Functional Beverages Market Size 2020 – Increased Demand Due To Health Priorities During Pandemic

(Functional Beverages Companies Included In The Business Research Company's Functional Beverages Market Global Report 2020-30: Covid 19 Growth and Change: Danone, Clif Bar & Company, Universal Nutrition, Cloud 9, The Coca-Cola Company, Monster Beverage Corporation, Arla foods, National Beverage Corp, Cloud 9, Nestle)

London, Aug. 07, 2020 (GLOBE NEWSWIRE) -- The rapid spread of the coronavirus currently seems to only be controlled by social distancing and maintaining hygiene, but the disease has also caused an elevated consciousness among consumers, who are increasingly look for healthy alternatives in food and beverages to boost immunity and decrease chances of contracting the virus. The demand for functional beverages has thus increased since the pandemic began as they offer a high nutritional and health and wellness value. Substituting high sugar drinks and carbonated drinks with functional beverages has become a ‘health trend’ in 2020 and is viewed as a precautionary step towards curbing the effects of the virus. Consumer insights have also shown that the coronavirus has not ended the functional drinks trend, but rather more consumers have health at the top of their minds during the pandemic and are craving food and beverage products that make beneficial-to-health claims.

These health claims are supported by the various trends within the functional drinks market, such as natural botanicals that 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, relaxation drinks rather than energy drinks, for purposes such as switching off from busy lifestyles, a good night’s sleep, elevated happiness quotients, stress relief, and CBD-infused drinks as cannabidiol offers many health claims such as reduced anxiety, reduced inflammation, enhanced mood, and pain management. All of these are sought after in general lifestyles, but benefits such as immunity boosting, stress relief, reducing anxiety are especially needed during the pandemic.

The Business Research Company’s report titled Functional Beverages Market Global Report 2020-30: COVID-19 Growth And Change covers major functional beverages companies, functional beverages market share by company, functional beverages manufacturers, functional beverages infrastructure market size, and functional beverages market forecasts. The report also covers the global functional beverages market and its segments. The functional drinks market is segmented by type into energy drinks, sports drinks, nutraceutical drinks, dairy-based beverages, juices, enhanced water, others, by function into health & wellness, weight management, and by distribution channel into brick & mortar, online.

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However, even with the advantages of functional drinks, lockdowns 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 have resulted in a decline in the functional drinks market growth rate. The functional beverages market is expected to decrease from $128.66 billion in 2019 to $125.39 billion in 2020 at a rate of -2.5%.

Going forward, the increase in the demand for immunity boosting foods and beverages due to the outbreak of Coronavirus disease (COVID-19) is likely to benefit the functional beverages market. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Consumers have become more conscious about improving their immunity due to this pandemic and it is expected to have an unprecedented demand for established immunity-boosting products because of the growing importance on preventive healthcare, particularly with personal hygiene in the minds of consumers. For instance, according to the Food Safety and Standards Authority of India, the sales of immunity-boosting foods have increased up by an estimated 20-40% since the initiation of lockdown due to the pandemic in the country. Thus, the rising concern in the minds of consumers regarding COVID-19 is expected to the increase the need for more preventive healthcare products to boost their immunity, thereby driving the growth of the functional beverages market. The functional beverages market size is expected to recover post the COVID-19 crisis and grow at a rate of 8.07% from 2021 and reach $158.28 billion in 2023.

FMCG Gurus surveyed 23,000 consumers across 18 countries in May 2020. 63% of respondents said that their health consciousness increased significantly due to the coronavirus outbreak, a marginal increase from the survey results conducted a month earlier (59%). 80% respondents said that they planned to eat and more healthily because of the virus. When asked about the steps taken towards these goals, the consumers said that they would reduce sugar intake and manage their weight. Being quarantined at home led to reduced activity levels and increased food indulgence, which made the consumers want to start monitoring their weights. These factors will drive the market for functional beverages as more consumers are becoming health conscious due to COVID-19.

Functional Beverages Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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Functional Food Market Global Report 2020-30: COVID-19 Growth and Change

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