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Functional Beverages Market Growth Factors, Latest Trends And Regional Analysis Of Leading Players By 2023
The Business Research Company
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The global functional beverages market reached a value of nearly $128,660 million in 2019, having increased at a compound annual growth rate (CAGR) of 4.6% since 2015. The market is expected to decrease from $128,660 million in 2019 to $125,390 million in 2020 at a rate of -2.5%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8.07% from 2021 and reach $158,280 million in 2023.
The Key drivers of the functional beverages market include:-
The increase in the awareness of fitness among people and the growing number of health-conscious consumers are expected to drive the market for functional beverages during the forecast period. Consumers are moving towards maintaining a good health through various diets including keto and vegan, and fitness trainings including gyms. This shift is mainly because of the rise in sedentary jobs and busy lifestyles which are the major causes of diseases such as high blood pressure and diabetes.
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Functional Beverages Market Segmentation:-
By Type
1. Energy Drinks
2. Sports Drinks
3. Nutraceutical Drinks
4. Dairy-Based Beverages
5. Juices
6. Enhanced Water
7. Others
The energy drinks market was the largest segment of the functional beverages market segmented by type, accounting for 24.8% of the total in 2019. Going forward, energy drinks segment is expected to be the fastest growing segment in the functional beverages market, at a CAGR of 9.0%.
By Function
1. Health and Wellness
2. Wealth Management
The health & wellness segment was the largest segment of the functional beverages market segmented by function, accounting for 80.7% of the total in 2019. Going forward, health & wellness segment is expected to be the fastest growing segment in the functional beverages market, at a CAGR of 7.6%.
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By Geography - The functional beverages market is segmented I nto
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa
Some of the major key players involved in the functional beverages market are
1. The Coca-Cola Company
2. PepsiCo Inc.
3. Nestle S.A
4. Danone
5. Red Bull GmbH
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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