Singapore trails U.S. in soft drink innovation
In 2023, Singapore introduced 88 new brands and sub-brands in the soft drinks space,
Singapore accounted for nearly 10% of all new brand launches in the beverages industry globally, Euromonitor reported.
With its share, Singapore also emerged as one of the top three countries for product innovation and brand launches in the beverages industry, which includes soft drinks, hot drinks and Alcoholic Ready-To-Drinks (RTDs)
Singapore is also second to the United States in product innovation in the soft drinks space with 88 new brands and sub-brands launched since January 2023.
“With consumers in Singapore and the Asia Pacific adjusting their diets to relieve stress and anxiety, the region is well positioned to stimulate interest in established brands by focusing on expanding their range of functional drinks containing herbal ingredients such as chamomile and ginger, which support emotional and mental wellbeing,” Euromonitor said.
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