The new report by Expert Market Research titled, ‘Global Functional Beverage Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global functional beverage market, assessing the market based on its segments like types, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7.0%
The changing preference of consumers towards healthy beverages owing to the changing lifestyles and increasing nutritional needs due to busy routine is driving the market growth. In addition to this, the consumption of functional beverages boost energy, helps in weight loss, and enhance mental focus.
These benefits of the drink are anticipated to propel its demand in the forecast period. Moreover, the easy availability of the product due to the robust development of convenience stores is accelerating the sales, which is anticipated to be an aiding factor for the market growth. Geographically, the Asia Pacific accounts for a significant share in the market owing to the high number of beverage consumers in India and China, coupled with the growing maturity in the carbonated drinks sector.
Industry Definition and Major Segments
Functional beverage refers to a type of drink which contains bioactive compounds. They are fortified with nutritional elements, including herbs, vitamins, minerals, and amino acids, among others, to promote good health. Energy and sport drinks are popular examples of functional beverage. Moreover, they are beneficial for the health and is consumed by the patients suffering from various chronic diseases.
On the basis of type, the market can be segmented into:
• Energy Drinks
• Sports Drinks
• Fortified Juices
• Dairy and Dairy Alternative Beverages
Based on distribution channel, the market has been divided into:
• Pharmacies/Health Stores
• Convenience Stores
• Online Retail Stores
The regional markets for functional beverage include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The key trends in the functional beverage market include the emerging e-commerce industry, coupled with the increasing purchasing power of the population and increasing adoption of smart devices. This factor is increasing the sales of functional beverages.
Meanwhile, the rising cases of osteoporosis, cardiovascular diseases, and arthritis are bolstering the demand for the product. In addition to this, the increasing awareness pertaining to the benefits of consuming functional beverages, such as improved heart health, bolstered immunity and digestion, and improved joint health, among others, is likely to augment the market in the forecast period.
Key Market Players
The major players in the market are PepsiCo Inc., Red Bull GmbH, The Coca-Cola Company, Danone S.A, and Monster Beverage Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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