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Functional Shots Global Market Report 2024 - By Share, Size, Trends And Industry Report, Forecast To 2033
Functional Shots Market
As per the report, the functional shots market size has grown rapidly in recent years. It will grow from $0.67 billion in 2023 to $0.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The functional shots market size is expected to see rapid growth in the next few years. It will grow to $1.47 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%.
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Rising Demand for Health and Wellness Products Fuels Functional Shots Market Growth
The increasing demand for health and wellness products is expected to propel the growth of the functional shots market going forward. Health and wellness products encompass items designed to support and improve physical, mental, and emotional well-being, such as herbal supplements, protein powders, electrolyte drinks, low-sugar beverages, smoothies, and juice blends. The demand for health and wellness products is due to preventive healthcare, aging populations, and health awareness. Functional shots are versatile and can be incorporated into various health and wellness products, including dietary supplements, sports nutrition products, wellness shots, and beverages targeted toward specific health goals and lifestyle preferences. For instance, in February 2023, according to Monster Beverage Corporation, a US-based beverage company that manufactures energy drinks, net sales for the company's Monster Energy Drinks segment increased 2.6% to $1.39 billion for the 2022 fourth quarter from $1.35 billion for the 2021 fourth quarter. Furthermore, in December 2022, according to the United States Department of Agriculture, a US-based federal agency, non-alcoholic beverage exports from the United States increased to $13.6 million in 2022, a 20% increase. Therefore, the increasing demand for health and wellness products drives the functional shots market forward.
New Wellness Shots Offer Comprehensive Immune Support And Functional Benefits
Major companies operating in the functional shot market are focused on developing innovative products, such as wellness shots, to provide consumers with immune support and additional functional benefits. Wellness shots are condensed and concentrated cold-pressed juices designed to fit into an everyday lifestyle conveniently and can be taken at any time throughout the day to support overall wellness. For instance, in March 2021, Remedy Organics, a US-based producer of plant-based functional wellness shakes, launched Immunity+ Shots, a wellness shot formulated with certified organic, plant-based ingredients. The shots are offered in four varieties such as Heal Me, Protect Me, Energize Me, and Detoxify Me, with each focusing on a specific health benefit such as immunity, energy, detoxification, or digestion. They are strengthened with vital minerals like zinc, vitamin C, vitamin D, and acerola, in addition to antiviral components such as elderberry, acerola, and ginger for immune support, turmeric for inflammatory processes, cayenne for metabolism, Japanese matcha for energy, and prebiotics for gut wellness.
The functional shots market covered in this report is segmented -
1) By Product: Energy, Immunity, Detox, Other Products
2) By Function: Health And Wellness, Weight Management
3) By Distribution Channel: Hypermarkets And Supermarkets, Convenience Stores, Online, Other Distribution Channels
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Major companies operating in the functional shots market are Monster Beverage Corporation, Pressed Juicery Inc., Suja Life LLC, 5-hour Energy, Vital Proteins LLC, Reed's Inc., Navitas Organics, The Ginger People, So Good So You, Arden's Garden, Lumi Juice, Uncle Matt's Organic, KOR SHOTS, Ethan's, Sofresco GmbH, Source Wellness LLC, Remedy Organics, Tasty6, BEE&YOU, Safety Shot Inc., ALO Drink, Tulua Functional Shots, Lumen Functional Shots, HPP Functional Shots, Wholesome Organics
Contents of the report:
1. Executive Summary
2. Functional Shots Market Report Structure
3. Functional Shots Market Trends And Strategies
4. Functional Shots Market - Macro Economic Scenario
5. Functional Shots Market Size And Growth
…..
27. Functional Shots Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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