The global diet soft drinks market size is projected to touch USD 5.2 billion by 2025, according to a new report by Million Insights. It is projected to grow at a CAGR of 3.2% through the forecast period of 2019 to 2025. There has been an upsurge in demand of diet soft drinks in the past few years owing to changing preference of consumers from beverages with high sugar content to healthier ones with low or no sugar content. Consumers have been preferring zero or low calorie beverages because of increasing health concerns that is anticipated to boost the growth of the market in the upcoming years.
Rising demand for diet soft drinks in the industry of food services is anticipated to boost the product demand. Further, the trend of eating clean and healthy amongst the consumers has positively affected the growth of beverage and food industry, where the manufacturers are concentrating on manufacturing products with minimum or no artificial preservatives. For example, Coco Cola had introduced Diet Coke in several flavors and sugar-free beverages in the untapped markets like New Zealand. Likewise, Schweppes produces diet tonic water that is also consumed as a soft drink.
Asia Pacific is anticipated to grow at a CAGR of 3.8% over the forecast period. The Asia Pacific market region is full of opportunities for new segments like non-alcoholic beverages and convenience food, as growing economies like India and China are adapting the western lifestyle and culture that help consumers in being conscious about their health in their day-to-day life.
Furthermore, increasing population of female workforce is transforming them to be economically independent, thereby, creating significant demand for non-alcoholic beverages and convenience food products. The above-mentioned factors are projected to increase the demand for diet soft drinks products in the upcoming years.
Diet soft drinks are mostly purchased from the general merchandisers and supermarkets. Supermarkets accounted for USD 1.4 billion of revenue in 2018. A variety of products sold by several brands are available in the supermarkets. These products can be compared for their price and quality physically by the consumers for purchasing the best variant, thereby, driving the demand of this segment.
The major players in the diet soft drink market include PepsiCo; Nestlé; Cott Corporation; Coca Cola; Polar Beverages; Unilever; and Keurig Dr Pepper, Inc.
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Further key findings from the report suggest:
• General merchandisers and supermarkets led the diet soft drinks marketby accounting for USD 1.4 billion in the total revenue in 2018. Availability of variety of products makes it easier for the consumers to purchase.
• North America dominated with 34% of market share in 2018. It is anticipated to continue reigning the market over the forecast period due to rising preference of consumers for healthy drinks and easy means to purchase the product.
• With the presence of major players like PepsiCo; Nestlé; Cott Corporation; Coca Cola; Polar Beverages; Unilever; and Keurig Dr Pepper, Inc., the market is highly competitive in nature
Million Insights has segmented the global diet soft drinks market on the basis of distribution channel, and region:
Diet Soft Drinks Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Supermarkets & General Merchandisers
• Convenience Stores
• Food Service & Drinking Places
Diet Soft Drinks Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa