New York, USA, Jan. 10, 2022 (GLOBE NEWSWIRE) -- According to Research Dive, the global functional beverages market is estimated to generate a revenue of $212,286.10 million by 2028, and grow at CAGR of 6.6% over the forecast period (2021 to 2028). The comprehensive report provides a brief summary of the present market scenario comprising key aspects of the market such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the functional beverages market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Functional Beverages Market Dynamics
As per our analysts, the growing demand for nutraceutical drinks as well as products owing to presence of several healthy components, such as vegetables, fruits, and plants, along with the rising demand for dairy-based beverages across the globe are the significant factors estimated to foster the growth of the global functional beverages market over the forecast period. Besides, the changes in lifestyle like consuming unhealthy food and less physical exercise is another factor expected to boost the market growth. Moreover, the rising demand for instant energy drinks that provide mental and physical stimulation among the fitness freak people are projected to create huge growth opportunities for the functional beverages market over the forecast period. However, the high costs of functional beverages and being considered as unhealthy food by many are estimated to restrict the market growth in the projected timeframe.
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COVID-19 Impact on the Functional beverages Market
The COVID-19 pandemic has had a moderate impact on the global functional beverages market growth. The disruption in manufacturing capacity and supply chain during the coronavirus pandemic period has negatively impacted the global market. However, the growing adoption of healthy eating & drinking habits combined with increasing health concerns all through the pandemic period has positively impacted the functional beverages market growth.
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Energy Drinks Sub-segment to be Most Dominant
By type, the energy drinks sub-segment is predicted to garner a revenue of $91,170.8 million by 2028 and witness dominant growth during the forecast period. This is majorly owing to the rising demand for energy drinks due to the presence of healthy ingredients that give instant energy, alertness, and concentration to the consumer. Some of the most consumed energy drinks are NOS, 5-Hour Energy, Red Bull, Monster, Full Throttle, and AMP energy drink products.
Fitness Lifestyle Users Sub-segment to be Most Profitable
By end-user, the fitness lifestyle users sub-segment is predicted to account for $97,161.7 million by 2028 and is expected to witness lucrative growth during the analysis period. This is mainly due to the growing population of fitness freak and health-conscious people around the world. Besides, the growing trend of increasing sports performance is encouraging the fitness lifestyle users to increasingly adopt functional beverages. This factor is predicted to boost the sub-segment growth of the global functional beverages market.
Supermarkets/Hypermarkets to Hold the Largest Market Share
By distribution channel, the supermarkets/hypermarkets sub-segment is estimated to generate a revenue of $84,579.0 million by 2028 and is anticipated to hold the largest market share in the global industry over the forecast period. This sub-segment growth is mainly due to availability of various range of functional beverages & their products in the supermarket and facilities such as freedom of selection, quality goods at affordable prices, and others.
North America Region to Subjugate in the Industry
By region, the North America functional beverages market is projected to garner a revenue of $84,489.9 million by 2028 and witness dominating growth during the forecast period. The rapid growth of the region can be attributed to the growing customer preferences and demands for different types of healthy & functional beverages being manufactured as well as sold in mainly Canada and the US. In addition, the rising preference of people for ready to drink items with the presence of top leading companies in the region are also driving the regional market growth.
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Prominent Functional Beverages Market key Players
Some of the top players of the global functional beverages market are
- The Coca-Cola Company
- Monster Beverage Corporation
- Red Bull
- MaxiNutrition
- Coif Bar
- Dupont Nutrition Biosciences ApS
- Meiji Co., Ltd
- Nestlé S.A.
- Pepsico, Inc.
- National Beverage Corp.
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
For instance, in September 2020, PepsiCo, the leading food & beverage company globally, announced the launch of ‘Driftwell,’ a new functional beverage that is designed to help consumers relax, de-stress, and unwind.
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Related Article of Functional Beverages Market:
- Product Launches, Investments, and Business Expansion by Market Players such as 7-Eleven, OWYN, and Others to Foster the Growth of the Global Functional Beverages Market
- How the Availability of Different Functional Beverages Help in Achieving Specific Health Benefits?
