Soft Drinks Market| Product Innovations to Boost the Market Growth | Technavio
Technavio has announced its latest market research report titled Global Soft Drinks Market 2020-2024
LONDON--(HAIXUNPRESS)--The global soft drinks market size is poised to grow by USD 216.74 billion during 2020-2024, progressing at a CAGR of almost 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic.
The product innovations as one of the major factors driving the growth of the soft drinks market. Market players are focusing on enhancing their sales volume by launching new products with better formulation, ingredients, and packaging. They are also introducing products with added benefits for people concerned about their health and wellness. For instance, Coldpress launched two new low-calorie cold-pressed juices, which are said to have no more than 65 calories in a 150 ml bottle. These factors will boost the market growth.
Innovative Marketing Campaigns will be a Key Market Trend
Innovative marketing campaigns is one of the key trends that will influence market growth. Players such as Coca-Cola and PepsiCo are revamping their marketing strategies to counter the decreasing sales of carbonated soft drinks globally. For instance, in April 2018, Coca-Cola launched a new marketing campaign under the banner "We Do" in the UK. This campaign included billboard advertisements and social media campaigns with catchy slogans. Also, in March 2018, PepsiCo launched a new marketing campaign in India, which featured a television commercial and outdoor advertisements that highlighted the new packaging of PepsiCo and drew a relation between friendship and food. Thus, the introduction of new marketing and advertising campaigns by players will drive the growth of the global soft drinks market during the forecast period.
Soft Drinks Market 2020-2024: Key Highlights
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Functional Properties
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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