To understand the market size of the soft drink industry in North America. To determine the number of soft drink bottles and water bottles people between the age of 18 and 35 drink per year and how much they spend on average for soft drinks and water. To determine the number of water fountains in North America and gather some useful usage statistics about them.
The Soft Drink Market
- The global carbonated soft drink market size will reach $412.5 billion by 2023, growing at a CAGR of 2.8%.
- Using a CAGR calculator, we were able to estimate that the market size of the global carbonated soft drinks market would be worth $369 billion in 2019.
- North America is the second biggest region worldwide, with a 28% market share. This means that the market size of the North American carbonated soft drink industry would be $103.3 billion in 2019.
Water Fountains Usage Statistics
- While we were not able to find a specific number for the number of water fountains in the US and Canada, many experts have mentioned that tap water fountains are either not being used or are been removed altogether.
- In fact, it is believed that the over-use of bottled water (there are over 50 billion water bottles being used by Americans every year) and the big health issues with public water fountains are some of the biggest reasons leading to the disappearance of public drinking fountains.
- However, there are different movements that are pushing for an upgrade in infrastructure and better maintenance of the public water fountains in order to combat the over-use of plastic water bottles and carbonated soft drinks. One example is the $20 million investment by the municipality of LA to "ensure the safety of drinking fountains in all LA Public Schools."
Proposed next steps:
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To reiterate, the carbonated soft drink industry in North America was worth roughly $103.3 billion in 2019. Moreover, while we were not able to find a specific number of water fountains in the US, we w ere able to determine that their use is on the decline. As such, we propose continuing our research by providing 5-7 quantitative insights about the use of public water fountains in the US and Canada ( two separate requests). The insights will include things like the average number of water fountains in gyms, public schools, private schools, the % of people that use them, and so on. Alternatively we could solely focus on the US OR Canada, so please make sure to leave a comment and tell us ion which direction to proceed.
We will also attempt to determine or triangulate the number of water bottles and the number of carbonated soft drinks, people in the US and Canada consume on average. We will focus on the number of bottles consumed by 18-35 year olds but will expand to the general population if information is unavailable.
We will also provide 5-7 insights on the spending habits of 18-35 year olds when it comes to soft drinks and water. We will focus on how much they spend on soft drinks and water and how often they buy.