Increasing demand for functional beverages and growing concern about the health is likely to upsurge the growth of the kvass market.
— Allied Market Research
PORTLAND, OR, US, November 30, 2023 /EINPresswire.com/ — Kvass Market by 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.
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Kvass is especially popular in Russia. It is made from rye bread. Rye bread is a type of bread made with various proportions of flour from rye grain. It can be light or dark in color. Kvass is made by the natural fermentation of bread, such as wheat, rye, or barley, and sometimes flavored using fruit, berries, raisins, or birch sap.
Based on packaging type, the bottle segment held the highest market share in 2020, accounting for nearly half of the global kvass market, 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.
Leading Key Players
All Stars Beverages
Kvass Beverages LLC
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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 kvass market. 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.
Trade restrictions imposed by several countries across the globe to curb the outbreak of COVID-19 has significantly affected global logistics and transportation, which has affected on the kvass market. Restrictions have had a direct impact on the food and beverage supply chain with the tightening of transportation and port capacities whilst also leading to an increase in shipping and freight costs. Furthermore, this has resulted in the shortage of food and beverage supply, which is likely leading to choked production and affected availability of food & beverage products at retail level. Thus, Covid-19 has disturbed the whole value chain and supply chain of the kvass market, which in turn negatively impacted the growth of the product market.
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According to the kvass market analysis, the kvass market segmented into flavor type, packaging type, price point, distribution channel, and region. On the basis of flavor type, the market is categorized into apple, lemon, cherry, mint, beets, strawberry and others. By packaging type, it is bifurcated into bottle, can and others. Depending on price point, it is segregated into premium and mass. As per distribution channel, it is fragmented into supermarket, convenience store, e-commerce, food service and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Russia, Poland, Belarus, Latvia, Lithuania, Estonia, EU5 and Rest of Europe), Asia-Pacific (China, South-East Asia, Australia, India, Japan and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
Key Findings Of The Study
The kvass market size was valued at $2,389.4 million in 2020, and is estimated to reach $6,231.2 million by 2030, registering a CAGR of 10.2% from 2021 to 2030.
In 2020, depending on flavor type, the cherry segment accounted for $270.0 million, garnering 10.6% of the global Kvass market.
On the basis of packaging type, the can segment acquired $828.0 million, exhibiting 11.0% of the global kvass market share.
In 2020, by price point, premium segment was valued at $770.3 million, accounting for 32.2% of the kvass market share.
Russia was the most prominent market in Europe in 2020, and is projected to reach $752.4 million by 2030, growing at a CAGR of 8.5% during the forecast period.
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Article originally published on www.einpresswire.com as Kvass Market Will Generate Record Revenue by 2030 With CAGR of 10.2%