Carbonated Soft Drinks Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

Carbonated Soft Drinks Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Flavor Type (Cola, Orange, Lemonade, Ginger, and Others), Category (Sugar-Free and Conventional), Packaging Type (Bottles and Cans), End User (On-Trade and Off-Trade), and Geography

  • Report Code : TIPRE00039179
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 195
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The carbonated soft drinks market size is projected to reach US$ 445.13 billion by 2031 from US$ 296.62 billion in 2023. The market is expected to register a CAGR of 5.2% during 2023–2031. The growing demand for premium carbonated soft drinks reflects evolving consumer preference for high-quality, indulgent beverages. This is likely to remain a key trend in the market.

Carbonated Soft Drinks Market Analysis

According to the World Economic Forum, there are 1.8 billion millennials around the world, equal to 23% of the global population. These younger demographics have embraced carbonated soft drinks not just as a refreshment but also as a lifestyle choice and a means of socializing. The variety of flavors and options, from classic sodas to innovative flavored variants, offered by beverage companies, catering to the diverse tastes of millennials and Gen Z, is a major factor driving demand for carbonated soft drinks.

Carbonated Soft Drinks Market Overview

The carbonated soft drinks market is a highly competitive and mature industry that continues to be a popular choice among consumers globally. The market is dominated by major players such as Coca-Cola, PepsiCo, and Dr. Pepper Snapple Group; they have a strong presence in both developed and emerging markets. Despite concerns about health and wellness, carbonated soft drinks remain a staple in many households due to their refreshing taste and wide variety of flavors. In recent years, there has been a shift toward healthier alternatives such as sparkling water and natural sodas, leading to a decline in sales of traditional carbonated soft drinks. However, the market continues to innovate with new product launches, including low-sugar and zero-calorie options, to cater to changing consumer preferences. Additionally, the rise of premium and craft soda brands has created new opportunities for growth within the market.

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Carbonated Soft Drinks Market: Strategic Insights

Carbonated Soft Drinks Market

  • CAGR (2023 - 2031)
  • Market Size 2023
    US$ 296.62 Billion
  • Market Size 2031
    US$ 445.13 Billion

Market Dynamics

  • Rising Consumption of Carbonated Soft Drinks Among the Millennial and Gen Z Population
  • Growing Strategic Initiatives by Key Players
  • Rising Demand for Premium Carbonated Soft Drinks
  • Increasing Preference for Sugar-Free and Zero-Calorie Carbonated Soft Drinks

Key Players

  • Three Cents Co
  • The Coca-Cola Co
  • PepsiCo Inc
  • Red Bull
  • Fevertree Drinks Plc
  • Monster Beverage Corp
  • Britvic Plc
  • Keurig Dr Pepper Inc
  • Refresco Group

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Flavor Type
  • Cola
  • Orange
  • Lemonade
  • Ginger
  • Others
  • Sugar-free
  • Conventional
Packaging Type
  • Bottles and Cans
  • On-Trade
  • Off-Trade
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Carbonated Soft Drinks Market Drivers and Opportunities

Growing Strategic Initiatives by Key Players to Favor Market

Strategic partnerships and collaborations are also driving innovation and expansion within the carbonated soft drinks market. Beverage companies are partnering with other brands, technology firms, and startups to leverage complementary expertise, access new end users, and co-create innovative products. For instance, in February 2022, Coca-Cola launched its new global innovation platform, Coca-Cola Creations, along with its first limited-edition product, Coca-Cola Starlight. In addition, in April 2024, Microsoft Corp and The Coca-Cola Company announced a five-year strategic partnership to align Coca-Cola’s core technology strategy systemwide, enable the adoption of leading-edge technology, and foster innovation and productivity globally.

Increasing Preference for Sugar-Free and Zero-Calorie Carbonated Soft Drinks

Health has become a top priority for consumers across the globe, leading to a boom in demand for functional products. With increasing awareness of the health risks associated with high sugar intake, consumers are actively seeking out alternatives that allow them to indulge in carbonated beverages without compromising their health goals. Sugar-free and zero-calorie carbonated soft drinks offer a guilt-free option for those looking to reduce their sugar intake or manage their calorie consumption. These beverages are sweetened with artificial sweeteners such as aspartame, sucralose, or stevia, providing the familiar sweetness of traditional sodas without the added sugars. Moreover, the rise of health-conscious consumers and those following specific dietary trends, such as keto or low-carb diets, has fueled the demand for sugar-free and zero-calorie options. These consumers actively seek beverages that align with their dietary preferences while satisfying their cravings for carbonation and flavors. In response to this growing demand, many companies in the carbonated soft drinks market are expanding their portfolios to include a wider range of sugar-free and zero-calorie options.

