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Rtd Beverages Market Growth| Global Demand And Insights Analysis Report For 2020-2023
RTD beverages are processed drinks that are ready for consumption. Increasing preferences of consumers toward RTD beverages such as ready-to-drink alcoholic as well as non-alcoholic drinks, ready-to-drink protein beverages, and ready-to-drink mocktails, among others, are driving the growth of the RTD beverages market.
Additionally, certain market players are positioning RTD beverages as healthy drinks and functional beverages. These drinks are infused with functional ingredients are also have lower calories and sugar content. Thus, owing to which RTD beverages are gaining acceptance by a larger consumer base. The market is expected to account for a market value of approximately USD 950 billion by the end of 2024.
Some of the key players in the global RTD protein beverages market are Abbott Nutrition (US), Kellogg Co. (US), The Coca-Cola Company (US), PepsiCo Inc. (US), Orgain, Inc. (US), CytoSport Inc. (US), Organic Valley (US), Bolthouse Farms, Inc. (US), Iconic Protein (US), Stonyfield Farm, Inc. (US)
RTD protein beverages are ready-to-drink beverages with high protein content. Proteins are essential part of the human diet for which RTD protein beverages are also consumed as dietary supplements. It also speeds up the metabolism and aids in boosting energy in the human body. These proteins are sourced from milk, whey, soy, or other ingredients which are high in protein content.
Based on source, the global RTD protein beverages market has been segmented into milk, whey, soy, and others. The whey segment accounted for the maximum market share in 2017 and is projected to have a substantial growth during the forecast period. Whey protein is the preferred source for RTD protein beverages owing to its high nutritional qualities, bland flavor, ease of digestibility, and unique functionality in beverage systems. However, soy segment is also expected to be the fastest growing segment owing to growing demand for alternatives to dairy proteins and increasing number of lactose intolerant consumers.
The global RTD protein beverages market has been segregated, by packaging type, into bottles, cans, cartons, and others. The bottles segment is expected to dominate the global RTD protein beverages market during the assessment period. Moreover, the bottles segment is expected to grow at the highest CAGR during the forecast period owing to its on-the-go convenience. The cans segment is also projected to grow at a substantial rate during the review period.
The global market for RTD protein beverages has also been classified, by distribution channel, as store-based and non-store based; with store based segment being subdivided to supermarkets & hypermarkets, convenience stores, and others. The store-based segment is expected to dominate the market wherein supermarkets & hypermarkets are expected to hold a prominent share. However, the convenience stores segment is expected to register the highest CAGR during the forecast period. Convenience stores are witnessed including wide range of RTD beverages in their shelves which will primarily drive the growth of convenience stores in the coming years.
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On the basis of region, the global RTD protein beverages market has been segmented by North America, Europe, Asia-Pacific, and RoW. North America is expected to dominate the global RTD protein beverages market owing to increased health conscious population. Moreover, the increasing number of gym-goers is driving the growth of RTD protein beverages in this region. Europe is also estimated to hold a prominent share in the global RTD protein beverages market with growing demand for functional beverages among the consumers in this region.
The RTD protein beverages market in Asia-Pacific is expected to grow rapidly due to the increasing adoption of healthy diets by the rising health-conscious population. Emerging markets such as China and India are projected to contribute to the growth of the regional RTD protein beverages market. Manufacturers are investing heavily in these markets with new product launches which is expected to surge the growth of the market during the forecast period.
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