What Is The Definition Of The Global Functional Shots Market?
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.
Functional Shots Global Market Report 2024 provides data on the global functional shots market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Functional Shots market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Functional Shots Market Size Expected To Change, And What Are The Growth Rate Projections?
The functional shots market size has grown rapidly in recent years. It will increase from $0.67 billion in 2023 to $0.78 billion in 2024, reflecting a compound annual growth rate (CAGR) of 16.9%. This growth during the historic period can be attributed to the rise in production and development within the concentrated nutritional concoctions sector, increased demand for healthy drinks, a growing focus on mental health, an aging population, and a heightened need for healthy hydration products. The market size for functional shots is projected to see rapid growth in the coming years, reaching $1.47 billion by 2028 at a CAGR of 17.2%. Factors contributing to this forecast growth include increasing demand for health and wellness products, rising preference for ready-to-drink (RTD) beverages, growing health awareness among the population, and an expanding need for functional shots. Key trends during the forecast period will involve product advancements, new technologies, greater consumer preference for immunity-boosting functional shots, innovative manufacturing processes, and the adoption of natural and plant-based ingredients.
Which Drivers Are Accelerating Growth In The Functional Shots Market?
The increasing demand for health and wellness products is anticipated to drive the functional shots market's growth. Health and wellness products include items aimed at enhancing physical, mental, and emotional well-being, such as herbal supplements, protein powders, electrolyte drinks, low-sugar beverages, smoothies, and juice blends. This demand is fueled by preventive healthcare trends, aging populations, and heightened health awareness. Functional shots, which can be incorporated into various health and wellness products, such as dietary supplements, sports nutrition items, wellness shots, and targeted beverages, are becoming more popular. For example, in February 2023, Monster Beverage Corporation reported that its Monster Energy Drinks segment saw net sales rise by 2.6% to $1.39 billion in Q4 2022 from $1.35 billion in Q4 2021. Additionally, in December 2022, the United States Department of Agriculture noted a 20% increase in non-alcoholic beverage exports, reaching $13.6 million in 2022. Consequently, the growing demand for health and wellness products is propelling the functional shots market.
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What Are The Core Segments Of The Global Functional Shots Market?
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
Which Emerging Trends Are Reshaping The Functional Shots Market Size?
Companies in the functional shot market are focusing on creating innovative products such as wellness shots to offer consumers immune support and additional health benefits. Wellness shots are concentrated cold-pressed juices that integrate easily into daily routines, providing various wellness benefits throughout the day. For instance, in March 2021, Remedy Organics, a US-based producer of plant-based wellness shakes, launched Immunity+ Shots. These wellness shots feature certified organic, plant-based ingredients and are available in varieties like Heal Me, Protect Me, Energize Me, and Detoxify Me. Each variant targets specific health benefits such as immunity, energy, detoxification, or digestion, enriched with vital minerals, vitamins, and antiviral components like elderberry, acerola, ginger, turmeric, cayenne, Japanese matcha, and prebiotics.
What Is The Largest Region In The Functional Shots Market?
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.
