Global Functional Beverages Market Segments
The global functional beverages market is expected to decline from $128.66 billion in 2019 to $125.39 billion in 2020 at a rate of -2.54%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $158.28 billion in 2023 at a rate of 8.08%. Increasing awareness of health is anticipated to propel the demand for functional beverages over the forecast period. However, the wide availability of cheaper substitutes such as green tea, coffee, and fresh juice is hindering the growth of the market.
Functional beverages are non-alcoholic drinks which contain non-traditional ingredients such as vitamins, minerals, dietary fibers, probiotics, and added fruits. Functional drinks include energy drinks, sports drinks, enhanced fruit drinks, and functional bottled water.
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The global functional beverages market is further segmented based on type and geography.
By Type: Energy Drinks; Sports Drinks; Nutraceutical Drinks; Dairy-based Beverages; Juices; Enhanced Water; Others
By Function: Health & Wellness; Weight Management
By Distribution Channel: Brick & Mortar; Online
By Geography: The global functional beverages market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American functional beverages market accounts for the largest share in the global functional beverages market.
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Trends In The Functional Beverages Market
The manufacturing of low-calorie natural sweeteners and the use of natural color & ingredients are promoting the growth of functional beverages. Major players in the industry are adopting various strategies in order to meet consumer requirements.
Functional Beverages Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides functional beverages market overviews, analyzes and forecasts functional beverages market size and growth for the global functional beverages market, functional beverages market share, functional beverages market players, functional beverages market size, functional beverages market segments and geographies, functional beverages market trends, functional beverages market drivers and functional beverages market restraints, functional beverages market’s leading competitors’ revenues, profiles and market shares. The functional beverages market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.