Functional Beverages Market Size Worth US$ 145,146.05MN, Globally, by 2028 at 7.8% CAGR - Exclusive Report by The Insight Partners

NEW YORK, May 16, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Functional Beverages Market was valued at US$ million 85,728.85 in 2021 and is projected to reach US$ 145,146.05 million by 2028; it is expected to grow at a CAGR of 7.8% from 2021 to 2028. COVID-19 Impact and Global Analysis – by Product Type (Energy Drinks, Sports Drinks, Fortified Juices, Functional Water, and Others), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others), and Geography. The rising demand for plant-based functional beverages is projected to open lucrative opportunities in the market over the forecast period. Functional beverages are enriched with vitamins, minerals, proteins, amino acids, and probiotics, which help in fulfilling all the nutrient requirements of the body. Thus, the growing demand for beverages that offer health benefits is driving the growth of the functional beverages market.

Asia Pacific is expected to register the highest CAGR in the functional beverages market during the forecast period. Emerging countries in the region are witnessing a surge in health-conscious consumers, which will create demand for functional beverages, including energy drinks and fortified juices. The busy lifestyle of the urban middle-class population and the lack of nutritional ingredients in an individual's diet are driving the growth of the functional beverages market across Asia-Pacific. Moreover, as a result of the COVID-19 pandemic, the demand for healthy products boosting immunity surged significantly in Asia-Pacific. Therefore, manufacturers are incorporating various immunity-boosting and natural ingredients in their products to meet the specific requirements of consumers across the region.

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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.

Functional Beverages Market: Competitive Landscape and Key Developments

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.

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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.

Hike in Demand for Plant-Based Functional Beverages is likely to drive the Market Growth

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.

Functional Beverages Market: Segmental Overview

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.

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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.

Impact of COVID-19 Pandemic on Functional Beverages Market

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.

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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.

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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.

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