The instant coffee segment generated the highest revenue in the global instant beverage premix market. The Asia-Pacific region held the leading position in the global market in 2020, and is expected to maintain its lead during the forecast period.
Instant beverage premixes are formulations for preparing drinks easily, without much effort and time required for preparation. The instant beverage premix market is expected to witness notable growth in the coming years due to changing lifestyle patterns of consumers as they are more inclined toward instant beverages. Moreover, increase in disposable income of consumers, improved distribution channels, and increase in healthcare awareness among consumers also support the growth of the global instant beverage premix market. However, stringent regulations for the approval of instant premixes hamper the instant beverage premix market growth.
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Moreover, instant beverage premix market trends such as increase in obesity concerns and health awareness among youth are expected to fuel the market growth during the forecast period. Some of the major health benefits offered by the instant beverage premixes are enhanced brain functionality, increased metabolism, and healthy hydration.
According to instant beverage premix market analysis, the market is segmented on the basis of product type, function, and distribution channel. By product type, the instant beverage premix market is categorized into instant coffee, instant tea, instant milk, instant health drinks, soups, and others. Among these, instant coffee premix occupied the major share of the market in 2020, and is projected to maintain its dominance during the forecast period. Instant health drinks is anticipated to grow at highest instant beverage premix market share in the future.
By function, the instant beverage premix market is segmented into plain and flavored. The flavored segment is anticipated to grow at the highest rate during the forecast period, owing to the trend for consumption of flavored beverages.
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By distribution channel, it is categorized into supermarkets & hypermarkets, convenience stores, specialty stores, and online sales channel. The online sales channel segment is anticipated to grow at highest CAGR during the forecast period, due to the increase in internet penetration.
On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for the largest instant beverage premix market share in the global instant beverage premix market in 2020, and is expected to maintain its leading position during the instant beverage premix market forecast. This is attributed to the rise in awareness about nutritional advantage of instant beverage premix and increase in income levels in the region.
The impact of the COVID-19 pandemic on the global instant beverage premix market was moderate, due to the supply chain disruption. All manufacturing and production units halted during the outbreak. On the other hand, the surge in online sales resulted into positive impact on the instant beverage premix market demand. Thus, the market is expected to recover from the pandemic in the upcoming years.
Due to improved distribution channels, people are shifting from traditional retail outlets to online websites, such as Amazon.com Inc., Flipkart Online Services Pvt., Shopclues.com, Alibaba Group Holding Ltd., Bigbasket.com, and many more. In addition, distribution channels have been improving, as people are becoming more technological friendly, which further enhances shopping of beverages from the ease of their home.
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Working population has rapidly increased due to the improved educational facilities in developed countries. On the contrary, educational facilities are improving with a rapid pace in developing countries thereby increasing working population in countries, such as India and China. Owing to the time constraint in the preparation of whole meals, nuclear families and working population opt for ready mixes, which can be prepared with less efforts. The nuclear families and bachelor population is the major consumer of the instant food and beverages industry.
For the health and safety of consumers, various regulatory bodies globally have imposed many stringent standards and guidelines. Some of the major regulatory bodies are the Food and Drug Authority (FDA) and the Food Safety and Standards Authority of India. The food and beverage companies are expected to comply with the standards set by these organizations for the approval and commercialization of their products, which requires abundant time. Thus, this factor also restricts the growth of the market during the forecast period.
The major players analyzed for global instant beverage premix industry are Ito En Ltd., The Republic of Tea Inc., Suntory Beverage & Food Ltd., The Coca-Cola Co., Monster Beverage Co., Keurig Green Mountain Inc., Dunkin Brands Group Inc., Starbucks Corp., PepsiCo Inc., and Ajinomoto General Foods Inc. Strategically, key players are concentrating on product launch rather than acquiring and entering into partnerships and agreements with other small- and medium-sized companies. New entrants also prefer to launch different varieties of products so as to compete with prominent leaders of the market. Several instant beverage premix manufacturing companies are trying to acquire small players in the market to avoid the threat of competition.
Key Findings Of Study
- The global instant beverage premix market size was valued at $74,830.0 million in 2020, and is projected to reach $137,005.4 million by 2031, registering a CAGR of 6.1% from 2022 to 2031.
- Based on the product type, the instant coffee segment was the highest revenue contributor to the market, with $36,944.7 million in 2020, and is estimated to reach $65,984.3 million by 2031, with a CAGR of 5.9%.
- On the basis of function, the plain segment was the highest revenue contributor to the market, with $37,779.3 million in 2020, and is estimated to reach $67,959.3 million by 2031, with a CAGR of 5.9%.
- Based on the distribution channel, the specialty stores segment was the highest revenue contributor to the market, with $25,884.9 million in 2020, and is estimated to reach $47,096.0 million by 2031, with a CAGR of 6.1%.
- Region wise, North America was the highest revenue contributor, accounting for $24,619.1 million in 2020, and is estimated to reach $43,567.7 million by 2031, with a CAGR of 5.8%.