Dublin, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The "Functional Beverages Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global functional beverages market will grow from $131.47 billion in 2022 to $147.7 billion in 2023 at a compound annual growth rate (CAGR) of 12.4%. The functional beverages market is expected to grow from $224.99 billion in 2027 at a CAGR of 11.1%.
Asia Pacific was the largest region in the functional beverages market in 2022. Western Europe was the second-largest region in the functional beverages market. The regions covered in the functional beverages market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing awareness of health issues is anticipated to propel the demand for functional beverages over the forecast period. Functional beverages help to enhance various body functionalities, including the management of heart rate, digestive health, immune system, and weight management, due to the presence of vitamins, minerals, herbs, and amino acids.
Consumers are increasingly shifting towards the consumption of functional beverages that contain ingredients to address these specific health issues. According to Packaging Strategies journal, a major change in the beverage industry is moving toward functional beverages as consumers strive to improve their health.
Additionally, the rise of clean-label, organic, and non-GMO products is impacting the buying behaviours of consumers. Therefore, consumer preferences for functional drinks over carbonated drinks and fruit juices are projected to drive the demand for functional beverages over the next few years.
The wide availability of cheaper substitutes such as green tea, coffee, and fresh juice is hindering the growth of the functional beverage market. The prices of functional drinks are comparatively higher than those of carbonated drinks and other available substitutes. Thus, the availability of substitute products is negatively impacting the growth of the market.
For instance, dry beverage mixes, which offer functionality, are cost-effective and have low transportation costs. The ingredients in dry beverage mixes provide high nutrients, replacing the need for functional beverages with low costs. The availability of cheaper substitutes thereby restrains the growth of the market.
The manufacturing of low-calorie natural sweeteners and the use of natural colors and ingredients are promoting the growth of functional beverages. Major players dealing in the industry are adopting various strategies in order to meet consumer requirements.
For instance, in April 2021, Manus Bio, Inc, a US-based company operating in natural ingredients, announced the launch of NutraSweet Natural, a plant-based sweetener with zero calories. NutraSweet Natural is produced by isolating the sweetest and purest parts of the stevia leaf, which are incorporated into a proprietary blend to create the exact taste of sugar without the calories while minimizing its environmental footprint.
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Scope
Markets Covered:
1) By Type: Energy Drinks; Sports Drinks; Nutraceutical Drinks; Dairy-based Beverages; Juices; Enhanced Water; Other Types
2) By Function: Health & Wellness; Weight Management
3) By Distribution Channel: Brick & mortar; Online
Key Topics Covered:
1. Executive Summary
2. Functional Beverages Market Characteristics
3. Functional Beverages Market Trends And Strategies
4. Functional Beverages Market - Macro Economic Scenario
5. Functional Beverages Market Size And Growth
6. Functional Beverages Market Segmentation
7. Functional Beverages Market Regional And Country Analysis
8. Asia-Pacific Functional Beverages Market
9. China Functional Beverages Market
10. India Functional Beverages Market
11. Japan Functional Beverages Market
12. Australia Functional Beverages Market
13. Indonesia Functional Beverages Market
14. South Korea Functional Beverages Market
15. Western Europe Functional Beverages Market
16. UK Functional Beverages Market
17. Germany Functional Beverages Market
18. France Functional Beverages Market
19. Eastern Europe Functional Beverages Market
20. Russia Functional Beverages Market
21. North America Functional Beverages Market
22. USA Functional Beverages Market
23. South America Functional Beverages Market
24. Brazil Functional Beverages Market
25. Middle East Functional Beverages Market
26. Africa Functional Beverages Market
27. Functional Beverages Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Functional Beverages Market
29. Functional Beverages Market Future Outlook and Potential Analysis
30. Appendix
A selection of companies mentioned in this report includes
- Danone
- Clif Bar & Company
- Universal Nutrition
- Cloud 9
- The Coca-Cola Company
- Monster Beverage Corporation
- Arla foods
- National Beverage Corp
- Cloud 9
- Nestle
- GNC Holdings
- Pepsico Inc.
- Dr. Pepper Snapple Group
- Redbull GmBH
- GlaxoSmithKline consumer healthcare ltd.
- Suntory holdings ltd.
- Kraft foods
- Tata Global Beverages
- Mondelez International Inc.
- Abbott Nutrition and Inc.
For more information about this report visit https://www.researchandmarkets.com/r/tim1w4
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