Surge in influence of social media, growth in millennial population, rise in consumer awareness, and change in consumer preferencesdrive the growth of the global kvass market.
PORTLAND, Ore., Sept. 15, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Kvass Marketby Flavor Type (Apple, Lemon, Cherry, Mint, Beets, Strawberry and Others), Packaging Type (Bottle, Can and Others), Price Point (Premium and Mass), and Distribution Channel (Supermarket, Convenience Store, E-Commerce, Food service and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global kvass industry generated $2.38 billion in 2020, and is anticipated to generate $6.23 billion by 2030, witnessing a CAGR of 10.2% from 2021 to 2030.
Prime determinants of growth
Surge in influence of social media, growth in millennial population, rise in consumer awareness, and change in consumer preferences drive the growth of the global kvassmarket. However, availability of substitute products and threat of counterfeit kvass drink hinder the market growth. On the other hand, emergence of e-commerce and rise in demand for the premium drinks in developing countries present new opportunities in the coming years.
The outbreak of the COVID-19 pandemic led to the implementation of lockdown, which resulted in temporary closure to manufacturing units of food and beverage industries across the world.
The pandemic has further caused disruptions in the supply chain management, due to which, the manufacturers faced challenges in transportation of raw materials and finished products, which in turn, hampered sales to an extent.
Thus, the food and beverage industry got negatively impacted in workforce at industry level, trade & logistics, demand & supply, especially in the initial period of COVID-19.
The bottle segment to maintain its leadership status throughout the forecast period
Based on packaging type, the bottle segment held the highest market share in 2020, accounting for nearly half of the global kvassmarket, and is estimated to maintain its leadership status throughout the forecast period. This majorly attributed to benefits associated such as maintain flavor brilliance and freshness, display appeal, and sustainable. Furthermore, glass bottles are considered to be the attractive and beautiful packaging for premium quality beverages. However, the can segment is projected to manifest the highest CAGR of 11.0% from 2021 to 2030. This is because, aluminum is majorly used as a raw material for manufacturing of cans. It is a very cost-effective raw material and can customize packages with colors, 3D prints, and embossing. Its properties such as lightweight, impermeable, and high flexibility make it ideal for packaging of kvass beverages.
The mass segment to maintain its lead position during the forecast period
Based on price point, the mass segment accounted for the largest share in 2020, contributing to more than two-thirds of the global kvassmarket, and is projected to maintain its lead position during the forecast period. This is because the foreign manufacturer undergoes huge taxation of import and export on alcoholic beverages. This taxation ultimately increases the price of alcoholic and nonalcoholic beverages and make it less affordable and inaccessible. However, the premium segment is expected to portray the largest CAGR of 12.6% from 2021 to 2030. This is due to rise in consumption of low alcohol content beverages by the millennial and young adults
Europe, followed by North America, to maintain its dominance by 2030
Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global kvassmarket. This is due social media, local events/promotions and presence of traditional kvass processing industries, who associates the kvass with high quality products, sustainability and local produced products. However, Asia-Pacific region is expected to witness the fastest CAGR of 11.9% during the forecast period, owing to growth in millennial population and dynamic changes in the consumption pattern of the developing countries.
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