functional beverages market By 2033, size is expected to exceed a valuation of US$ 277,744 million. According to our food and beverage analysts, functional beverage producers are valued at US$ 164,058 million in 2023 and are projected to grow at a compound annual growth rate (CAGR) of 5.4% through 2033.
Market growth for functional beverages is anticipated to reach 6% CAGR between 2022 and 2032. RTD drinks with carefully chosen tastes are distributed as functional beverages. Many producers promote the nutritional worth and contents of their products by using packaging and labelling that portrays them as plant-based, vegan, or healthful.
Functional beverages are becoming a regular part of diets, particularly for consumers who are health-conscious. A variety of stringent diets, such as vegan and keto, are followed by clients. Ready-to-drink (RTD) beverages are a popular choice because they tend to keep you healthy even with a busy schedule. Over the coming years, it is anticipated that the market for functional beverages, also known as functional wellness drinks, will expand at an extraordinary rate.
Future millennial consumers have demonstrated a significant preference for quick meals and beverages that fit a variety of dietary needs. Furthermore, gyms and fitness training are becoming more and more popular in all domains—from accessories to diets to training services. Producers are creating new goods, such plant-based and vegan beverages, to capitalise on these trends. Additionally, nootropic drinks are gaining popularity among customers who are worried about their health. Such discoveries will soon have a significant impact on the global functional beverage industry.
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North America continues to lead the pack in the global functional beverages market. Growing awareness of nutrition-focused diets, especially among millennial, is significantly contributing to regional market growth. Consumers in the US and Canada are strictly following health-conscious diets, which include functional beverages.
Moreover, prevalence of e-Commerce platforms in the APAC is attracting huge stakeholders’ attention. Booming digitization, coupled with the convenience of e-Commerce platforms in developing countries such as India is offering a conducive ground for functional beverage manufacturers.
How is the Competitive Landscape in the Functional Beverages Market?
The functional beverages market is highly fragmented with the presence of many small- and medium-sized enterprises (SME). Players are striving to gain competitive edge by developing functional beverages with varied nutritional value. Hence, significant players in the market are investing heavily in R&D, and mergers & acquisitions (M&A).
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In the recent past, the function food & beverage market has seen many new entrants. The proliferation of niche brands backed by intensive digital marketing is successfully paving way for new product categories, thus stiffening the market competition.
Functional beverage manufacturers are striving to avoid such lawsuits as well as, enhancing their product transparency. Leading manufacturers are employing dedicated teams to strategize law-abiding marketing plans that ensure proper representation of functional beverage products.
Further regulatory approvals for unique ingredients, packaging & labelling laws issued by statutory authorities such as the US Food & Drug Administration (FDA) are working in favour of functional beverages market.
Companies that understand consumers’ preference in different regions will fare well in marketplace. For instance, “energy shots”, small quantities of nutritious drinks are prevalent in Japan, whereas, in India and China, large value packs attract more customers. As such, product innovation, and evolving consumer patterns will influence the growth strategies of market players.
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Key Segments
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 Retails
- Departmental Stores
- Convenience stores
- Others
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding Japan
- Japan
- Middle East and Africa (MEA)
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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