This report utilises Euromonitor International’s new Passport Innovation portal to explore new launches and sub-brands in global soft drinks. Three key innovation platforms are identified for global non-alcoholic beverages in 2023/2024, with product examples from large global e-commerce retailers over the last 12 months.
This report comes in PPT.
The global soft drinks industry is unlikely to see an acceleration in the overall number of new products introduced over the next 12 months, as producers instead streamline portfolios and operations to control costs. With more limited marketing investment available, established beverage brands will primarily focus on safer bets - particularly bolder, flavour sub-brand launches, partnerships and flavour-based LTOs - supported by targeted (largely digital/social) marketing campaigns.
Successful innovation within the drinks industry must prove to be genuinely incremental to existing beverage occasions and need states rather than investment that cannabilises existing products. Whitespace will include premium functional beverages beyond the established areas of energy, hydration and digestive health. Relaxation drinks and mood-enhancing adult soft drinks are two particularly promising areas of development.
Not all innovations within soft drinks need to re-invent the category. Brands can have an outsized impact with targeted flavour innovations, limited time offers (LTOs) and promotions that are amplified through social media channels. Evolving and refreshing brands through cost-effective seasonal flavours or creative packaging can still produce strong results, as evidenced by the strong performance of price premium energy drinks brands despite rising costs of living.
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