Carbonated Soft Drinks Market Report Segmentation Analysis

Key segments that contributed to the derivation of the carbonated soft drinks market analysis are flavor type, category, packaging type, and end user.

  • Based on flavor type, the carbonated soft drinks market is divided into cola, orange, lemonade, ginger, and others. The Cola segment held the largest market share in 2023.
  • In terms of category, the market is bifurcated into sugar-free and conventional. The conventional segment held a larger market share in 2023.
  • By packaging type, the market is segmented into bottles and cans.  The bottles segment held a significant share in 2023.
  • Based on end user, the market is categorized into on-trade and off-trade. The off-trade segment held a larger share in 2023.

Carbonated Soft Drinks Market Share Analysis by Geography

The geographic scope of the carbonated soft drinks market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America dominated the market. A wide range of iconic brands such as Coca-Cola Company, PepsiCo, Keurig Dr Pepper, Refresco, and National Beverage Corporation have their bases in North America. Additionally, the variety of flavors and brands appeals to diverse consumer preferences, contributing to sustained demand. Carbonated soft drinks are readily available in various formats, including bottles, cans, and fountain drinks, making them easily accessible for consumers on the go. 

Carbonated Soft Drinks Market Report Scope

Report Attribute Details
Market size in 2023 US$ 296.62 Billion
Market Size by 2031 US$ 445.13 Billion
Global CAGR (2023 - 2031) 5.2%
Historical Data 2021-2022
Forecast period 2031
Segments Covered By Flavor Type
  • Cola
  • Orange
  • Lemonade
  • Ginger
  • Others
By Category
  • Sugar-free
  • Conventional
By Packaging Type
  • Bottles and Cans
By End-User
  • On-Trade
  • Off-Trade
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Three Cents Co
  • The Coca-Cola Co
  • PepsiCo Inc
  • Red Bull
  • Fevertree Drinks Plc
  • Monster Beverage Corp
  • Britvic Plc
  • Keurig Dr Pepper Inc
  • Refresco Group
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Carbonated Soft Drinks Market News and Recent Developments

    The carbonated soft drinks market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the carbonated soft drinks market are listed below:

    • Asahi Group Holdings Ltd plans to expand its global footprints by launching its production facilities in the Chinese market. (Source: Asahi Group Holdings Ltd, Press Release, August 2023)
    • Monster Beverage Corp collaborated with CANPACK to create energy drinks with zero sugar. (Source: Monster Beverage Corp, Press Release, February 2023)
    • Pepsico collaborated with IHOP Restaurants LLC and launched a new product called Maple Syrup Cola under the carbonated soda category. (Source: Pepsico, Newsletter, March 2024)

    Carbonated Soft Drinks Market Report Coverage and Deliverables

    The “Carbonated Soft Drinks Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • Carbonated soft drinks market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Carbonated soft drinks market trends as well as market dynamics such as drivers, restraints, and key opportunities
    • Detailed PEST/Porter’s Five Forces and SWOT analysis
    • Carbonated soft drinks market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the carbonated soft drinks market
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions

    What would be the estimated value of the carbonated soft drinks market by 2031?

    The carbonated soft drinks market is estimated to be valued at US$ 445.13 billion by 2031.

    What are the future trends of the carbonated soft drinks market?

    Rising demand for premium carbonated soft drinks is likely to bring new trends in the carbonated soft drinks market in the coming years.

    Which are the leading players operating in the carbonated soft drinks market?

    Three Cents Co, The Coca-Cola Co, PepsiCo Inc, Red Bull, Fevertree Drinks Plc, Monster Beverage Corp, Britvic Plc, Keurig Dr Pepper Inc, Refresco Group, and Asahi Group Holdings Ltd are the major players operating in the market.

    What is the expected CAGR of the carbonated soft drinks market?

    The market is expected to register a CAGR of 5.2% during 2023–2031.

    Which region dominated the carbonated soft drinks market in 2023?

    North America dominated the global carbonated soft drinks market in 2023.

    What are the driving factors impacting the carbonated soft drinks market?

    Rising consumption of carbonated soft drinks among the millennial and Gen Z population and growing strategic initiatives by key players are the key drivers benefitting the carbonated soft drinks market.

    The List of Companies - Carbonated Soft Drinks Market 

    1. Three Cents Co       
    2. The Coca-Cola Co    
    3. PepsiCo Inc            
    4. Red Bull       
    5. Fevertree Drinks Plc          
    6. Monster Beverage Corp     
    7. Britvic Plc    
    8. Keurig Dr Pepper Inc         
    9. Refresco Group       
    10. Asahi Group Holdings Ltd

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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