In this article we are going to list the 15 fastest growing beverage brands in 2020. Click to skip ahead and jump to the 5 fastest growing beverage brands in 2020.
The beverage industry comprises of more than just the soft drinks and juices that instantly come to our mind when we think about beverage brands. It can be divided into two subcategories, the alcoholic segment and the nonalcoholic segment. There has been a constant increase in categories that fall under beverages as more and more beverage commodities are now being sold with a branding.
As mentioned above there are various beverage brands which sell several different products such as milk, coffee, beers, energy drinks, soft drinks, coffee, tea and much more. While some of the companies have a more focused approach with a core product category, others, mostly larger and more established brands, have many kinds of beverages in their product portfolio. Most of the brands that have made it on our list are operating all over the world and enjoy a high unaided awareness in the minds of a consumers and a somewhat stable demand. Even in the pandemic era the sales of most beverage brands did not decline as they are consumer staple products and occupy an independent share of wallet.
The beverage industry is now a mature sector with fewer opportunities for new entrants because of an already saturated market. The industry is dominated by a few players who are ginormous in size and the competition amongst them is quite intense. The companies have employed various marketing, sales, supply chain and logistics tactics that give them an edge in some countries while a competitor takes a larger share of the pie in another country.
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The beverage industry is extremely competitive with more supply than demand because of similar products being offered by multiple small and large brands. Thus, most players are unable to target a huge customer base and even if they do customers are not very loyal except for a few exceptional brands who do have customers who are loyalists in fact, advocates of the brand such as Coca Cola and Pepsi. Thus, a lot of recall through constant marketing and promotions is needed to keep the sales figure stable.
Most beverage brands, especially the bigger players are more than just multinational profitable companies, they are well known attractive brands which have an equity based on not just the generic component of their product but the meanings that they have attached to their brands. These beverage brands have now understood that a consumer who probably will not be able to differentiate between their product and a competitor’s, in a blind taste test, could still be motivated to choose their brand if it stands for a larger purpose; something more about the society and less about profits. This differentiation is what has helped these companies grow at a very fast pace and have a continued high growth pace even after being in the maturity phase of their product life cycle. Companies like Coca Cola, Red Bull, Nescafe etc. have constantly, without fail, come up with brilliant campaigns that have an emotional appeal that increases the overall resonance to the brand and communicate their positioning in the minds of the consumers in a very clear manner.
At the end of the day, companies who have kept evolving with the changing industry dynamics are the ones who are still some of the fastest growing brands. These companies have, over the years, made such a permanent place in the lives of their consumers that they are going to stay relevant for at least the foreseeable future and there could be no other testament of this than them having a stable sales volume even in the Covid19 period which has affected the sales of almost every consumer good negatively. The rankings and listings for the fastest growing beverage brands in 2020 have been compiled from Beverage daily, Food Engineering Mag, and The Fortune. So without further ado, let’s take at the drinks everyone loves to have, starting with number 15:
15. Tito’s Handmade Vodka
Tito’s Vodka was founded in 1997 by Tito Beveridge. The company is based in Austin, Texas and specializes in making vodka from yellow corn. The overall vodka consumption in the US has increased in this last decade however, in 2020 owing to the pandemic and economic conditions the sales of most alcohol companies saw a decline. However, this was not the case for Tito’s Vodka as its sales growth still increased with a record sale of around $8.81 million.
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14. Core Hydration
Core was founded in 2015 by Lance Collins who is an entrepreneur known for coming up with beverage brands. The brand has grown immensely in these last five years but especially in 2020 when it was endorsed by numerous Hollywood stars and other famous personalities such as Katy Perry. The brand claims to offer organic drinks that help balance the body’s PH and also boost immunity. In lieu of COVID-19 many stars endorsed Core’s products as they are immunity boosters and hence it resulted in positive word of mouth and a high growth rate for Core.
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