New York, USA, Dec. 29, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global functional beverages market is predicted to grow at a tremendous CAGR of 6.60%, thereby garnering a revenue of $2,12,286.10 million in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the functional beverages market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market
Drivers: Strategic alliances between key market players of the industry are expected to be the primary growth driver of the functional beverages market in the forecast period. Additionally, growing demands for functional beverages across the world is expected to help the market grow in the forecast period.
Opportunities: Increasing prevalence and consumption of nutraceutical drinks is anticipated to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing demand for instant energy drinks is estimated to augment the growth rate of the market in the forecast period.
Restraints: High cost of functional beverages, however, might restrict the growth of the functional beverages market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The functional beverages market, however, faced a moderate impact of the pandemic. Disruptions in supply chains and manufacturing cycles brought down the supply of functional drinks. However, growing awareness among the people regarding the need to adopt a healthy lifestyle helped the market grow during these years.
Segments of the Market
The report has divided the market into certain segments based on type, end-user, distribution channel, and region.
Type: Energy Drinks Sub-Segment to be the Most Profitable
By type, energy drinks sub-segment is predicted to be the most dominant and fastest growing and register a revenue of $91,170.80 million by 2028. Energy drinks have become quite popular as they give instant energy, concentration, and alertness to the consumer; this growth in popularity is anticipated to help the market register a positive growth during the forecast period.
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End-User: Fitness Lifestyle Sub-segment to be the Most Lucrative
By end-user, the fitness lifestyle sub-segment of the functional beverages market is expected to be the most profitable and surpass $97,161.70 million by 2028. Growing number of health-conscious people across the globe is predicted to augment the growth rate of this sub-segment.
Distribution Channel: Supermarkets/Hypermarkets Sub-Segment to be the Most Dominant
By distribution channel, supermarkets/hypermarkets sub-segment is predicted to be the most dominant sub-segment and garner $84,579.00 million by 2028. The diverse range of functional beverages offered by supermarkets and hypermarkets is anticipated to help the market register a positive growth during the forecast period
Region: Market in North America Region to Have the Highest Market Share
By regional analysis, the functional beverages market in the North America region is projected to be the most lucrative and register a revenue of $84,489.90 million in the analysis timeframe. Growing customer demands and preferences for different types of healthy and functional beverages is expected to be the main factor behind the growth of the market in this region.
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Prominent Market Players
Some prominent market players of the functional beverages market are
- The Coca-Cola Company
- Coif Bar
- Nestlé S.A.
- Monster Beverage Corporation
- Dupont Nutrition Biosciences ApS
- Pepsico Inc.
- Red Bull
- Meiji Co. Ltd
- National Beverage Corp.
- MaxiNutrition
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in August 2021, Nestle SA, a leading Swiss multinational food and drink processing company, announced the acquisition of Essentia Water, a leading producer of ionized alkaline functional water. This acquisition is predicted to help Nestle to expand its foothold in the market and cater to the demands of the industry in a comprehensive way.
Finally, this report published by Research Dive, also offers many vital facets of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Functional Beverages Market:
- How the Availability of Different Functional Beverages Help in Achieving Specific Health Benefits?
- Product Launches, Investments, and Business Expansion by Market Players such as 7-Eleven, OWYN, and Others to Foster the Growth of the Global Functional Beverages Market
