Instant Beverage Premix Market to Grab the Largest Market Share by 2021: Transparency Market Research
In terms of revenue, global instant beverage premix market was valued at USD 59375.0 million in 2014, increasing at a CAGR of 5.7% from 2015 to 2021. In terms of volume, global instant beverage premix market was valued at 1957.6 million kg in 2014, increasing at a CAGR of 2.0% from 2015 to 2021.
The major driving factor of the global instant beverage premix market is product and design innovation. In an extremely competitive and fast moving consumer market, brand managers are under pressure to develop new products with differentiation. Certain factors such as need to innovate packaging design to attract consumers and differentiate their products from other products in the saturated product category have become important for a brand’s long term success. Consumers prefer simplistic but efficient products that are cost-effective and easy to use. Packaging design is a key driver for sales as consumers have become brand conscious. In a saturated product segment with a number of products in the same category, packaging is the only differentiator that helps a consumer chooses one brand over the other. Thus, with radical consumer empowerment through internet and mobile revolution in the country, the new breed of consumers is inclined towards products with ease of usage. This is expected to create awareness regarding these products during the forecast period. The impact of this driver is high at present and is expected to be medium in the coming years.
The global instant beverage premix market has been segmented on the basis of product type into instant milk, instant coffee, soup, instant tea, instant health drink and others. Demand for instant coffee is primarily driven by its health benefits. Consumers prefer instant coffee as compared to instant tea. Due to these factors, demand for instant coffee is expected to remain high throughout the forecast period.
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Considering the high demand for instant tea among the consumers, manufacturers are focusing on introducing new different flavors of instant tea. Moreover, consumers prefer tea since it contains high amount flavonoid antioxidants that help maintain body weight and reduce the risk of fatal heart attacks. It is the major contributor in the global instant beverages premix market. Considering the high demand for tea among the consumers, manufacturers are focusing on introducing new products.
On the basis of geography, the global instant beverage premix market is divided into four categories:-North America, Europe, Asia Pacific and Rest of the World (RoW). In terms of revenue, Asia Pacific held the largest share in the market in 2014. Countries such as India and China (the most populated countries in the world) are the major contributors to the market. The instant beverage premix market in the region is expected to grow considerably through the forecast period. Rising awareness about instant beverage premix and high population are the major drivers for the market. In terms of revenue, Europe instant beverage premix is expected to grow at a CAGR of 5.1% during the forecast period from 2015 to 2021. The U.K. is the leading countries for instant beverage premix market. The increasing number of distribution channels and changing consumer preference toward Instant Beverage Premix has positively impacted the market in the region. Therefore, the demand for Instant Beverage Premix is set to grow in Europe.
Key players in the Instant Beverage Premix market include Ajinomoto General Foods Inc., Monster Beverage Company, PepsiCo Inc., The Coca-Cola Company, Starbucks Corporation, Suntory Beverage & Food Limited, Dunkin’ Brands Group, Inc., The Republic of Tea, Inc. and Keurig Green Mountain, Inc. among others.