InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Functional Beverages Market–Trends, Industry Competition Analysis, Revenue and Forecast To 2030.”
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According to the latest research by InsightAce Analytic, the global functional beverages market is valued at US$ 118.7 Billion, and it is expected to reach US$ 265.9 Billion by 2030, with a CAGR of 9.38% during the forecast period 2021-2030. By region, North America dominated the market with a share of 42 % in 2021.
The functional beverages market is one of the booming markets in the functional food and non-alcoholic beverage industry due to the continuous demand for health and wellness products, as these products help maintain a healthy lifestyle by keeping certain body functions in the normal range. They also keep the body hydrated while maintaining a nutritional balance. These beverages include nutritious drinks such as energy drinks, sports drinks, dairy drinks, fortified juice, enhanced water products, and ready-to-drink tea and coffee. Among the middle-aged and old-aged population, functional beverages with cognitive benefits are on the rise, while sports drinks, green tea, and caffeine products are popular among the young.
Factors such as the increasing demand for functional beverages, changing lifestyles, the growing number of health-conscious people, and a high preference for safe and organic products are anticipated to boost the market growth during the forecast period. Furthermore, attractive packaging of products, product innovations, and availability of a variety of flavors also surging the demand growth of these products.
In addition, the increasing partnerships and collaborations among the market players, acquisitions of small companies by the major market players, and availability of online retailers have offered new opportunities for the market players.
The recent Covid-19 pandemic has increased consumers’ interest in products offering immune system support is likely to propel the functional beverages market growth across the globe.
However, the high price of products, stringent government regulations, and lack of awareness about the availability of functional beverages limit the functional beverages market growth.
Geographically, the North American region is expected to dominate the market over the forecast period due to the rising health and wellness awareness amongst all age group consumers and continuous product innovations by market players in this region. However, the Asia Pacific region is expected to be the fastest-growing market during the forecast period. The changing lifestyle patterns, economic growth, and increasing health awareness are the major factors driving the market growth in this region.
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Major key market players operating in the functional beverages market are Archer Daniels Midland Company (US) , Arla foods (Denmark), Æcorn Aperitifs (UK), Campbell Soup Co. (US), Clif Bar & Company (US), Danone S.A. (France), DuPont Nutrition & Health, (Denmark), Fonterra Co-operative Group Limited (New Zealand), General Mills, Inc. (US), Glanbia PLC, Kraft Foods Group, Inc. (Ireland), LycoRed Ltd. (Israel), Monster Energy Company (US), Dr. Pepper Snapple Group (US), National Beverage Corp (US), Nestlé S.A. (Switzerland), PepsiCo, Inc. (US), Red Bull Gmbh (Austria), Suntory Holdings Limited (Japan), Tata Global Beverages (Bengaluru), The Coca-Cola Company (US), The Kraft Foods Group (US), Thomson & Scott Ltd. (UK), Seedlip (Australia), Domaines Pierre Chavin (France), among others.
Globally, product innovations, mergers, acquisitions, partnerships, and collaboration constitute the main competitive strategies of vendors.
Some of the recent key developments in the market are as follow:
- In August 2020, Arla Foods Ingredients (Denmark) launched the first-ever organic micellar casein isolate, helping manufacturers meet the demand for organic, natural, and functional protein products. Micellar casein isolate contains a minimum of 87% native milk protein, and this ingredient is suitable for food, functional health foods, and active nutrition applications.
- In February 2020, H2OPS LLC (US) launched a new H2OPS Mango variety at Natural Products. . This new product is blended with mosaic hops and organic mango flavors. H2OPS sparkling hop water contains zero alcohol, zero calories, zero carbs, zero sodium, and all are unsweetened.
- In June 2019, K-Zen Beverages (US) launched its S-Shots, a premium line of cannabis-infused wellness shots developed with natural ingredients. S-Shots are currently available for purchase throughout California.
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Global Functional Beverages Market, by Products, 2020-2030, (Value US$ Bn)
- Energy Drinks
- Sports Drinks
- Cannabis-Infused Beverages
- Non-alcoholic Aperitif
- Nutraceutical Drinks
- Functional Fruit and Vegetable Juices
- Enhanced Water
- Dairy-based Beverages
- Other Products
Global Functional Beverages Market, by Functions, 2020-2030, (Value US$ Bn)
- Health & Wellness
- Weight Management
Global Functional Beverages Market, by Distribution channel, 2020-2030, (Value US$ Bn)
- Convenience Stores
- Online Retail
Global Functional Beverages Market, by Region, 2020-2030, (Value US$ Bn)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America Functional Beverages Market, by Country, 2020-2030 (Value US$ Bn)
Europe Functional Beverages Market, by Country, 2020-2030 (Value US$ Bn)
- Rest of Europe
Asia Pacific Functional Beverages Market, by Country, 2020-2030 (Value US$ Bn)
- South Korea
- Australia & New Zealand
Latin America Functional Beverages Market, by Country, 2020-2030 (Value US$ Bn)
- Rest of Latin America
Middle East & Africa Functional Beverages Market, by Country, 2020-2030 (Value US$ Bn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Why should buy this report:
- To receive a comprehensive analysis of the prospects for the global functional beverages market
- To receive an industry overview and future trends in the functional beverages market
- To analyze the functional beverages market drivers and challenges
- To get information on current functional beverages market size (value US$ Bn) and forecast to 2030
- Major investments, mergers & acquisitions in functional beverages market industry
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