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World Market for Soft Drinks

January 2023

This report explores the state of the global soft drinks industry in 2023, examining category and market growth over the last year. The competitive positioning of leading companies and brands within the worldwide non-alcoholic drinks industry is presented, along with the five key trends and challenges that one of the largest and most profitable consumer goods industries faces over the forecast period.

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This report comes in PPT.

Key Findings

Unit prices increased across global soft drinks categories in 2022, driven by significant changes in price/package mix and reduced discounting of major brands by retailers

While retail price inflation within soft drinks may ultimately prove to be a short-term phenomenon, there is evidence that unit price increases in the first half of 2022 moved further and faster than in many other categories within consumer packaged goods. The unfolding consumer response in 2023 – as slower economic growth depresses household incomes – can be expected to accelerate downtrading behaviour and private label share growth in some markets.

Functional brands continue to demonstrate robust growth, led by energy drinks and sports drinks, but also including emerging new functional need-states for soft drinks

Packaged water and carbonated soft drinks brands remain a vital source of volume and profitability for the soft drinks industry, but functional beverages are the most important source of growth. Highly caffeinated “performance” workout energy drinks and electrolyte-enhanced recovery drinks remain an area of substantial innovation, as producers experiment with newer areas, like relaxation, mental focus, digestive health and other areas of functional benefit for beverage ingredients.

More sustainable business practices continue to be implemented within the global soft drinks industry, particularly in the area of plastic packaging waste and returnable or reusable materials

Soft drinks packaging continues to be a major contributor to household plastic waste. Coca-Cola Co, PepsiCo and other leading suppliers have committed to substantial rPET conversion over the next decade, while also promoting increased collection of plastic materials via returnable packaging units in major markets. Water stewardship/responsibility and decarbonisation also remain areas of investment for global soft drinks companies over the long term, in order to meet existing commitments.

A strong recovery in on-premise sales in 2022, following COVID-19 closures, is now imperilled by the prospect of economic downturn in 2023 and reduced consumer spending outside of the home

On-trade soft drinks volumes experienced strong growth in 2021 and 2022, particularly in North America and Western Europe as limited-service restaurants, bars/clubs and other important foodservice channels recovered from pandemic-related disruptions. However, global on-premise volume sales remains below the pre-pandemic 2019 baseline, with the prospect of weaker growth in 2023, as economic circumstances force households to reduce spending outside of the home.

Progress on sugar reduction is reflected in the relatively strong performance of reduced sugar products within carbonates, energy drinks and sports drinks

Excessive sugar consumption is strongly linked with obesity, diabetes and other serious health conditions. Soft drinks producers have responded to the significant role of drinks brands in consumer sugar consumption by offering a broader array of low- or zero-sugar alternatives, with some additional reformulation of core full-flavour products. In 2022, reduced sugar categories across energy drinks and sports drinks strongly outperformed regular, full-flavour variants.

Examining five trends shaping soft drinks
Stable volume recovery in soft drinks, while 2022 value sales surge in nominal terms
Steady recovery for one of the world’s largest consumer goods industries …
….as retail value returns to pre-pandemic baseline faster than other CPG industries
US, Japan and Nordic markets lead in terms of per capita off-trade spending on soft drinks
Asia Pacific sees strong off-trade growth in 2022, despite ongoing COVID-19 challenges
Reduced sugar carbonates sparkle along with added-value water, as juice volumes flat-line
Continued growth for energy drinks, along with strong prospects for sports drinks
Driving transaction value through premium brands, occasions and innovations
Inflation tracker: Major increase in retail prices of soft drinks observed from Q1 2022
Record revenue growth across soft drinks in 2022, as value sales surge in nominal terms
On-trade continues its gradual recovery in 2022
In a heavily consolidated retail industry, value brands and private label pose a growing threat
Coca-Cola’s sparkling and energy portfolios remain strong, while value brands gain in water
Evolving innovation for Coca-Cola’s cola brands and the wider sparkling portfolio
US energy drinks among top global performers, along with emerging market value brands
Examining five trends shaping soft drinks
Surging retail unit prices heading into 2023, as inflation impacts soft drinks
Functional occasions continue to create value across soft drinks, starting with energy
The industry faces a challenge in meeting 2030 packaging sustainability commitments
A looming recession in 2023 threatens the recovery of on-trade soft drinks
Reduced and zero sugar options are leading the way among 2023 growth brands
Global snapshot of carbonates
Global snapshot of bottled water
Global snapshot of juice
Global snapshot of energy drinks
Global snapshot of RTD tea
Global snapshot of sports drinks
Global snapshot of RTD coffee
Global snapshot of concentrates
Global snapshot of Asian speciality drinks
Regional snapshot: Asia Pacific
Regional snapshot: North America
Regional snapshot: Latin America
Regional snapshot: Western Europe
Regional snapshot: Middle East and Africa
Regional snapshot: Eastern Europe
Regional snapshot: Australasia

Soft Drinks

This is the aggregation of the following categories; Carbonates, Fruit/vegetable juice, Bottled water, Functional drinks, Concentrates, RTD tea, RTD coffee and Asian speciality drinks.

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