Cibi e Bevande
Functional Beverages Market Size Worth US$ 145,146.05MN, Globally, by 2028 at 7.8% CAGR - Exclusive Report by The Insight Partners
https://www.theinsightpartners.com/sample/TIPRE00028382/
Moreover, prominent manufacturers in the functional beverages market across Asia-Pacific are lowering the sugar content of their products to target fitness enthusiasts. Companies such as PepsiCo and The Coca-Cola Company have pledged to eliminate artificial additives and lower the amount of sugar in their products. Such initiatives by manufacturers are boosting the demand for functional beverages.
The leading players in the functional beverages market include PepsiCo, The Coca-Cola Company, Nestle, Kraft Foods, General Mills, Campbell Soup Company, Red Bull , The Wonderful Company LLC, Danone SA, and Monster Energy Company, among others. These players are launching innovative products to meet the rapidly emerging consumer trends. Moreover, they are adopting merger & acquisition, partnership, and joint venture strategies to expand their market share.
https://www.theinsightpartners.com/inquiry/TIPRE00028382/
The veganism trends are rapidly rising in North America , Europe , and Asia Pacific markets. According to the Harris Poll conducted on behalf of the Vegetarian Resource Group, as of March 2019 , 2% of American citizens considered themselves as vegan. Veganism was one of the top 5 searched terms on Google in 2019 in the UK and across the globe, according to Google Trends. Plant-based beverages have gained huge traction owing to shifting consumer preferences towards sustainable products, growing affiliation for animals, and rising awareness of animal protection. Moreover, a wide range of plant-based products are available across multiple retail channels including supermarket chains such as Walmart, Kroger, Lidl, and online retail platforms, among others. Increasing health concerns have compelled consumers to shift their preference to vegan foods and beverages. The vegan population is significantly increasing owing to the rising prevalence of lactose intolerance and various kinds of food allergies.
People are increasingly focusing on cutting dairy products from their diet owing to the growing influence of the trend of veganism and increasing prevalence of lactose intolerance. Moreover, they prefer animal-free products owing to the rising awareness regarding animal protection and affection toward them. The surging inclination toward plant-based products has encouraged innovations in the functional beverages market. According to the International Food Information Council's 2021 Food and Health Survey, more than 4 out of 10 buyers believe plant-based alternatives are healthier, even if two diets have similar ingredients and provide similar nutritional benefits. Therefore, manufacturers are increasingly developing vegan-friendly, plant-based functional beverages to cater to the emerging consumer trends, which is projected to drive the growth of the functional beverages market in the coming years.
Based on product type, the functional beverages market is segmented into energy drinks, sports drinks, fortified juices, functional water, and others. The fortified juices segment is projected to grow at a prominent CAGR during the forecast period. Fortified juices are enriched with minerals, probiotics, vitamins, prebiotics, and other ingredients. These juices provide high nutritional value to the consumers as they are fortified with essential nutrients. Owing to the growing awareness regarding the health benefits of consuming fortified juices, the demand for fortified juices has grown significantly in the past few years. The shifting inclination of consumers toward ready-to-drink and on-the-go functional beverages is also expected to fuel the demand for fortified juices during the forecast period.
Based on distribution channel, the functional beverages market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The convenience stores segment accounted for the largest share in the market. However, the online retail segment is projected to register the highest CAGR during the forecast period. Convenience stores provide a large variety of products of different brands. Moreover, they are easy to reach since they are located in the vicinity of the residential areas. However, the online retail channels are gaining high consumer attention as they offer home delivery services, along with attractive offers and discounts. They also offer a wide range of products of different brands, and include customer reviews and ratings for specific products, which helps the consumers in choosing the right products for them. These factors are driving the popularity of the online retail segment.
The COVID-19 pandemic brought unprecedented challenges across the food & beverages, and nutraceuticals industries, among others. Lockdowns, border restrictions, travel restrictions, manufacturing units' shutdown, and other safety measures imposed by governments disturbed the operations of manufacturing companies. These restrictions hampered the supply chains of functional beverage manufacturers. Moreover, raw material shortage resulted in short-term financial losses for many functional beverages manufacturers due to low production volumes.
