LONDON, Jan. 04, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the functional beverages market identifies increasing awareness of health issues to drive the demand for functional beverages over the forecast period. Functional beverages help to enhance various body functionalities, including the management of heart rate, digestive health, immune system, and weight management, due to the presence of vitamins, minerals, herbs, and amino acids. Consumers are increasingly shifting towards the consumption of functional beverages that contain ingredients to address these specific health issues. According to Packaging Strategies journal, a major change in the beverage industry is moving toward functional beverages as consumers strive to improve their health. Additionally, the rise of clean-label, organic, and non-GMO products is impacting the buying behaviours of consumers. Therefore, consumer preferences for functional drinks over carbonated drinks and fruit juices are projected to drive the demand for functional beverages over the next few years.
The global functional beverages market size will grow from $131.47 billion in 2022 to $147.7 billion in 2023 at a compound annual growth rate (CAGR) of 12.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global functional beverages market growth is expected to reach $224.99 billion in 2027 at a CAGR of 11.1%.
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The manufacturing of low-calorie natural sweeteners and the use of natural colors and ingredients are promoting the growth of functional beverages. Major players dealing in the industry are adopting various strategies in order to meet consumer requirements. For instance, in April 2021, Manus Bio, Inc., a US-based company operating in natural ingredients, announced the launch of NutraSweet Natural, a plant-based sweetener with zero calories. NutraSweet Natural is produced by isolating the sweetest and purest parts of the stevia leaf, which are incorporated into a proprietary blend to create the exact taste of sugar without the calories while minimizing its environmental footprint.
Asia-Pacific was the largest region in the functional beverages market in 2022. Western Europe was the second-largest region in the global functional beverages market. The regions covered in the global functional beverages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major players in the functional beverages market are Danone, Clif Bar & Company, Universal Nutrition, Cloud 9, The Coca-Cola Company, Monster Beverage Corporation, Arla foods, National Beverage Corp., Cloud 9, Nestle.
The global functional beverages market analysis is segmented by type into energy drinks, sports drinks, nutraceutical drinks, dairy-based beverages, juices, enhanced water, other types; by function into health & wellness, weight management; by distribution channel into brick & mortar, online.
Functional Beverages Market Global Report 2023 by The Business Research Company provides insights on the functional beverages market size, functional beverages market segments, functional beverages market research, functional beverages market trends, functional beverages market drivers and restraints, functional beverages market major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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