Craft Soda Market Growth & Trends
The global craft soda market size is expected to reach USD 1.01 billion in 2030 and is projected to expand at a CAGR of 5.0% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increasing social awareness about the health problems caused by sugary as well as alcoholic drinks is one of the major drivers of this industry. The market is reforming itself by shifting its alignment from carbonated soft drinks containing artificial sweeteners to natural, sweet-laden, low-calorie beverages. Craft sodas are also known as a specialty, small-batch, or artisanal sodas. It is gaining a competitive market share owing to its formulation and natural ingredients, unique packaging, and innovative flavors. The rising trend of gourmet food, as well as wellness food, is expected to bode well with the growing demand for craft sodas.
Established brands have been enhancing their product portfolios and launching innovative marketing strategies to gain traction and increase consumer engagement with the brand. For instance, in May 2020, San Antonio, Texas-based Southside Craft Soda launched a Go Local Giveaway for its customers. The cola-flavored segment held the largest revenue share in 2021. New product launches are likely to bode well with the segment growth. Top private players including Jones Soda, Boylan Bottling Co., and Reed’s Inc. offer cola-flavored craft soda. However, the tropical fruit flavors segment is likely to register the fastest growth rate during the forecast period. The off-trade distribution channel segment led the industry in 2021.
The broadening of off-trade distribution channels has led to the easy availability of craft sodas to consumers, which is the primary driver augmenting segment growth. Supermarkets & hypermarkets emerged as the key distribution channel for craft soda brands on account of their large distribution network, goodwill, and huge customer base. Asia Pacific is likely to register the fastest CAGR during the forecast period. Increasing product launches by regional craft brands in countries, such as India, China, Japan, and South Korea, through various e-commerce channels and company websites, are the key factors promoting the growing trend of craft soda in the region. Key players face intense competition from each other, as some of them operate at several locations and have large customer bases. The presence of many small-scale players is also leading to increased competition.
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Craft Soda Market Report
Craft Soda Market Report Scope Report Attribute Details Market size value in 2022 — USD 681.7 million Revenue forecast in 2030 — USD 1.01 billion Growth rate — CAGR of 5.0% from 2022 to 2030 Base year for estimation — 2021 Historical data — 2017–2020 Forecast period — 2022–2030
Craft Soda Market Report Highlights
The tropical fruits flavor segment is expected to expand at the fastest CAGR from 2022 to 2030 due to the growing demand for fruity flavors in beverages
The glass packaging segment is expected to expand at the fastest CAGR from 2022 to 2030 owing to the convenience offered and the innovative design of glass bottles
The off-trade distribution channel segment led the industry in 2021 and is expected to register the fastest growth rate during the forecast period
The Asia Pacific region is expected to witness the maximum CAGR from 2022 to 2030 due to the inclination of consumers toward healthier beverage options
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