Sep 13, 2019 (AmericaNewsHour) -- Increasing awareness of health and wellness is driving the growth of the functional beverages market at a global level. Functional beverages assist in enhancing various body functionalities such as the immune system, heart rate, digestive health, and weight management due to the presence of minerals, vitamins, herbs, amino acids, antioxidants, and bacteria. Thus, the health attributes of functional beverages are expected to drive market growth. The key players in the market are investing heavily in product development and adopting aggressive marketing strategies and promotion campaigns to capture a wider consumer base. Owing to the increasing demand for low-calorie products, manufacturers are focusing on launching zero-calorie or low-calorie functional beverages. Moreover, the growth of the organized retail sector is assisting in the easy availability of the product, which is supporting the growth of the global functional beverages market.
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Regional Analysis:The global functional beverages market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world. Europe is estimated to dominate the global functional beverages market in 2018. The European market is projected to reach to USD 74.26 billion by the end of 2023. Consumers are increasingly opting for healthy and nutritional drinks over calorie-heavy soft drinks, which is driving the growth of the functional beverages market in the region. In Europe, Germany and the UK are expected to contribute greatly to market growth. The functional beverages market in Asia-Pacific is projected to register a substantial CAGR of 7.29% during the forecast period. Rising health awareness is one of the major factors for increasing product demand in the region. In addition, key manufacturers of functional beverages are targeting the market in Asia-Pacific. The North American market is expected to account for 29.34% of the market share in 2018 and is projected to register a moderate growth rate during the forecast period.
SegmentsThe global functional beverages market has been segmented, on the basis of type, into energy drinks, functional fruit and vegetable juices, sports beverages, prebiotic and probiotic drinks, functional dairy products, dairy alternative beverages, and others. In 2017, the sports beverage segment accounted for the majority market share of the global functional beverages market and is projected to reach USD 63.88 billion by the end of 2023. However, the functional fruit and vegetable juices segment is projected to register the highest CAGR of 7.13% during the review period.
On the basis of function, the global functional beverages market has divided into hydration, energy and rejuvenation, health and wellness, and weight management.
In 2017, the health and wellness segment is expected to account for the maximum market share and is projected to reach USD 91.25 billion by the end of 2023. The global functional beverages market has been also been categorized, on the basis of distribution channel, as store-based and non-store-based. The store-based segment is expected to be the larger market while the non-store-based segment is projected to be the faster-growing market at the higher CAGR of 7.08% during the assessment period.
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The leading market players in the global functional beverages market are PepsiCo Inc. (US), the Coca-Cola Company (US), Nestle SA (Switzerland), Danone (France), Kraft Heinz Company (US), Fonterra Co-operative Group Ltd (New Zealand), Mondelez International Inc. (US), Monster Beverage Corporation (US), Campbell Soup Co. (US), and Hain Celestial Group (US).
? Food & beverage manufacturers
? Functional beverage manufacturers
? Raw material suppliers
? Retailers and wholesalers
? E-commerce companies
? Traders, importers, and exporters
Key Findings:? The sports beverage segment of the global functional beverages market, by type, is expected to be the largest market during the forecast period of 2018 to 2023. However, the functional fruit and vegetable juices segment is projected to register the highest CAGR of 7.13% during the review period.
? The health and wellness function segment is expected to exhibit a CAGR of 6.31% during the forecast period to reach USD 91.25 billion by the end of 2023. The energy and rejuvenation segment is projected to register a CAGR of 7.07% during the review period.
Global Functional Beverages Market Research Report--Forecast till 2023:As per MRFR analysis, the global functional beverages market is estimated to reach USD 234.48 billion by the end of 2023 at a CAGR of 6.63% during the forecast period.
How does the report examine the growth drivers and restraints of the Functional Beverages Market ?
The factors resulting in the expansion of the Functional Beverages Market are elaborated in the report after thorough primary and secondary research.
Analytical strategies focused on gain indicators affecting the growth of the Functional Beverages Market are presented in graphical formats.
The business-related trends driving the product consumption are discussed in detail in the report along with industry expertise to minimize the barriers to Functional Beverages Market growth.
What is the key information extracted from the report?
Extensive information on factors estimated to affect the Functional Beverages Market growth and Functional Beverages Market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects of Functional Beverages Market in various geographical regions.