Kombucha is a fermented tea drink consumed for its supposed health benefits. Kombucha contains antioxidants, organic acids and other compounds beneficial for gut health and digestion. The rising health consciousness among consumers is driving demand for functional beverages with probiotic properties. Kombucha provides an alternative to sodas and sugary drinks as it contains fewer calories and natural sugars. The global kombucha market is estimated to be valued at US$ 3.04 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising health consciousness among consumers presents a major market opportunity for kombucha producers. Consumers are increasingly preferring food and beverages that provide functional benefits beyond basic nutrition. Kombucha contains probiotic bacteria that aids digestion and gut health. The probiotic properties of kombucha appeal to consumers seeking alternatives to carbonated drinks and juices with added sugars. Furthermore, clean label trends are prompting consumers to choose naturally fermented beverages like kombucha over soda or juices with artificial ingredients. Kombucha producers can capitalize on opportunities by marketing product health benefits and catering to rising demand for probiotic drinks through new product development and expanded distribution channels.
Porter's Analysis
Threat of new entrants: The kombucha market has moderate threat of new entrants as it requires substantial initial investments and expertise to produce kombucha commercially. However, opportunities exist for small players in the local markets.
Bargaining power of buyers: The bargaining power of buyers is low to medium in the kombucha market as the market has numerous players and substitutes are also available.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials required for kombucha production such as tea, sugar and bacteria cultures have many suppliers globally.
Threat of new substitutes: The threat of substitutes is moderate to high as numerous beverage options are available including soda, juice, and fermented drinks.
Competitive rivalry: The competitive rivalry in the kombucha market is high among the existing players.
SWOT Analysis
Strength: Kombucha offers various health benefits such as improved digestion, detoxification and increased energy levels. It contains healthy bacteria and antioxidants.
Weakness: Kombucha taste is acquired and strong for some consumers. Quality and consistency issues exist in the market.
Opportunity: Rising health consciousness and growing demand for probiotic drinks present an opportunity. New flavors and product innovations can boost demand.
Threats: Strict regulatory environment and safety issues regarding Kombucha pose threats. Potential side effects with excessive consumption also remain a challenge.
Key Takeaways
The Global Kombucha Market Size is expected to witness high growth during the forecast period driven by rising health awareness.
Regional Analysis: The North America region currently dominates the market attributed to high health consciousness. The kombucha market in North America is projected to reach US$ 1.87 Bn by 2030 expanding at a CAGR of 5.6%.
Key players operating in the kombucha market are Vinci, Bouygues, Grupo ACS, Hochtief, Balfour Beatty, Laing O’Rourke, Bechtel, Kiewit, HOCHTIEF and Skanska. Regional consumption is highest in the US followed by Canada. Innovation and new product launches catering to evolving consumer needs and tastes will play a crucial role in market expansion.
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https://www.trendingwebwire.com/kombucha-market-size-share-growth-outlook-2023/
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