Beverage Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global beverage market size reached around USD 1.81 Trillion in 2024. The market is projected to grow at a CAGR of 4.40% between 2025 and 2034 to reach nearly USD 2.78 Trillion by 2034. This can be attributed to rapid technological advancements in alcohol brewing and evolving consumer preferences for different types of soda. Moreover, the use of sustainable packaging materials and the incorporation of functional additives in beverages is favourably shaping the market dynamics for the forecast period.

Global Beverage Market Report Summary

Market Size 2024

• USD Trillion
• 1.81

Market Size 2034

• USD Trillion
• 2.78
• CAGR 2025-2034
• 4.40%

CAGR 2025-2034- Market by Region

• Asia Pacific
• 5.0%

CAGR 2025-2034 - Market by Country

• India
• 5.2%

CAGR 2025-2034 - Market by Country

• China
• 4.9%

CAGR 2025-2034 - Market by Packaging Type

• Cans
• 5.1%

CAGR 2025-2034 - Market by Distribution Channel

• Online
• 9.8%

Market Share by Country 2024

• Mexico
• 2.1%

Global Beverage Market Growth

Around 71.2% of British consumers drink alcohol at least once weekly. Drinking is a huge part of the United Kingdom’s cultural landscape, with over 15 million people visiting pubs weekly. White wine is the most popular alcoholic beverage in the United Kingdom (21.8%), followed by lager (21.75%), and red wine (20.5%). As per the beverage market analysis, 29% of British consumers attach great importance to a brand’s environmental credentials before buying an alcoholic beverage. This is prompting companies to invest in sustainable development activities, which is favourably influencing the beverage market dynamics.

Vietnam is also emerging as a promising market for beverages worldwide. Based on industry reports, Vietnamese consumers prefer healthy beverages for reducing the risk of diseases, enhancing resistance, and improving heart health. An average Vietnamese person consumes nearly 23 litres of soft drinks annually, which has prompted market players to introduce innovative new products to enhance their beverage market share. Other reasons why people prefer consuming beverages include enhancing mood levels and enhancing digestive health, thereby facilitating market development.

Key Trends and Developments

Increasing use of AI; soaring demand for functional beverages; increasing demand for miso-infused beverages; and innovations in soda are the major factors driving the beverage market expansion.

January 2025

Reliance Consumer Products Ltd (RCPL) introduced an INR 10 rehydration beverage RasKik Gluco Energy in India. It is enriched with glucose, lemon juice, and electrolytes to fulfil consumers’ energy and hydration needs. This is in line with its ambition to become a "total beverage and consumer products company."

December 2024

Suntory Holdings, a leading Japanese manufacturer of ready-to-drink (RTD) beverages announced its decision to launch MARU-HI, a flavoured malt beverage featuring 5% ABV to expand its market presence in the United States. It is available in different sizes to appeal to consumers with different price points.

November 2024

Sproud, a leading Swedish manufacturer of pea-derived milk products, launched BARISTA ZERO, a sugar-free milk alternative for baristas with a protein-rich profile and creamy texture. It is ideally suited for latte art and is formulated without any major allergens and sweeteners.

November 2024

CROSSIP, a non-alcoholic beverage brand, established a partnership with Tea and Toast Asia and Spirits Syndicate to launch its products in Malaysia. Through this, the company aims to expand its presence in the global markets, offer a sustainable approach to mindful drinking, and emerge as a pioneer in the non-alcoholic drinks space.

Increasing use of AI

Artificial intelligence is enabling beverage manufacturers to streamline product development and enhance their marketing strategies. AI tools analyse essential consumer data to enable companies to optimise the flavour profile of their beverages and deliver personalised recommendations for customers. This is fuelling the rate of beverage market development.

Soaring demand for functional beverages

Beverages infused with ingredients like adaptogens, CBD, and L-theanine enhance consumer well-being by relieving stress, boosting energy, and improving gut health. This is accelerating the growth of the beverage market. Moreover, the market is witnessing a growing shift towards non-alcoholic spirits, beers, and wines, favourably impacting the market dynamics.

