The global functional beverages market is estimated to be valued at $2,12,286.10 million by 2028, surging from $1,27,555.60 million in 2020, at a noteworthy CAGR of 6.60%.
Impact Analysis of COVID-19 on the Functional Beverages Market
The global market for functional beverages is estimated to experience a moderate growth amid the COVID-19 pandemic. Disruptions in supply chain and limited manufacturing facilities across the globe have hit the supply chain and it is impacting the businesses and workers engaged in it.
On the other hand, the growth of the market is the result of increasing demand for functional beverages due to rising health awareness regarding healthy lifestyles & diet. Also, companies are focusing more on energy drinks that boost immunity to fight against the deadly virus. Moreover, according to a news article published by Outlook India, in July 2020, demand for energy drinks increased as they would act as immunity boosters to fight against the COVID-19. All such factors are predicted to bring new opportunities in the global functional beverages market post-pandemic.
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Global Functional Beverages Market Analysis
The enormous growth of the global functional beverages market is mainly attributed to increasing prevalence of health-oriented beverages. Moreover, rising busy lifestyles and increasing purchasing power of the consumers are some of the factors that are driving the growth of the functional beverages market. Furthermore, now-a-days people don’t have much time to prepare food, therefore they have started adopting ready to drink or cooked food products that can be consumed instantly and offer good quality with great taste. These types of factors are fueling the market growth.
Disadvantages associated with functional beverages consumption such as high consumption can affect the heart and high cost of energy drink may create a negative impact on the market during the forecast period.
The increasing preferences towards the dairy-based beverages may create huge opportunities for the market in the future. Now-a-days people are adopting beverages that are cheap and healthy. Moreover, growing trends of focusing on weight loss, increasing stamina, performance, and other activities among the people for healthy lifestyle will motivate manufacturers across the globe to manufacture the healthy functional beverages. These are some of the elements that may further lead to lucrative market opportunities in the market in the upcoming years.
Global Functional beverages Market, Segmentation
The global functional beverages market is segmented based on type, end-user, distribution channel, and region.
Type:
The type segment is further classified into energy drinks, sports drinks, dairy-based beverages, and others. Among these, the energy drinks type sub-segment is anticipated to have the fastest growth as well as dominant share and surpass $91,170.80 million by 2028, with an increase from $53,504.30 million in 2020.
The market growth can be attributed to increasing demand for energy drinks due to their health benefits such as they contain fresh & natural ingredients, high nutrients, and essential amino acids, creating a positive impact on the sub-segment throughout the forecast period.
End-user:
The end-user segment is further divided into fitness lifestyle users, athletes, and others. The fitness lifestyle users sub-segment is anticipated to be the dominating as well as fastest growing sub-segment in the global market and register a revenue of $97,161.70 million during the analysis timeframe.
The growth of fitness lifestyle users sub-segment is attributed to evolving category of the fitness conscious and health concern people. Also, increasing trends of yoga and daily exercise along with fitness lifestyle users are some of the major factors that will increase the market growth of functional beverages. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
Distribution Channel:
The distribution channel segment is further divided into supermarket/hypermarket, specialty stores, e-commerce, and others. The supermarkets/hypermarkets sub-segment is anticipated to be the dominating sub-segment in the global market and register a revenue of $84,579.00 million during the analysis timeframe.
The growth of supermarkets/hypermarkets sub-segment owes to their growing popularity because of various reasons such as availability of different varieties of functional beverages along with huge discounts under the same roof. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
Region:
The functional beverages market for the North America region is projected to witness dominant share. This market generated a revenue of $51,022.20 million in 2020 and is further projected to reach up to $84,489.90 million by 2028.
The demand for functional beverages is surging in the North America region specifically because of factors such as increasing advancements in technologies along with increasing prevalence of canned drinks.
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Key Players in the Global Functional Beverages Market
Some of the leading global functional beverages market players are
- The Coca-Cola Company
- Monster Beverage Corporation
- Red Bull
- MaxiNutrition
- Coif Bar
- Dupont Nutrition Biosciences ApS
- Meiji Co., Ltd
- Nestlé S.A.
- Pepsico, Inc.
- National Beverage Corp.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
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