Rising Income Levels Will Drive Demand for Premium Products
CLEVELAND, Jan. 15, 2020 /PRNewswire/ -- US beverage demand is forecast to rise 1.6% annually in nominal terms through 2023, according to Beverages: United States, a report recently released by Freedonia Focus Reports. Gains will stem from increases in population and disposable personal income, which will drive purchases of higher-end and niche beverages. The value of US beverage shipments is expected to advance at a 1.6% annual pace. Suppliers of alcoholic beverages in particular will benefit from heightened consumer interest in premium products and brands, particularly in terms of craft beer and spirits. Demand in the leading alcoholic beverage segment is expected to advance 3.6% per year, the fastest growth among all beverage segments.
Gains will result from rising disposable income and the increasing popularity of wine as well as craft and novel alcoholic beverages, such as hard seltzers. Demand for milk substitutes is expected to expand 1.6% annually, the second best performance among all segments. This trend will reflect a continued movement away from traditional dairy milk toward substitute products deemed healthier alternatives.
These and other key insights are featured in Beverages: United States. This report forecasts to 2023 US beverage demand and shipments in nominal US dollars at the manufacturer level. Total demand is segmented by product in terms of:
- alcoholic beverages
- carbonated soft drinks
- dairy and substitute milk
- fruit beverages
- bottled water
- other ready-to-drink (RTD) beverages such as energy drinks, iced coffees, sports drinks, and tea
To illustrate historical trends, total demand, total shipments, the various segments, and trade are provided in annual series from 2008 to 2018.
The scope of this report encompasses beverages consumed from single-serving containers as well as various types of dispensing systems utilizing bulk packages (such as fountain drinks, beer taps, and water coolers). Beverages may be incorporated into food preparation (such as milk used in cereal). Home-made beverages, such as home-brewed beer and wine, are excluded, as are beverage products not sold RTD, such as coffee beans and grounds, dry teas, and powdered drink mixes. Non-packaged potable liquids such as tap and well water are also excluded. Re-exports of beverages are excluded from demand and trade figures.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Consumer Goods reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
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SOURCE The Freedonia Group