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Freedonia Market Research Packaged Facts US Beverage Market Outlook 2024 – Opportunities & Challenges With Pricing, Better-For-You Options, &

US Beverage Market Outlook 2024 – Opportunities & Challenges With Pricing, Better-For-You Options, & More

Industry Reports, United States

Report Overview

Play Video: US Beverage Market Outlook 2024

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Beverage producers continue to add functional ingredients to promote gut health, boost immunity, increase energy, along with other health benefits.

With a focus on growth opportunities and “what’s next” – along with bringing decades of food and beverage market perspective and analysis to the table – US Beverage Market Outlook 2024: Opportunities & Challenges With Pricing, Better-For-You Options, & More is packed with actionable insights about consumer trends, behavior, and motivations. This report delivers predictions and recommendations designed to guide retailers, service providers, wholesalers, beverage suppliers and bottlers, packaging firms, and investors in making business decisions about the beverage market.

Table of Contents

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Picture of a soft drink canMost major beverage categories are mature and rely primarily on population growth, leaving marketers with the challenge of bringing something new to the table. Opportunities abound for companies that invest in new product innovations, ingredient upgrades, and sustainable packaging. Suppliers succeed when using different marketing tactics to appeal to changing consumer preferences, including the wellness, functional, and plant-based areas but also limited edition flavor trends to bring new experiences to consumers.

While Inflation-fueled price growth has moderated, prices remain higher than before 2020. Consumers have continued to seek value, whether that means in comparison to the price of dining out or in comparison to routine grocery items, with private label options continuing to perform better than national brands.

Historical and projected retail sales are presented in additional detail for beverages within these primary categories -- carbonated soft drinks, energy and sports drinks, bottled water (plain and enhanced), dairy beverages, dairy alternatives, juices, coffee, and tea. Additionally, the report has dozens of tables showcasing numerical survey data on consumer demographics and psychographics and numerous figures and images highlighting product and marketing trend examples. This report also goes in-depth on COVID-19 trends that continue to affect the beverage market.

Methodology

The information in this report was obtained from both primary and secondary research. Primary research included consultation with industry sources and visits to retail stores. Secondary research entailed gathering data from relevant trade, business, and government sources, as well as company promotional literature and annual reports. Estimates of market size and company performance are based on various sources, including reported revenues of product manufacturers and retailers, relevant publications, and other market research sources. The analysis in this report also draws, as a background source, on retail sales tracking data as available from Circana (formerly IRI) and Nielsen (for mass-market channels), and SPINS (for the natural channel).

Our consumer analysis largely draws on three primary sources of data:

  • The March 2024 Packaged Facts National Online Consumer Survey, which includes a panel of 1,500 US adults (age 18 and older) balanced to the national population on primary demographic measures such as age group, gender, geographic region, marital status, race/ethnicity, presence or absence of children in the household, and household income. The November-December 2023 survey (panel of 1,547 adults), September-October 2023 survey (panel of 1,500 adults), May 2023 survey (panel of 1,500 adults), March 2023 survey (panel of 1,500 adults), the December 2022 survey (panel of 2,000 adults), November 2022 survey (panel of 2,000 adults), August 2022 survey (panel of 2,000 adults), May 2022 survey (panel of 1,799 adults), February 2022 survey (panel of 2,000 adults), November-December 2021 survey (panel of 1,500 adults), October-November 2021 survey (panel of 1,690 adults), August-September 2021 survey (panel of 2,000 adults), June 2021 survey (panel of 2,014 adults), February-March 2021 survey (panel of 2,046 US adults), November-December 2020 survey (panel of 2,000 US adults), August 2020 survey (panel of 1,519 US adults), and April-May 2020 survey (panel of 1,500 US adults) are also used.

  • The Fall 2023 MRI National Study and other survey years going back to 2013 are booklet-based surveys conducted across tens of thousands of respondents selected by address-based sampling to represent a statistically accurate cross-section of the US adult population (age 18+).

  • The International Food Information Council Foundation’s (IFIC) 2023, 2022 and 2021 Food & Health Surveys provide valuable insight into consumers’ perspectives on food purchasing decisions, diet and lifestyle choices, and health benefits of foods, along with insights on other pertinent topics.

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FAQs

Functional ingredients promote gut health, boost immunity, increase energy, help with mentality acuity and focus, improve mood and reduce stress.
Sales of the major beverage categories are forecast to increase at a compounded annual growth rate (CAGR) of 3.7% from 2023 to 2028, reaching sales of nearly $248 billion.
In Packaged Facts’ May 2023 survey, 54% of respondents reported being very concerned about rising food prices. 31% were very concerned about beverage prices.
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