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Root Beer Market to be Worth $1.09 Billion by 2030 at CAGR of 4.6%: Grand View Research, Inc.
The global market is predominantly driven by the increasing demand for low-alcoholic beverages, the growing number of hotels, restaurants, & bars, and the increasing interest of millennials in exotic and new flavored drinks globally. With the changing lifestyle of consumers across the globe and increasing disposable income levels, the demand for services like restaurants, hotels, clubs, and bars is rising. This, in turn, is expected to favor the growth of the global market over the years to come. The outbreak of Coronavirus disrupted the distribution channel and supply chain of the global market owing to the closure and restrictions on bars, restaurants, and hotels. The overall market observed a slight dip in growth in 2020.
However, the sales from off-trade channels, such as supermarkets and e-commerce, were observed high during the lockdown period. The COVID-19 pandemic shifted consumer preference for root beer over other liquors as it contains no or small amount of alcohol, which makes it a healthier option over other drinks. New product launches, mergers & acquisitions, and geographical expansion are some of the key strategies adopted by market players to strengthen their industry position. For instance, in 2018, JAB Holding Co. entered into a strategic agreement to merge with Dr. Pepper Snapple Group through its Keurig Green Mountain business unit. The merger of both the companies formed "Keurig Dr. Pepper". The combined companies offer various products under brands, such as A&W Root Beer, 7UP, Dr. Pepper, and more.
Grand View Research has segmented the global root beer market on the basis of product, type, distribution channel, and region:
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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