Growth of the functional beverage market is driven by its adaptability to diverse consumer preferences and dietary needs, catering to various profiles, including plant-based, low-sugar, caffeine-free, and customized nutritional demands
NEWARK, Del, Nov. 07, 2023 (GLOBE NEWSWIRE) — The functional beverage market size is projected to surpass US$ 164,058 million in 2023 and is likely to attain a valuation of US$ 277,744 million by 2033. The functional beverage market share is expected to rise at a CAGR of 5.4% from 2023 to 2033.
Functional drinks have firmly established themselves in the sports and fitness market, providing great performance enhancers, post-workout recovery aids, and pre-activity nourishment. These items have become essential components of fitness programs, effortlessly harmonizing with the desire for optimum physical performance and adequate nutritional consumption.
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The functional beverage industry is benefiting from increased public awareness of health issues. These beverages address a wide range of conditions, including stress management, anxiety, inflammation, and digestive health. As consumers seek solutions to these problems, the market seizes the chance to solve real-world health issues with focused, practical solutions.
Effective marketing and branding initiatives significantly impact the growth of the functional beverage sector. Engaging narrative, eye-catching packaging, and targeted endorsements all captivate customers’ attention and allegiance. Branding is critical for establishing long-term consumer relationships and differentiating items in this crowded industry.
The advent of e-commerce platforms and direct-to-consumer sales channels is substantially propelling the functional beverage market’s expansion. These channels enable manufacturers to reach a larger audience while incurring fewer distribution expenses and providing consumers with quick access to a bigger range of product selections.
Personalization is emerging as an increasingly important motivator. Customization possibilities are available from functional beverage providers, allowing customers to customize their beverages to specific health requirements or flavor preferences. This increases brand loyalty and customer engagement.
CBD (cannabidiol) and hemp-based compounds have been gaining popularity in the functional beverage industry. These substances are linked to possible health benefits and relaxing effects, attracting a niche audience interested in holistic well-being.
Key Takeaways from this Report:
- In 2018, the global market size stood at US$ 123,764.6 million.
- The market size expanded at a 6% CAGR from 2018 to 2022.
- In 2022, the global market size stood at US$ 156,250 million.
- Energy drinks held 28.3% of market shares in 2023.
- Hypermarkets and supermarkets captured 35.30% of shares in 2023.
- Germany’s market will expand at a staggering 13.1% CAGR through 2033.
- The market in Japan will develop at a splendid 12.9% CAGR through 2033.
- Australia will witness expansion at an astounding 15.9% CAGR through 2033.
Key Players in Global Functional Beverage Market:
- Red Bull
- The Coca-Cola Company
- PepsiCo
- Monster Beverage Corporation
- Nestlé S.A.
- Danone
- Dr. Pepper Snapple Group
- GlaxoSmithKline
- Keurig Dr. Pepper
- Abbott Laboratories
Recent Developments Observed by FMI Experts:
- The Drinkable Company launched a new cannabis beverage brand in October 2023.
- BodyArmor Sports Nutrition launched its latest innovation, BodyArmor Flash I.V. Hydration Boosters in 2023.
- Kombucha brand Lo Bros launched two new flavors in the United Kingdom in October 2023.
“The functional beverage market is undergoing a substantial shift, which is being driven by innovation, scalability, strategic alliances, and a greater emphasis on sustainability. This shifting landscape confronts organizations with both problems and possibilities, forcing them to adapt to changing customer demands and regulatory needs while promoting development and resilience in a highly competitive market”, – Nandini Roy Choudhury, Client Partner at Future Market Insights
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Market Segmentation:
By Ingredient Type:
- Antioxidants
- Minerals
- Amino Acids
- Probiotics
- Prebiotics
- Vitamins
- Super-fruit Extracts
- Botanical Flavors
By Product Type:
- Energy Drinks
- Sports Drinks
- Nutraceutical Drinks
- Dairy-based Beverages
- Juices
- Enhanced Water
- Others
By Distribution Channel:
- Supermarkets
- Hypermarkets
- Health Stores
- Online Retail
- Departmental Stores
- Convenience Stores
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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