Functional Beverages Market Global Information by Type (Energy Drinks and Sports Beverages), Distribution Channel (Store Based and Non-store Based), Function (Health & Wellness, Weight Management) and Region – Global Forecast till 2023
— Functional Beverages Market Research Report includes various topics like total Market Size, Key Market Drivers, Challenges, Growth Opportunities, Industry Share, Growth, Demand, Outlook etc. Furthermore, it covers key market updates, the impact of regulations and technological updates in. The report addresses the need to stay updated in this competitive market conditions and this provides and comprehensive data for making strategies and decision to stimulate the market growth and profitability.
With a major part of the populace becoming all the more health conscious has resulted in the growing demand for the global functional beverages market which is expected to touch an impelling 6.63% CAGR over the assessment period (2018-2023). Functional beverages are basically non-alcoholic drinks which helps to keep the body hydrated and thereby offering complete nutritional well-being. It is a fortified drink which helps in addressing or preventing certain health problems across every group. Here the fortification can vary including ingredients such as raw vegetables and fruits, amino acids, vitamins, minerals, nootropics and herbs that can revitalize the person consuming the drink. The functional beverages help to enhance the different body functionalities like weight management, digestive health, heart rate and immune system.
There is a long list of factors that has contributed towards the growing demand for functional beverages market. Some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include an array of health benefits, convenience, latest product innovations which introduced new products and flavors, increasing health care cost, disease prevention, healthy lifestyle and initiation of ingredient formulation technologies such as size reduction of particles and micro-encapsulation.
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The functional beverages market is highly concentered with the presence of several companies that is accounting above 50% of the share in the market. The key players are thoroughly focused on innovative drinks and flavors that tastes good, is budget-friendly and safe to consume.
Leading players profiled in the functional beverages market include Fonterra Co-operative Group Ltd (New Zealand), Nestle S.A. (Switzerland), Hain Celestial Group (US), Monster Beverage Corporation (US), PepsiCo Inc (US), Kraft Heinz Company (US), Campbell Soup Co. (US), Danone (France), Mondelez International Inc (US) and The Coca-Cola Company (US).
Dec 2018- Renowned health and wellness company, GNC Holdings is all set to open its experiential store at Pittsburg, Pa. This store will include different unique offerings to consumers for customizing their wellness routine. The new store will offer a couple of installations namely, GMC Smoothie Lab that will offer healthy and delicious drinks and grab-and-go snacks made with best GNC products and best quality ingredients; Body Composition Analysis where people can get an insight on their health along with discovering the best lifestyle solutions; Registered Dietician Consultations where in-house dietitians will offer free consultations to people to help them in creating a customized plan in accordance to their specific health objectives.
In MFRF’s report, the global functional beverages market is segmented on the basis of type, distribution channel and function.
Based on type, it is segmented into dairy alternative beverages, functional dairy products, functional fruits and vegetable juices, prebiotic and probiotic drinks, sports beverages and energy drinks and others. Others are further segmented into coffee, tea and water. Of these, the sports beverage has a major market share and is likely to touch USD 63.88 billion during the predicted years. The factors here can be attributed to the rising number of sports and athletes’ enthusiasts that prefer such beverages for replenishing their stamina. The functional vegetable and fruit juices is also anticipated to grow at 7.13% CAGR during the predicted years.
Based on distribution channel, the global functional beverages market is segmented into non-store based and store based. Of these, the store-based has a major share and expected to accrue USD 185.2 billion by 2023.
Based on function, it is segmented into hydration, weight management, energy and rejuvenation and health and wellness. Of these, health and wellness have the maximum market share and anticipated to touch USD 91.25 billion during the predicted years followed by energy and rejuvenation that is predicted to register USD 87.38 billion.
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Based on region, the global functional beverages market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, Europe dominates the market owing to high rate of consumption of energy-rich drinks and dairy products and emphasis on wellness and health drinks in the region. This region is predicted to touch USD 74.26 billion at 6.22% CAGR during the predicted years. Europe is followed by North America which is expected to have a robust market share owing to the presence of a good number of beverage manufacturers here along with attractive packaging that is enticing consumers largely. The promotional activities creating awareness will also drive the growth. The highest revenue generator will be the US followed by Canada and Mexico. The Asia Pacific Market is predicted to grow at 7.29% CAGR during the predicted years owing to increasing health awareness amid consumers, rise in disposable income, increasing mid-income population, commercialization of domestic sports events and rising number of international sporting events in the region.
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