New Delhi, April 23 (IANS). India’s ready-to-drink (RTD) non-alcoholic beverages market is growing rapidly and is expected to grow from around $20 billion by 2025 to $40 billion by 2030. This information has come to light in the report of Redseer Strategy Consultants released on Thursday.
The report said that the major reason for this growth is the rapid growth of quick commerce, especially in the RTD category, which has seen a growth of more than 100 percent.
It has been said in the report that there has been a big change in the way people shop. Earlier people used to buy by stocking up, but now instant consumption is increasing as per need.
Per capita RTD beverage consumption in India currently stands at 15-20 litres, which is much lower than the global level. This means that this sector has the potential to grow very rapidly in the future.
In comparison, this consumption is 100-120 liters in America, 70-80 liters in China and 60-70 liters in Britain, which is many times more than India.
According to the report, the demand for protein drinks, healthy hydration drinks and packaged coconut water is increasing rapidly. Packaged coconut water accounts for 15-20 per cent of the approximately $900 million market, with more than 20 per cent of sales coming through quick commerce.
The report said that quick commerce is playing an increasingly important role in the packaged food and beverage sector, especially in categories where there is immediacy, convenience and repeat purchases.
It is estimated that the quick commerce market could grow from $4 billion to nearly $25 billion by 2030 and will capture a large share of the total demand.
The report said that seasonal factors like summer drive demand, but the real change is due to people’s behavior and easy access, which will last for a long time.
Mrigank Gutgutia, partner at RedSeer, said that the beverage industry is going to be the biggest beneficiary of this change.
He said, “These products are purchased more frequently and are often impulse buys. Their demand further increases due to the long summer season in India. Due to low per capita consumption and increasing preference for healthy options, this sector will see strong growth in the long run.”
He asked brands to focus on new products, right pricing and better distribution strategy, so that they can take advantage of the changing demand and different markets.
–IANS
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