Functional Drinks Global Market Report 2023
Major players in the functional drinks market are The Coca-Cola Company, PepsiCo Inc., Red Bull GmbH, Suntory Beverage and Food Ltd., Danone S.A., Nestlé SA, Kraft Heinz Co., Monster Beverage Corporation, Otsuka Holdings Co.
New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Functional Drinks Global Market Report 2023" - https://www.reportlinker.com/p06463969/?utm_source=GNW
Ltd., Universal Nutrition Corp., Clif Bar & Company, Dr Pepper Snapple Group Inc., Glanbia Plc, Kerry Group Plc, and Probi AB.
The global functional drinks market is expected to grow from $43.27 billion in 2022 to $46.58 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. 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 functional drinks market is expected to reach $60.13 billion in 2027 at a CAGR of 6.6%.
The functional drink market consists of sales of coconut water, enhanced waters, functional sodas, and related products.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Functional drinks are nonalcoholic drinks that provide health advantages beyond their nutritional value by positively impacting or functionally concentrating on the body or mind to produce a state of health and well-being. It commonly involves unique ingredients such as fresh fruit, enzymes, minerals, herbs, protein, amino acids, probiotics, and artificial additives.
Asia-Pacific was the largest region in the functional drinks market in 2022. The regions covered in functional drinks report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of functional drinks are energy beverages, functional fruit and vegetable juices, sports beverages, functional water, and others.Energy beverages refer to a kind of drink that often includes high levels of caffeine, additional sugars, other chemicals, and legal stimulants such as guarana, taurine, and L-carnitine.
The several distribution channels involved are hypermarkets or supermarkets, specialty stores, online, and others. These are used in various applications, such as health and wellness and weight loss.
Increasing healthcare costs are expected to propel the growth of the functional drink market going forward.A health expenditure is a capital consumption with the primary objective of encouraging, restoring, and sustaining health.
Functional beverages contain substances that are considered to offer health benefits in addition to their basic nutritional value.Certain functional beverages contain antioxidants, vitamins, and minerals that boost the immune system, lower blood pressure, and reduce inflammation.
It can be a cost-effective way to meet nutritional needs. For instance, in March 2022, according to the 2021–2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, throughout the period 2021–2030, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is expected to grow at a 5.6% annual rate. Therefore, the increasing healthcare costs will drive the functional drink market’s growth.
Product innovations are a key trend gaining popularity in the functional drink market.Major companies operating in the functional market are focused on developing innovative solutions to strengthen their position in the market.
For instance, in February 2022, Rockstar Energy Drinks (a company of PepsiCo Inc.), a US-based beverage company, launched Rockstar Unplugged, a new energy drink with hemp seed oil and B vitamin ingredients rather than offering a huge punch of energy. Rockstar Unplugged, which contains 80 mg of caffeine, is a unique combination of ingredients that gives an extra energy boost. The brand-new calorie- and sugar-free beverage contains caffeine, hemp seed oil, B vitamins, spearmint, and lemon balm.
In September 2020, Unilever Plc, a UK-based consumer goods company, acquired Liquid I.V. for an undisclosed amount. This acquisition would help Unilever’s mission to advance human health and wellbeing and develop sustainable goods with favorable social effects. Liquid I.V. is a US-based wellness company and a producer of functional drinks.
The countries covered in the functional drinks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The functional drinks market research report is one of a series of new reports that provides functional drinks market statistics, including functional drinks industry global market size, regional shares, competitors with a functional drinks market share, detailed functional drinks market segments, market trends and opportunities, and any further data you may need to thrive in the functional drinks industry. This functional drinks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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