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Functional Shots Market Size, Share, Industry Analysis, Segments And Forecast To 2033
Functional Shots Market Size
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According to The Business Research Company's, 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 growth in the historic period can be attributed to rise in production and development of concentrated nutritional concoctions sector, increased demand for healthy drinks, rise in focus on mental health, increased aging population, increased demand for healthy hydration products.
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%. The growth in the forecast period can be attributed to increasing demand for health and wellness products, rising preference for ready-to-drink (RTD) drinks, rising health awareness among the population, rising need for functional shots, increasing health consciousness and awareness. Major trends in the forecast period include product advancement, the development of new technologies, increasing consumer preference for immunity-boosting functional shots, innovative manufacturing processes, the adoption of natural and plant-based ingredients.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Functional Shots Market 2024 Key Insights:
• 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%.
• Rising Demand for Health and Wellness Products Fuels Functional Shots Market Growth
• New Wellness Shots Offer Comprehensive Immune Support And Functional Benefits
• North America was the largest region in the functional shots market in 2023
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