Global Functional Beverages Market Trends And Strategies Of Major Players In The Functional Beverages Market 2020
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The global functional beverages market reached a value of nearly $128,660 million in 2019, having increased at a compound annual growth rate (CAGR) of 4.6% since 2015. The market is expected to decrease from $128,660 million in 2019 to $125,390 million in 2020 at a rate of -2.5%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8.07% from 2021 and reach $158,280 million in 2023. The increase in the awareness of fitness among people and the growing number of health-conscious consumers are expected to drive the market for functional beverages during the forecast period.
The functional beverages market consists of sales of functional beverages by entities (organizations, sole traders and partnerships) that produce non-alcoholic beverages. A functional beverage is a type of non-alcoholic beverage with an additional benefit through its formulation, often in the form of a health aid or performance-enhancer product. Functional beverages contain non-traditional ingredients such as minerals, vitamins, probiotics, dietary fibers, and added fruits. The companies in the functional beverages industry process raw materials into drinks, package and distribute them through various distribution channels to both individual customers and commercial establishments.
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The Global Functional Beverages Market is further segmented based on type, function, distribution channel and geography.
By Type: Energy Drinks, Sports Drinks, Nutraceutical Drinks, Dairy-Based Beverages, Juices, Enhanced Water, Others.
By Function: Health and Wellness, Wealth Management.
By Distribution Channel: Brick and Mortar, Specialty Foodservice stores, 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 Asia-Pacific functional beverages market accounted for 37.5% which was the largest share in the global functional beverages market 2019.
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Trends In The Functional Beverages Market
Natural botanical infused drinks are the latest trend predominant in the functional beverages market. Natural botanicals are extracted from plant parts such as roots, flowers, fruits, leaves, or seeds and offer various functional benefits ranging from enhancing memory to boosting energy, burning fat, and providing immune system support. Key companies operating in the market are introducing several types of drinks that are infused with natural botanicals.
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 market size and growth for the global functional beverages market, functional beverages market share, functional beverages market players, functional beverages market segments and geographies, 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.