Press Release: U.S. Liquid Refreshment Beverage Market Retail Volume Growth Resumed in 2024 and Dollars Also Grew, Reports Beverage Marketing Corporation
5/6/2025
U.S. LIQUID REFRESHMENT BEVERAGE MARKET RETAIL VOLUME GROWTH RESUMED IN 2024 AND DOLLARS ALSO GREW, REPORTS BEVERAGE MARKETING CORPORATION
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Volume growth in 2024 reflects a recovery from last year's dip
NEW YORK, NY, May 2025: U.S. liquid refreshment beverage volume grew again in 2024 after dipping the year before, according to newly released preliminary data from Beverage Marketing Corporation. While inflation remained a factor, retail sales increased more slowly in 2024 as they had in the preceding three years.
After surpassing 36.4 billion gallons in 2022, total liquid refreshment beverage volume slipped to 36.0 billion gallons in 2023 before climbing to nearly 36.4 billion gallons in 2024. Thus, volume didn't quite reach where it had been before 2023's decrease — but it came close. Retail sales moved from $247.3 billion in 2023 to $255.3 billion — an increase of 3.3%. This was notably less forceful than the 7.8% increase in retail sales in 2023 or the double-digit growth rates measured in 2021 and 2022. Just three liquid refreshment beverage segments experienced volume enlargement in 2024, and all but one of them registered sales increases.
After a long string of annual volume reductions, carbonated soft drinks saw a couple episodes of growth in 2021 and 2022 only to have volume decrease again in 2023. However, they notched a small uptick in 2024. Volume in 2024 was almost 11.9 billion gallons, up from 11.8 billion gallons in 2023 but below the 12.1 billion gallons measured in 2022. Coca-Cola and Pepsi Cola held onto their usual first and second positions among the 10 leading beverage trademarks in 2024, with Dr Pepper and Mountain Dew claiming fourth and fifth place. Only two of the leading carbonated soft drink brands (Coca-Cola and Sprite) experienced volume growth. The segment's sales swelled at a higher rate than the overall refreshment beverage market did in 2024.
Bottled water, the largest U.S. beverage category by volume, became even bigger in 2024. The segment's core qualities — convenience, healthfulness, all-naturalness and lack of calories — continue to attract consumers. Volume enlarged by 2.9%, which was faster than last year and much stronger than total liquid refreshment beverage volume, which increased by 1.0%. Bottled water's retail sales, in contrast, advanced by a rate only slightly quicker than the refreshment beverage market as a whole did — 3.7% for water versus 3.3% for the overall market. Bottled water had four entries among the leading trademarks in 2024, but just two of them grew.
Energy drink volume increased by 1.6%, and retail sales grew at the same rate as bottled water. Sports drinks' retail sales were essentially flat, and the segment's volume declined.
Like sports drinks, fruit beverages, ready-to-drink (RTD) coffee, RTD tea and value-added water registered declines in volume in 2024. Unlike sports drinks, RTD tea and value-added water both experienced increases in retail sales, but they lagged the overall market's rate of growth. RTD coffee was the sole one to see sales decline, while fruit beverage sales were flat. Sports drinks had one brand — Gatorade — among the 10 largest by volume, but no energy drink, RTD coffee, RTD tea, fruit beverage or value-added water brand ranked among the leading trademarks by volume.
Four companies accounted for all of the leading refreshment beverage trademarks. PepsiCo had four brands. Coca-Cola had three while Primo Brands had two and Keurig Dr Pepper had one.
"Once again, the beverage industry has proven its resilience," observed Michael C. Bellas, chairman and CEO, Beverage Marketing Corporation. "Refreshment beverage volume returned to its historical tendency to grow, and performance could improve in the future."
Beverage Marketing Corporation is the leading research firm dedicated to the global beverage industry.
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