Functional Beverages Market is expecting to touch a valuation of USD 234.48 billion by 2023
The global functional beverages market is expecting to touch a valuation of USD 234.48 billion by 2023, Market Research Future (MRFR) in their extensively studied report includes chief drivers and detailed study of segments to deliver reliable prediction about the market future. Functional beverages are drinks which contain essential ingredients to maintain energy levels. Health benefits associated with these drinks are likely to drive market growth over the forecast period (2018-2023).
Key players in the functional beverages market include The Coca-Cola Company (U.S.), Mondelez International Inc. (U.S.), Danone (France), Campbell Soup Co. (U.S.), Kraft Heinz Company (U.S.), PepsiCo Inc. (U.S.), Monster Beverage Corporation (U.S.), Hain Celestial Group (U.S.), Nestle S.A. (Switzerland), and Fonterra Co-operative Group Ltd. (New Zealand).
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The global functional beverages market can be segmented by type, distribution channel, and function. By type, the market is segmented into energy drinks, sports beverages, prebiotic and probiotic drinks, functional fruits and vegetable juices, functional dairy products, dairy alternative beverages, and others. By function, the market is segmented into health & wellness, energy & rejuvenation, weight management, and hydration. The health and wellness segment is touted to reach a market size of USD 91.25 billion by 2023, followed by energy & rejuvenation segment which can register USD 87.38 billion in the same year.
The Functional Beverages Market covers the latest trends and opportunities across North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW). North America accounted for 29.34% share of the global market in 2017 and can experience a robust CAGR of 6.97% over the forecast period. The wide portfolio of beverage manufacturers in the region coupled with attractive packaging to entice consumers is likely to spur the market demand in the forthcoming years. Promotional activities to create awareness is also expected to facilitate growth. The U.S. will be the biggest revenue generator, followed by Canada and Mexico.
Development of new products in regional or local flavors to entice customers are being researched by drink manufacturers to gain a larger share of the functional beverages market. New packaging designs as well as the shift towards greener packaging are trends which have been implemented by manufacturers to capitalize on this trend. For instance, the micro-encapsulation technology allows companies to mask the bitter taste of amino acids.
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Manufacturers are investing in functional beverages segment to differentiate themselves in the market. The same players are changing their logo or packaging design to gain attention from the 18-30 demographic. This is exemplified by Monster which has created a brand among the youth.
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