The non-alcoholic beverage market estimated to reach Rs 1.47 lakh cr by 2030
According to research, India has the potential to become a hub for non-alcoholic beverages, with the non-alcoholic beverage market there, predicted to reach a market size of Rs 1.47 lakh crore by 2030.
“The size of the market was assessed at Rs 671 billion (Rs 67,100 crore) in 2019, which is predicted to reach about Rs 1,472.33 billion (Rs 1,47,233 crore) in 2030, in the realistic scenario,” according to a report by the economic policy think tank ICRIER.
Given its abundance of labour, raw materials, and regulatory backing for promoting food processing in the nation, the report stated that India “has the potential to become a non-alcoholic beverage hub.”
As per research, India has the potential to become a hub for non-alcoholic beverages, with the non-alcoholic beverage market there, predicted to reach a market size of Rs 1.47 lakh crore by 2030.
A report says, bottled water and carbonated soft drinks continue to make up the majority of the non-alcoholic beverage market. However, the market for juices, energy drinks, tea, milk, and coffee-based beverages, as well as organic drinks, is growing.
Compared to ASEAN nations, India’s domestic consumption and exports are low, and the non-alcoholic beverage market has room to expand.
“India’s per capita sales volume in 2018 was only 21.36 litres, and its exports in 2020 were worth USD 29.89 million. There is potential to expand local sales volume as well as diversify export markets and products. India, for instance, could create and export organic fruit beverages “It read.
A study says that the non-alcoholic beverage industry considerably adds value to the Indian economy and generates jobs.