Functional Shots Market Definition And Segments
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.
The main products of functional shots are energy, immunity, detox, and others. Energy shots are functional beverages that provide a rapid and accessible source of energy. The various functions include health and wellness and weight management and distributed by various channels such as hypermarkets and supermarkets, convenience stores, online, and others.
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
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.
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.
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
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.
Suja Life LLC Bolsters Wellness Shot Market Dominance With Vive Organic Acquisition
In November 2022, Suja Life LLC, a US-based organic cold-pressed juice company, acquired Vive Organic for an undisclosed amount. With this acquisition, Suja aims to broaden its product range and market presence in the wellness shot segment, utilizing Vive Organic's expertise and inventive formulations, in line with Suja's dedication to providing top-notch organic offerings promoting consumer health and wellness. Vive Organic is a US-based manufacturer of immunity-boosting shots.
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.
The countries covered in the functional shots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The functional shots market consists of sales of hydration shots, relaxation shots, digestive health shots, detox shots, and energy shots. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The functional shots market research report is one of a series of new reports from The Business Research Company that provides functional shots market statistics, including the functional shots industry global market size, regional shares, competitors with functional shots market share, detailed functional shots market segments, market trends and opportunities, and any further data you may need to thrive in the functional shots industry. These functional shots market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.