, including nutritious juices.
• RTD (ready-to-drink) coffee is emerging as the fastest-growing soft drink category, with a projected value CAGR of 10.72% during 2024-2030. The formulation of RTD coffee, especially its appeal to health-conscious consumers, is pivotal. Manufacturers are responding by introducing low-calorie and sugar-free variants, allowing consumers to savor the rich coffee flavor without worrying about excess calories. This strategic move is expected to bolster sales and drive market growth in the coming years.