Newark, NJ, May 24, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global functional beverages market is expected to grow from USD 125.39 billion in 2020 and to reach USD 216.7 billion by 2028, growing at a CAGR of 7.08% during the forecast period 2021-2028.
The Functional beverages market is witnessing significant growth form the past years. Ready-to-drink (RTD) drinks are becoming more common as consumers strive to preserve healthy health despite their hectic lifestyles. In the future, millennial customers will demonstrate a strong preference for convenience foods and drinks with a diverse nutritional profile. Furthermore, the gym and fitness training trend is thriving, with everything from accessories and diets to training facilities. Manufacturers are capitalizing on these developments by developing new products, such as vegan and plant-based drinks. Furthermore, nootropic beverages are becoming increasingly popular with health-conscious customers. In the near future, such advances will change the global functional beverage industry.
Functional beverages are liquids that keep the body hydrated while still providing a nutritional balance. This are fortified drinks that help people of all ages escape health issues. Customers' first option for grab-and-go snacks is functional drink, which has major health-related benefits such as boosting the immune system, enhancing mental capability, controlling cholesterol, improving bone health, improving heart health, and other benefits associated with vision and eye safety. Many energy drink producers are actively experimenting with different new products, such as sugar-free products and soft drinks, in order to cope with the current developments and emerging competitors, which are the main challenges faced by the functional beverages industry in the forecast timeframe.
The global functional beverages market is expected to witness significant growth, manufacturers are able to formulate groundbreaking nutritional drinks owing to advances in medicine, microbiology, food engineering, and biochemistry. As a result, functional drinks are becoming a more important part of people's diets, especially among health-conscious people. The growth of the functional beverages market is further fueled by the increasing customer understanding of health, rising demand for enhanced beverage goods, and key players' innovation and production. Food safety issues and legislation, on the other hand, would limit the growth of the functional beverages market during the forecast period.
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Key players operating in global functional beverages market include Red Bull GmbH, PepsiCo, Inc., Nestlé, Kraft Foods, Taut, General Mills, Monster Beverage Corporation, Archer Daniels Midland Co., DuPont Nutrition & Health, LycoRed Ltd., BASF SE, Nutratech, Inc., Maxinutrition, Glanbia, Clif Bar & Company, The Coca-Cola Company, Universal Nutrition, GacLife, Tata Tea, Dr Pepper Snapple Group Inc., Groupe Danone, GSK, RushNet, Campbell Soup Co., Jivita LLC, Old Orchard Brands, 7-Eleven, Fortitech, Inc., Cadbury Schweppes, and Energy69. To gain a significant market share in the global functional beverages market, the key players are now focusing on adopting strategies such as recent developments, product innovations, collaborations, mergers & acquisitions, joint venture, and partnership. Pepsi Co. and GacLife are some of the key manufacturers operating in functional beverages market.
- For instance, in 2020, Driftwell, a new functional beverage from PepsiCo, is intended to help customers calm, unwind, and de-stress, according to the company. It has a spa-water-inspired taste with hints of blackberry and lavender and contains L-theanine, an amino acid commonly contained in tea leaves that is said to encourage relaxing without drowsiness. It also contains magnesium and has a spa-water-inspired flavor with hints of blackberry and lavender.
- In 2019, GacLife has released a series of seven daily health drinks that help with sleep, skin care, motivation, healing, and detoxification.
Energy drinks segment dominated the market and held the largest market share of 20.9% in the year 2020
On the basis of type, the global functional beverages market is segmented into drinks, energy drinks, fruit & vegetable juices, herbal and fruit teas, fortified water, rehydration solutions, dairy beverages, non-dairy beverages and others. The energy drinks segment dominated the market and held the largest market share of 20.9% in the year 2020. This growth is attributed to the rising adoption of energy drinks and the increase in reliance on them for instant energy amongst the busy population.
Tetra pack segment dominated the market and held the largest market share of 24.15% in the year 2020
On the basis of packaging, the global functional beverages market is segmented into bottle, tetra pack, sachet, tin can, and others. The tetra packs segment dominated the market and held the largest market share of 24.15% in the year 2020. This growth is attributed to the increasing preference of the type due to affordable, feasible and travel friendly attributes.
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Health & wellness segment dominated the market and held the largest market share of 60.7% in the year 2020
On the basis of functions, the global functional beverages market is segmented into hydration, energy & rejuvenation, health & wellness, weight management and others. The health & wellness group, which accounted for 60.7% of the total in 2020, was the largest segment of the functional drinks industry segmented by feature. The health and wellbeing segment is projected to be the fastest growing segment in the functional drinks industry in the future.
Regional Segment of Functional Beverages Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global functional beverages market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America currently has the largest market share in the functional beverages market, owing to rising demand for functional beverage goods and increased understanding of the health benefits associated with their use. It is expected to maintain its supremacy throughout the projected period. Europe and Asia-Pacific are projected to rise significantly during the forecast period, owing to increased demand for functional beverages in these areas. The rise in customer per capita income in Asia-Pacific as a result of the improving economy would have a big effect on the region's functional beverage industry.
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About the report:
The global functional beverages market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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