Global Frozen Drinks Market, By Type (Alcoholic Drinks and Non-alcoholic Drinks), Application (Hypermarket and Supermarket, Food and Drink Specialists, and Convenience Stores), Product Form (Ice Popsicles and Freezer Pouch Drinks) – Industry Trends and Forecast to 2031.
Frozen Drinks Market Analysis and Size
In the food and beverage industry, the application of the frozen drinks market is multifaceted and essential. Bars, restaurants, and cafes leverage frozen drinks as popular menu items, offering a refreshing and indulgent experience to customers. These establishments often experiment with unique flavors and combinations to cater to diverse tastes and preferences. Frozen drink maker serve as signature offerings, attracting patrons and enhancing the overall dining or social experience.
The global frozen drinks market size was valued at USD 39.78 billion in 2023 and is projected to reach USD 64.36 billion by 2031, with a CAGR of 6.2% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Alcoholic Drinks and Non-alcoholic Drinks), Application (Hypermarket and Supermarket, Food and Drink Specialists, and Convenience Stores), Product Form (Ice Popsicles and Freezer Pouch Drinks)
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Countries Covered
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U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC), Brazil, Argentina, Rest of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa
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Market Players Covered
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Davide Campari-Milano N.V. (Netherlands), Diageo PLC (U.K.), Halewood Sales (U.K.), Asahi Group Holdings, Ltd. (Japan), Accolade Wines (Australia), Bacardi Limited (Bermuda), Mike's Hard Lemonade Co. (U.S.), Castel Group (France), Suntory Holdings Limited (Japan), Anheuser-Busch InBev SA/NV (Belgium), The Brown-Forman Corporation (U.S.), United Brands Company, Inc. (U.S.), PernodRicard SA (France), and The Miller Brewing Company (U.S.)
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Market Opportunities
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Market Definition
Frozen drinks are beverages typically made by blending or mixing ingredients with ice to achieve a slushy consistency. They can range from non-alcoholic options such as fruit smoothies and slushies to alcoholic cocktails such as margaritas and daiquiris. These drinks are often enjoyed for their refreshing taste and cooling effect, making them popular choices in warm climates or during summer months.
Frozen Drinks Market Dynamics
Drivers
- Growing Changing in Consumer Preferences
Consumers are increasingly prioritizing convenience and on-the-go lifestyles, and they turn to established and emerging frozen drink brands for refreshing, ready-to-drink options. These brands capitalize on shifting taste preferences and a growing appetite for novel flavors and combinations, spurring innovation within the market. Moreover, during warmer seasons or in regions with hot climates, consumers gravitate towards trusted frozen drink brands for their cooling beverages. This dynamic consumer landscape prompts frozen drink brands to adapt and introduce diverse offerings that resonate with evolving preferences, thereby fueling the expansion of the market.
- Increasing Product Development
Continuous innovation in flavors, ingredients, and packaging techniques ensures that manufacturers stay ahead of consumer preferences and market trends. Introducing new and exciting varieties of frozen drinks, such as unique flavor combinations or healthier options, companies can capture the attention of consumers seeking novelty and quality. Improvements in frozen drink machine efficiency and functionality enable businesses to meet increasing demand while maintaining consistency and quality in production. The ability to adapt to changing consumer tastes and preferences through product development, including innovations in frozen drink machines, is essential for sustaining growth and competitiveness in the frozen drinks market.
Opportunities
- Rising Disposable Income
Many people are spending money on non-essential items which leads them to purchase premium or specialty drinks such as frozen cocktails and smoothies. This increased purchasing power enables consumers to explore a wider range of beverage options, including those that offer unique flavors or premium ingredients. Moreover, higher disposable incomes may lead to more frequent socializing and dining out, where frozen drinks are often served, further boosting demand. Overall, as disposable incomes rise, so does the affordability and appeal of frozen drinks, contributing to market growth.
- Growing Urbanization
The increasing number of people are moving to urban areas, which is why there's a rise in demand for convenient and on-the-go refreshments. Urban lifestyles often entail busy schedules, leading consumers to opt for quick and ready-to-drink options such as frozen beverages. The concentration of entertainment venues, restaurants, and cafes in urban centers provides ample opportunities for the sale and consumption of frozen drinks. Moreover, the diverse and multicultural nature of cities encourages the exploration and adoption of various beverage trends, further fueling the demand for frozen drinks among urban populations.
