Overview and Scope
Functional shots are beverages formulated with specific ingredients to deliver targeted health benefits. They are intended to provide a concentrated amount of nutrients or bioactive substances to support various areas of health and well-being, such as improving cognitive function, helping digestion, or promoting detox.
Sizing and Forecast
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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Segmentation & Regional Insights
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
North America was the largest region in the functional shots market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the functional shots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting 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.
Key Industry Players
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
The functional shots market report table of contents includes:
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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