At 6.5% CAGR, the South & Central America Non-Alcoholic Beverages Market is projected to be worth US$ 155.28 million by 2028, says Business Market Insights

According to the Insight Partners’ research, the South & Central America non-alcoholic beverages market was valued at US$ 106.12 million in 2022 and is expected to reach US$ 155.28 million by 2028, registering a CAGR of 6.5% from 2022 to 2028. Rising popularity of plant-based beverages and sustainable and innovative packaging to appeal to consumers are the critical factors attributed to the market expansion.

The vegan population has grown significantly over the past few years. People are readily switching to a vegan diet due to increased health and sustainability concerns. According to the International Food Information Council's 2021 Food and Health Survey, more than 4 out of 10 buyers believe plant-based food and beverages are healthier than conventional ones even when two products have similar ingredients and provide similar nutritional benefits. The demand for dairy alternatives is increasing promisingly due to the growing influence of veganism and the increasing lactose-intolerant population. Therefore, beverage manufacturers are increasingly launching products with plant-based claims to meet the growing demand. The products are made with oat milk and are certified vegan. Thus, the rising number of product launches under the plant-based beverage category is expected to drive the demand for non-alcoholic beverages in the coming years.

On the contrary, concerns related to high-sugar content of beverages hurdles the growth of South & Central America non-alcoholic beverages market.

Based on type, the South & Central America non-alcoholic beverages market is segmented into carbonated soft drinks, juices & nectars, bottled waters, dairy-based beverages, dairy alternative beverages, RTD tea & coffee, and others. The carbonated soft drinks segment held 30.1% market share in 2022, amassing US$ 31.92 million. It is projected to garner US$ 40.32 million by 2028 to expand at 4.0% CAGR during 2022–2028.

Based on packaging type, the South & Central America non-alcoholic beverages market is segmented into bottles, cartons, cans, and pouches. The bottles segment held 51.6% market share in 2022, amassing US$ 54.72 million. It is projected to garner US$ 76.13 million by 2028 to expand at 5.7% CAGR during 2022–2028.

Based on category, the South & Central America non-alcoholic beverages market is bifurcated into sugar-free and conventional. The conventional segment held 83.6% market share in 2022, amassing US$ 88.68 million. It is projected to garner US$ 126.64 million by 2028 to expand at 6.1% CAGR during 2022–2028.

Based on distribution channel, the South & Central America non-alcoholic beverages market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 50.4% market share in 2022, amassing US$ 53.53 million. It is projected to garner US$ 77.59 million by 2028 to expand at 6.4% CAGR during 2022–2028.

Based on country, the South & Central America non-alcoholic beverages market has been categorized into Brazil, Argentina, and the Rest of South & Central America.  Our regional analysis states that the Rest of South & Central America captured 64.5% market share in 2022. It was assessed at US$ 68.42 million in 2022 and is likely to hit US$ 96.35 million by 2028, exhibiting a CAGR of 5.9% during the forecast period.

Key players dominating the South & Central America non-alcoholic beverages market are Asahi Group Holdings, Ltd.; Bolthouse Farms, Inc.; Califia Farms, LLC; Danone S.A.; Keurig Dr Pepper, Inc.; Nestlé S.A.; PepsiCo Inc.; Red Bull; SUNTORY HOLDINGS LIMITED.; and The Coca-Cola Company, among others.

• Aug-2022, Bolthouse Farms, Inc., finalizes the acquisition of Evolution Fresh from Starbucks, strengthening its leadership position in the juice and refrigerated beverage categories. The acquisition includes the brand, business, and employees supporting Evolution Fresh. By uniting the two powerhouse brands, Bolthouse Farms, Inc., looks to further accelerate the company’s leadership within the premium juice and refrigerated beverage categories in retail.

• Feb-2020, Bolthouse has introduce new product line under plant powered. These drinks are RTD.

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