However, as the concerns related to health and fitness increased due to the outbreak, the demand for functional beverages increased dramatically as they offer specific health benefits, such as improved bone health, normal eye health and vision, cholesterol management, and improved heart health, which are beyond the regular daily intake of nutrients. Further, the manufacturers are scaling up their production due to ease in the restrictions imposed by governments, which is boosting the functional beverages market performance on the supply front.
https://www.theinsightpartners.com/speak-to-analyst/TIPRE00028382/
Hike in demand for plant-based functional beverages owing to its health benefits and nutritional properties is a major factor projected to offer lucrative growth opportunities to the functional beverage market over the forecast period. Based on type, the energy drink segment accounted for the largest revenue share because of growing health consciousness among consumers and energy drinks are widely consumed by adolescents due to their claims of improving performance, endurance, and alertness.
North America accounted for the largest share of the global functional beverages market. Consumers looking for healthier alternatives in food & beverages to boost immunity were alarmed by the impact of COVID-19. The nutritional value of the functional beverage is high, which stimulated its demand.
Based on distribution channel, the online retail is the fastest growing segment due to its shopping and product delivery convenience. Online retail stores offer a wide variety of products with heavy discounts; also, consumers can conveniently buy desirable products remotely. Surging demand for beverages with functional benefits and increasing healthcare expenditure are some of the key driving factors for functional beverages market.
https://www.theinsightpartners.com/buy/TIPRE00028382/
Based on geography, the functional beverages market is segmented into—North America, Europe , Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). North America held the largest market share in 2020. The rising number of health-conscious individuals in the region is one of the primary factors driving the growth of the functional beverages market; calorie consciousness among people compels them to consume zero-sugar and low-calorie energy drinks and sports drinks. The increasing participation in sports and recreational activities also supports the regional market, as functional beverages help in maintaining the energy levels in the body, enhancing nutrient absorption of the body, and keeping the body hydrated. Moreover, the flourishing trend of veganism is bolstering the demand for plant-based functional beverages.
Sports and Energy Drinks Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Isotonic Sports Drinks, Hypertonic Sports Drinks, Alcoholic Energy Drinks, Others); END-USERS (Sportsperson/Athletes, Casual sports drink users, Recreational users, Lifestyle users); INGREDIENTS (Electrolytes, Carbohydrates, Sodium, Caffeine, Taurine, Others); Distribution Channel (Hypermarkets and Supermarkets, Specialty Stores, Online Retail, Others) and Geography
Carbonated Beverages Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Soft Drinks, Sports and Energy Drinks, Others); Flavor (Cola, Fruit Based, Others); Distribution Channel (Hypermarkets and Supermarkets, Specialty Stores, Online, Others) and Geography
Energy Drinks Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Product (Alcoholic Energy Drinks, Non-alcoholic Energy Drinks); Ingredients (Caffeine, Taurine, Guarana, Vitamin B, Ginseng, Ginkgo Biloba, L-Carnitine, Sugars, Antioxidants, Others); End-Users (Children/Teenagers, Adults) and Geography
Functional Drink Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Energy drinks, Sports drinks, Nutraceutical drinks); Distribution Channel (Offline Stores, Online Stores) and Geography
Sports Nutrition Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Sports Food, Sports Drinks, Sports Supplements); Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retails, Others) and Geography
Fortified Juices Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Fruit Juices, Vegetable Juices, Blended/ Mixed Juices); Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Online, Others.); Fortifying Ingredient (Vitamins, Minerals, Probiotics, Others) and Geography
Functional Water Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Ingredients (Vitamins and Minerals, Proteins, Others); Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, Others) and Geography
Flavored and Functional Water Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Product Type (Sports Drink,Nutraceutical Drink,Energy Drink,Ready to drink,Others); Packaging (PET bottles,Glass Bottled Cans,Pouches); Distribution Channel (Hypermarket,Grocery and Provisional Stores,Drug Stores,Vending Machines,Others) and Geography
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Sameer Joshi
sales@theinsightpartners.com
+1-646-491-9876
https://www.theinsightpartners.com/pr/functional-beverages-market
Logo: https://mma.prnewswire.com/media/1586348/The_Insight_Partners_Logo.jpg