Future Market Insights (FMI), in its new research study, outlines the uncharted corners and looming challenges prevalent in the global fusion beverages market in the next 5 years. According to the research study, the fusion beverages market is estimated to reach a valuation of ~ US$ 5.7 Bn in 2019, and is set to exhibit growth at ~ 6% CAGR during 2019-2029.
Rising trend of dietary assessments and consumer appetite for artful combinations of ‘taste’ and ‘wholesomeness’ are two prominent factors setting the stage for fusion beverages consumption in future.
The new-age consumers crave flavor experimentation in the food & beverage products they savor while being utmost mindful of the nutritional aspects. In this regard, fusion beverages have successfully carved out their spaces in the consumer wish lists and increasing affinity for functional beverages is further warranting their consumption over the years to come. However, overwhelming demands are likely to pressurize fusion beverage manufacturers to create a culture of consistent innovations and keep up with the changing consumer dynamics.
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With consumers putting forth their demands for beverages offering ‘multi-sensory’ experiences, fusion beverages are likely to see new opportunities coming their way in 2019 and beyond.
Tea & coffee and alcohol will continue commanding over ½ of the total market revenues, whereas demand for energy sports & drinks is buckling in the fusion drinks landscape, finds the FMI analyst. Off-trade sales currently account for a significant pie of overall market value, wherein non-alcoholic fusion beverages accounted for over 90% of the off-trade sales in 2018.
Product Innovation: The Elixir of Growth in Fusion Beverages Market
Manufacturers of fusion beverages will continue to draw upon the growing affinity for natural ingredients, which would further solidify their brand positioning by a wide margin. The transition toward beverages infused with natural ingredients and move away from the ones with added antioxidants is heading towards its peak, placing the onus on manufacturers to use high-quality natural ingredients in their offerings.
With online channels emerging as the ‘one-stop’ platforms for consumers to shop from a wide range of products at favorable prices, manufacturers are strengthening their online presence and focusing on competitive pricing to gain maximum ROI. Product innovation remains the elixir of growth in the market space, given that distinctive offerings will continue to underpin the relevance of manufacturers amid the competitive market space.
For instance, in 2019, The Coca-Cola Company announced the launch of a ‘coffee-infused’ cola drink – ‘Coca-Cola plus Coffee’ – in South Africa. This beverage is likely to be ‘one-of-its-kind’ offering the fusion of rich bold coffee aroma and mild sweetness with subtle caramel flavor, thereby adding to the well-regarded product portfolio of the company.
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According to the report, packaging will continue to be a crucial aspect for manufacturers to revitalize their brand personality. Companies active in the fusion beverages space will continue placing emphasis on ‘functional packaging’ – a win-win concept for manufacturers and consumers alike – wherein product transparency, clean label, and brand storytelling are the key considerations.
‘Smart packaging’ is anticipated as a big trend making its way into the global beverage packaging scene, and is likely to unfold in multiple fronts over the years to come. This trend is also likely to spread its roots into the fusion beverages market and bring new implications for the manufacturers to draw inferences from.