The functional beverages market is projected to record a CAGR of 6% from 2022 to 2032. Functional beverages are carefully crafted, RTD products distributed in varied flavours. Many manufacturers use packaging and labelling for advertising ingredients and nutritional value by marketing their products as healthy, vegan, or plant-based.
Functional beverages are gradually becoming a staple of diets, particularly among customers who are health-conscious. Customers rigorously adhere to a variety of diets, including vegan and keto. Ready-to-drink (RTD) beverages are a popular option because of their propensity to maintain good health despite leading busy lives. Over the ensuing years, the market for functional beverages or functional wellness drinks will display an excellent CAGR.
Elevating Health and Wellness: Exploring the 6% CAGR Surge in the Functional Beverages Market from 2022 to 2032 :
Future millennial customers are shown a strong desire for fast meals and drinks with several nutrition profiles. Additionally, the popularity of gyms and fitness training is rising across the board, from accessories, diets, and training services. Manufacturers are taking advantage of these trends by developing new products, such as vegan and plant-based beverages. Additionally, among consumers who are concerned about their health, nootropic drinks are becoming more popular. In the near future, such breakthroughs will drastically change the worldwide functional beverage market.
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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)
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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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