Rise in the millennial population, surge in influence of social media, increase in consumer awareness, and change in consumer preferences drive the growth of the global kvass market.
Allied Market Research published a research report on the kvass market. The findings of the report state that the global market for kvass generated $2.38billion in 2020, and is expected to garner $6.23 billion by 2030, witnessing a CAGR of 10.2% from 2021 to 2030.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
Roshan Deshmukh, the Assistant Manager, Food and Beverages at Allied Market Research, highlighted, “Increasing demand for functional beverages and growing concern about the health is likely to upsurge the growth of the global kvass market. Rise in awareness regarding health benefits of kvass and demand for low ABV content and flavored alcoholic beverages is expectedto generate more demand for kvass during the forecast period.”
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The report provides a detailed analysis of market drivers, restraints and opportunities to assist market players to strategize and capitalize on new opportunities. Rise in the millennial population, surge in influence of social media, increase in consumer awareness, and change in consumer preferences drive the growth of the global kvass market.However, the possible danger of counterfeit kvass drinks and availability of alternative products impede the market growth. On the contrary, surge in demand for premium drinks in developing nations and emergence of the e-commerce industry are projected to present new opportunities in the future.
The research offers an extensive scenario of Covid-19 along with outlining its impact on the kvass market across the world.The outbreak of the Covid-19 pandemic caused the implementation of lockdown, which led to the temporary closures of food and beverage manufacturing units around the world.The pandemic has also disrupted supply chain management, causing companies to suffer transportation issues for raw materials and finished products, which has affected sales to some extent.As a result, the food and beverage industry was significantly impacted in terms of workforce, trade and logistics, demand and supply, and so on, particularly in the early stages of Covid-19.
The report offers detailed segmentation of the global kvass market based on flavor type, packaging type, distribution channel, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue-generating segments to accomplish growth in the future.
Based on packaging type, the bottle segment dominated the market share in 2020, contributing to nearly half of the global kvass market, and is expectedto lead the market throughout the forecast period. This is owing to the advantages of maintaining flavor brilliance and freshness anddisplaying appeal and sustainability.Furthermore, glass bottles are considered to be attractive packaging for premium quality beverages. However, the can segment is anticipated to portray the fastest CAGR of 11.0% from 2021 to 2030. Aluminumis commonly used as a raw material in the production of cans. It is a low-cost raw material that may be customized with colors, 3D printing, and embossing. Its lightweight, impermeable, and high flexibility features make it excellent for kvass beverage packaging. These factors increase the growth of the segment.
Based on price point, the mass segment held the highest market sharein 2020, accounting for more than two-thirds of the global kvass market, and is expectedto maintain its leadership status during the forecast period. This is due to the fact that alcoholic beverages are heavily taxed at both the import and export levels. This increases the price of alcoholic and nonalcoholic beverages. The premium segment, however, is expected to witness the fastest CAGR of 12.6% from 2021 to 2030. This is attributed to the increased consumption of low-alcohol beverages by millennials and young adults.
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Based on region, Europe, followed by North America, held the largest market share in terms of revenue in 2020, contributingto more than two-fifths of the global kvass market. This is due to the use of social media, local events/promotions, and the presence of traditional kvass processing companies, which equate kvass with high-quality products, sustainability, and locally made goods.However, the Asia-Pacific region is projected to grow at the fastest CAGR of 11.9% during the forecast period, owing to rise in the millennial population and dynamic changes in the consumption pattern of the developing countries.
Leading players of the global kvass market analyzed in the research include Bryanskpivo, Gubernija, All Stars Beverages, Coca-Cola Company, Carlsberg Group, Maltra Foods, Kvass Beverages LLC, Ochakovo, Piebalgasalus, and PepsiCo Inc.
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