Restraints/Challenges
- High Competition from Alternative Beverages
Consumers are seeking healthier and more functional beverage options such as ready-to-drink teas, coffees, and energy drinks which compete for market share. These alternatives often tout perceived health benefits or functional advantages, drawing consumers away from traditional frozen drinks. Additionally, the growing trend of health consciousness among consumers has led to increased scrutiny of sugar content and calorie levels in frozen drinks, further intensifying competition.
- Growing Awareness of Environmental Issues
Concerns about plastic pollution and single-use packaging have led consumers to seek more sustainable alternatives, potentially impacting the popularity of frozen drinks sold in disposable cups or pouches. Additionally, the energy-intensive process of freezing and transporting these beverages may face scrutiny from environmentally conscious consumers who prioritize reducing carbon footprints.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Developments
- In 2023, Jubilant FoodWorks unveiled plans to launch 250 new Domino's outlets and 40-50 Popeye locations in India within 12-18 months, backed by a significant INR 900 crore investment from its accounts. This strategic move aims to bolster the company's market presence and cater to the increasing demand for quick-service dining options in the region
- In 2023, McDonald's forged a strategic alliance with Glovo, a delivery platform, with the goal of enhancing customer experience. The partnership focuses on expanding menu choices for consumers on Glovo, improving the McDelivery ordering process through the platform, and ultimately delivering a more comprehensive and satisfying service to customers
- In 2023, Jollibee Foods Corp. announced an ambitious global expansion initiative, aiming to open 600 new stores worldwide by the end of the year. This bold move underscores the company's commitment to broadening its global footprint and solidifying its position in various markets, reflecting its dedication to sustained growth and market expansion
- In 2021, Starbucks and Nestlé joined forces in a strategic collaboration to introduce Starbucks Ready-to-Drink (RTD) coffee beverages in target markets across Oceania, Southeast Asia, and Latin America. By prioritizing popular products such as Starbucks Doubleshot and Frappuccino, the partnership seeks to drive innovation and enhance the availability of these offerings in the specified regions, tapping into growing consumer demand for convenient coffee solutions
Frozen Drinks Market Scope
The market is segmented on the basis of type, application, and product form. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Alcoholic Drinks
- Non-alcoholic Drinks
Application
- Hypermarket and Supermarket
- Food and Drink Specialists
- Convenience Stores
Product form
- Ice Popsicles
- Freezer Pouch Drinks
Frozen Drinks Market Regional Analysis/Insights
The market is analysed and market size insights and trends are provided by type, application, and product form as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.
Europe dominates the market due to the region experiencing a rising consumer climate, encouraging the demand for refreshing beverages. Seasonal holidays such as picnics and parties further drive the popularity of frozen drinks as a go-to choice for social gatherings. Additionally, the trend of increased alcohol consumption contributes to the demand for frozen cocktails and beverages. Europe consumers' preference for crushed ice beverages adds to the market's growth, reflecting a cultural inclination towards refreshing and icy treats.
North America is expected to grow in the market due to rising alcohol consumption trends that have fueled demand for frozen alcoholic beverages. Increased R&D activities in the region drive innovation, introducing new and appealing frozen drink options. The growing disposable income enables more frequent social gatherings and parties, where frozen drinks are popular choices. In addition, the expanding population contributes to the rising demand for convenient, refreshing beverages, further boosting the market in North America.
The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Frozen Drinks Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the market are:
- Davide Campari-Milano N.V. (Netherlands)
- Diageo PLC (U.K.)
- Halewood Sales (U.K.)
- Asahi Group Holdings, Ltd. (Japan)
- Accolade Wines (Australia)
- Bacardi Limited (Bermuda)
- Mike's Hard Lemonade Co. (U.S.)
- Castel Group (France)
- Suntory Holdings Limited (Japan)
- Anheuser-Busch InBev SA/NV (Belgium)
- The Brown-Forman Corporation (U.S.)
- United Brands Company, Inc. (U.S.)
- PernodRicard SA (France)
- The Miller Brewing Company (U.S.)
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