The greatest challenge being faced across the globe is to ensure that the increasing population gets adequate access to both sustainable and nutritious food. The global food industry is under constant pressure trying to overcome this challenge. This pressure is evident from the production statistics of the industry. Given the sector’s substantial external impacts and its interaction with sustainability megatrends, there is a growing change in preferences among the population.
Read Report Overview: Nitro-Infused Beverages Market
Within the growing phenomenon of “wellness” and “well-being,” an increasing number of consumers opt for food and beverage products that not only taste great but also promote health. Health and wellness are some of the major drivers that have been instrumental in changing the food habits of consumers worldwide. Consumers are becoming increasingly inquisitive and proactive about what products they are consuming and where and how the products are created. Locally produced healthy products see increased demand among consumers.
Global Nitro-Infused Beverages Market
The global nitro-infused beverages market was valued at $15.00 million in 2020, which is expected to grow with a CAGR of 21.66% and reach $48.50 million by 2026. The growth in the global nitro-infused beverages market is expected to be driven by the increasing investments by food and beverage industry players, the growing health-conscious population, and changing consumer preferences globally.
Market Drivers and Challenges in Global Nitro-Infused Beverages Market
The change in consumer preference and the growing demand for newer products in the market are the major factors driving the demand for the global nitro-infused beverages market. An increase in disposable income is adding to the list of growing demands from consumers. Consumers are willing to spend the extra dime for the premium taste and mouthfeel of the product. Thus, growing consumer preference is a huge driver for the nitro-infused beverages market.
Global Nitro-Infused Beverages Market (by Product)
The nitrogen is infused in a variety of beverages such as coffee, tea, soft drinks, and others. These product types are very popular among consumers and are expected to witness robust growth during the forecast period during 2021-2026. The global nitro-infused beverages market in the product segment is dominated by coffee, followed by tea, and is expected to be the same during the forecast period
Competitive Landscape of Global Nitro-Infused Beverages Market
The competitive landscape for the nitro-infused beverages market demonstrates an inclination toward companies adopting strategies such as product launches and developments and joint ventures, partnerships, and collaborations. The major established players in the market are focusing on product launches and developments to introduce innovative nitro-infused beverages or developing further on the existing product portfolio. PepsiCo, Nitro Beverages Co., RISE Brewing Co., McDonald's Corporation, and Starbucks are some of the prominent players in the nitro-infused beverages market. The market is severely fragmented with the presence of large enterprises and a high number of small-sized to medium-sized companies.
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The nitro-infused beverages market is growing rapidly and is subject to intense and increasing competition. Increasing investments in R&D activities may result in the development of new products or beverages that have not been explored so far. Thus, to compete successfully and to be able to establish and maintain a competitive position in the current and future market, companies need to demonstrate their excellence over other established alternative solutions and products. In addition, marketers also need to create awareness about their brand and product offerings in order to ensure that they remain relevant in this competitive market. With increasing awareness among the consumers, the market for nitro-infused beverages is expected to experience rapid growth during the forecast period from 2021 to 2026.
