Newly released preliminary data from research firm Beverage Marketing Corporation (BMC) shows that U.S. liquid refreshment beverage volume grew in 2024 after dipping the previous year. Although inflation remained a factor, retail sales increased more slowly in 2024 as they had in the preceding three years.

BMC reports that, after surpassing 36.4 billion gallons in 2022, total liquid refreshment beverage volume slipped to 36 billion gallons in 2023 before climbing to almost 36.4 billion gallons in 2024. While volume did not quite reach where it had been before 2023’s decrease, it came close, BMC notes.

“Once again, the beverage industry has proven its resilience,” Michael C. Bellas, chairman and CEO of BMC, said in a statement. “Refreshment beverage volume returned to its historical tendency to grow and performance could improve in the future.”

Meanwhile, retail sales moved from $247.3 billion in 2023 to $255.3 billion, a 3.3% jump. BMC notes that 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. Only three liquid refreshment beverage segments experienced volume enlargement in 2024, and all but one of them registered sales increases, the report adds.

After a string of annual volume reductions, BMC’s report shows that carbonated soft drinks (CSDs) saw a couple episodes of growth in 2021 and 2022, only to have volume decrease again in 2023. However, CSDs notched a small uptick in 2024. Volume in 2024 was almost 11.9 billion gallons, BMC notes, up from 11.8 billion gallons in 2023, but below the 12.1 billion gallons measured in 2022.

Coca-Cola and PepsiCo held onto their usual first and second positions among the 10 leading beverage trademarks in 2024, BMC adds, with Dr Pepper and Mountain Dew claiming fourth and fifth place. Only two of the leading CSD brands (Coca-Cola and Sprite) experienced volume growth. Overall, the segment’s sales swelled at a higher rate than the overall refreshment beverage market did in 2024.

BMC shares that bottled water, the largest U.S. beverage category by volume, grew even bigger in 2024. Bottled water’s core qualities continue to attract consumers, including convenience, healthfulness, all-naturalness and lack of calories. Volume grew by 2.9%, which was faster than last year and much stronger than total liquid refreshment beverage by volume, which increased by 1%.

In contrast, BMC notes that bottled water’s retail sales advanced at a rate only slightly quicker than the refreshment beverage market as a whole, with 3.7% for water versus 3.3% for the overall market. Bottled water had four entries among the leading trademarks in 2024, BMC adds, but only two of them grew.

The new data also found that energy drink volume increased by 1.6%, with retail sales growing at the same rate as bottled water. Sports drinks’ retail sales were “essentially flat” and the segment’s volume declined.

Similarly, fruit beverages, ready-to-drink (RTD) coffee, RTD tea and value-added water experienced declines in volume in 2024. Unlike sports drinks, RTD tea and value-added water both experienced increases in retail sales, but lagged the overall market’s rate of growth.

RTD coffee was the sole one to see sales declines, while fruit beverage sales were flat as well, BMC notes. 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.

BMC shares that four companies accounted for all of the leading refreshment beverage trademarks. PepsiCo had four brands, while Coca-Cola had three, Primo Brands had two and Keurig Dr Pepper had one.