Functional Beverages Market to hit US$145,146.05 Million, Globally, by 2028 at 7.8% CAGR: The Insight Partners

According to The Insight Partners latest market study, titled " Functional Beverages Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type (Energy Drinks, Sports Drinks, Fortified Juices, Functional Water, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)," includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

Functional Beverages Market is projected to reach US$ 145,146.05 million by 2028 from US$ million 85,728.85 in 2021; it is expected to grow at a CAGR of 7.8% from 2021 to 2028.

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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. These players are focusing on product innovation strategies to enlarge their market shares and boost their revenues.

The functional beverages market also faced similar difficulties as manufacturers were not permitted to operate at full capacity. However, as the consumers have become health-conscious during the pandemic, they are preferring healthy and nutritious foods and beverages. Moreover, the demand for immunity-boosting beverages also surged during the first quarter of 2020. With the relaxation of government restrictions in late 2020, manufacturers managed to overcome the demand and supply gap, which boosted their growth pace. Therefore, the COVID-19 pandemic had a mixed impact on the functional beverages market.

The rising prevalence of chronic diseases, such as cancer, heart diseases, obesity, and diabetes, is prompting consumers to place a greater emphasis on their health and fitness, which has revealed significant growth opportunities for the functional beverages market players. According to the World Health Organization (WHO), ~17.9 million people died because of CVDs in 2019, accounting for 32% of the deaths worldwide; heart attacks and strokes were the cause of 85% of these deaths. Therefore, people are changing their lifestyles and dietary habits to protect themselves from these chronic diseases. They are adopting active lifestyles, and consuming foods and beverages that offer functional benefits. 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.

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Based on product type, the functional beverages market is segmented into energy drinks, sports drinks, fortified juices, functional water, and others. In terms of distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. 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).

The convenience stores segment accounted for the largest market share in 2020, while the online retail segment is expected to register the highest CAGR during the forecast period. Online retail stores offer a wide variety of products with significant discounts; also, consumers can conveniently buy desirable products remotely. These platforms offer home delivery services that encourage a large group of customers to shop through e-commerce platforms. The manufacturers of functional beverages are enhancing their online presence by offering a variety of products through e-retailers. This help them in catering to a large audience and enhance their brand awareness.

Impact of COVID-19 Pandemic on Functional Beverages Market

The food & beverage industries across different regions suffered from severe disruption due to lockdowns, travel bans, border restrictions, manufacturing unit shutdowns, among other adversities, after the onset of the COVID-19 pandemic. However, the overall impact of the pandemic on the functional beverages market has been of a mixed type. Demand for functional beverages increased significantly as consumers became more concerned about the nutritional profile of their diet, which presented significant opportunities to the functional beverages market players.

The sales of functional beverages increased with the rapid emergence of health and wellbeing trends. Moreover, the demand for immunity-boosting foods and beverages increased during the pandemic. However, due to disruptions in supply chains, functional beverage manufacturers faced the shortage of raw materials, like any other segment of the food & beverages industry, which created a demand and supply gap. However, they began overcoming this gap as they started operating with full capacity in late 2021. Moreover, the majority of the population across the US, Canada, China, India, etc., are vaccinated, which is a positive sign for the global marketplace.

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