Soft Drinks - ASEAN

The Soft Drinks market in ASEAN is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory. Customer preferences in the ASEAN region are playing a crucial role in the development of the Soft Drinks market. Consumers are increasingly seeking healthier beverage options, which has led to a rise in demand for low-sugar and natural ingredient drinks. This shift in preferences can be attributed to growing health consciousness and a desire for products that align with a more balanced lifestyle. Additionally, convenience and on-the-go consumption are also important factors driving customer choices in the Soft Drinks market. Trends in the market are also shaping the development of the Soft Drinks industry in ASEAN. One notable trend is the increasing popularity of functional beverages, such as energy drinks and sports drinks. These products are gaining traction among consumers who are looking for beverages that provide additional benefits, such as increased energy or improved performance. Another trend is the rise of flavored and infused waters, which offer a refreshing and healthier alternative to traditional soft drinks. The introduction of innovative flavors and packaging designs is also contributing to the growth of the market. Local special circumstances in each ASEAN country are influencing the Soft Drinks market in unique ways. For example, in countries with a large Muslim population, the demand for halal-certified beverages is high. This presents an opportunity for companies to cater to this specific customer segment by offering halal-compliant soft drinks. Additionally, cultural preferences and traditions also play a role in shaping the market. For example, in some ASEAN countries, there is a strong preference for carbonated beverages, while in others, non-carbonated drinks are more popular. Underlying macroeconomic factors are also driving the growth of the Soft Drinks market in ASEAN. The region's strong economic growth, rising disposable incomes, and expanding middle-class population are all contributing to increased consumer spending on beverages. Additionally, urbanization and changing lifestyles are leading to a rise in on-the-go consumption, which further fuels the demand for soft drinks. In conclusion, the Soft Drinks market in ASEAN is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers increasingly seek healthier and more convenient beverage options, companies in the Soft Drinks industry have the opportunity to cater to these evolving needs and preferences.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Non-Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.