Increasing demand for miso-infused beverages

Amidst the rising demand for beverages with unique flavours, miso has become an exceedingly popular ingredient among beverage brands. As per the beverage market analysis, miso is renowned for its umami-rich and savoury profile. It is being incorporated into teas, coffees, and cocktails to deliver an unconventional tasting experience to adventurous consumers.

Innovations in soda

Beverage companies are introducing a wide range of diet sodas for health-conscious consumers. For instance, prebiotic sodas designed to benefit gut health are becoming exceedingly popular, followed by sodas enriched with different syrups and fruity flavours. This has enhanced their appeal among a broader demographic, from indulgence seekers to health enthusiasts, which is promoting market growth.

Global Beverage Market Trends

Beverage companies are implementing sustainable sourcing and manufacturing practices throughout their supply chain to attract environmentally conscious consumers. By reducing water consumption and adopting recycled packaging materials, brands are prioritising environmental stewardship to expand their market share. This is propelling the beverage market development.

Moreover, the rising demand for plant-based beverages is prompting companies to launch dairy-free milk, vegan energy drinks, and protein shakes for different consumers. This has opened up new opportunities for market players, as consumers with dietary restrictions or lactose intolerance shift towards the consumption of potato milk or oat milk. This is facilitating the beverage market expansion.

Consumers are increasingly preferring beverages that reflect their individuality. Hyper-personalisation is being enabled by technology and customisation options, allowing consumers to choose ingredients, flavours, and even packaging designs. For example, beverage kiosks in stores and online platforms offer customisable drink blends, ensuring every sip aligns with the consumer’s unique preferences.

Based on industry analysis, global flavours are rapidly becoming mainstream due to evolving consumer preferences. Ingredients like cardamom, yuzu, and tamarind are becoming exceedingly popular among beverage manufacturers due to increasing demand for diverse and authentic flavours globally.

Global Beverage Industry Segmentation

The report titled “Global Beverage Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Type

• Alcoholic Beverages
• Wine
• Beer
• Spirits
• Non-Alcoholic Beverages
• Bottled Water
• Carbonated Soft Drinks
• Energy and Sports Drink
• Ready-To-Drink Tea and Coffee
• Others

Breakup by Packaging Type

• Cans
• Bottles
• Others

Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online
• Others

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global Beverage Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2025-2034, the market for beverages in the Asia Pacific is expected to grow at a CAGR of 5.0%, driven by the rising popularity of functional beverages in countries like India, China, and Australia. Moreover, Latin America is expected to grow at a CAGR of 4.8%, due to the rising consumer disposable incomes.

Based on packaging type, the market is segmented into cans, and bottles, among others. The market for canned beverages is expected to rise by 5.1% between 2025 and 2034, thereby creating a favourable market outlook.

CAGR 2025-2034 - Market by

• Packaging Type
• Cans
• 5.1%
• Bottles
• Others

Leading Companies in the Global Beverage Market

Major market players are creating themed events around cultural moments, holiday celebrations, and concerts to connect with their consumers in memorable ways. These events frequently host mixology workshops and personalised drink creations to foster a deeper emotional connection with consumers. This is creating a favourable beverage market outlook.

Constellation Brands, Inc.

Constellation Brands, Inc. was founded in 1945 and is headquartered in New York, United States. It specialises in making premium wines, spirits, and other alcoholic beverages.

Anheuser-Busch InBev

Anheuser-Busch InBev was founded in 2008 and is headquartered in Leuven, Belgium. It is renowned for its beer brands like Budweiser®?, Hoegaarden®?, and Corona®?. It enjoys a substantial market presence across 50 countries worldwide.

Keurig Dr Pepper

Keurig Dr Pepper was founded in 2018 and is headquartered in Massachusetts, United States. It is a prominent manufacturer of speciality coffee, juice, tea, and soft drinks, and earns over USD 14.1 billion in revenues.

Suntory Holdings Limited

Suntory Holdings Limited was founded in 1899 and is headquartered in Tokyo, Japan. It is one of the world's most popular consumer goods companies, with an annual revenue of USD 20.9 billion.

Other players included in the beverage market report are The Coca-Cola Company, Nestle S.A., PepsiCo, Inc., Diageo plc, Heineken N.V., and Red Bull GmbH, among others.