Healthy eating concept: Horizontal shot of three detox drinks in glass bottles with fruits and vegetables all around them on rustic wood table. DSRL studio photo taken with Canon EOS 5D Mk II and Canon EF 70-200mm f/2.8L IS II USM Telephoto Zoom Lens
The Functional Drinks by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Functional Drinks, The functional drinks market size has grown strongly in recent years. It will grow from $43.63 billion in 2023 to $46.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to innovation and product development, marketing and branding strategies, increased consumer awareness, lifestyle changes, distribution channels
The functional drinks market size is expected to see strong growth in the next few years. It will grow to $57.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to advanced formulations, global health challenges ,sustainability and ethical practices, personalization trends, increased focus on mental health. Major trends in the forecast period include health and wellness focus, natural and clean labels, innovative ingredient, digital marketing and e-commerce, functional beverages for mental well-being
Increasing healthcare costs are expected to propel the growth of the functional drink market going forward. A health expenditure is a capital consumption with the primary objective of encouraging, restoring, and sustaining health. Functional beverages contain substances that are considered to offer health benefits in addition to their basic nutritional value. Certain functional beverages contain antioxidants, vitamins, and minerals that boost the immune system, lower blood pressure, and reduce inflammation. It can be a cost-effective way to meet nutritional needs. For instance, in March 2022, according to the 2021–2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, throughout the period 2021–2030, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is expected to grow at a 5.6% annual rate. Therefore, the increasing healthcare costs will drive the functional drink market’s growth.
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The functional drinks market covered in this report is segmented –
1) By Product: Energy Beverages, Functional Fruit and Vegetable Juices, Sports Beverages, Functional Water, Other Products
2) By Distribution Channel: Hypermarkets Or Supermarkets, Specialty Stores, Online, Other Distribution Channels
3) By Application: Health And Wellness, Weight loss
Product innovations are a key trend gaining popularity in the functional drink market. Major companies operating in the functional market are focused on developing innovative solutions to strengthen their position in the market. For instance, in February 2022, Rockstar Energy Drinks (a company of PepsiCo Inc.), a US-based beverage company, launched Rockstar Unplugged, a new energy drink with hemp seed oil and B vitamin ingredients rather than offering a huge punch of energy. Rockstar Unplugged, which contains 80 mg of caffeine, is a unique combination of ingredients that gives an extra energy boost. The brand-new calorie- and sugar-free beverage contains caffeine, hemp seed oil, B vitamins, spearmint, and lemon balm
The functional drinks market report table of contents includes:
1. Executive Summary
2. Functional Drinks Market Characteristics
3. Functional Drinks Market Trends And Strategies
4. Functional Drinks Market – Macro Economic Scenario
5. Global Functional Drinks Market Size and Growth
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26. South America Functional Drinks Market
27. Brazil Functional Drinks Market
28. Middle East Functional Drinks Market
29. Africa Functional Drinks Market
30. Functional Drinks Market Competitive Landscape And Company Profiles
Top Major Players:
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