New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Functional Beverages Global Market Report 2023" - https://www.reportlinker.com/p06284496/?utm_source=GNW
The global functional beverages market 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, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The functional beverages market is expected to grow from $224.99 billion in 2027 at a CAGR of 11.1%.
The functional beverages market consists of sales of energy drinks, sports drinks, enhanced fruit drinks, bottled water, and other functional beverages.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 beverages are non-alcoholic drinks that contain non-traditional ingredients such as vitamins, minerals, dietary fibers, probiotics, and added fruits.
Asia Pacific was the largest region in the functional beverages market in 2022.Western Europe was the second-largest region in the functional beverages market.
The regions covered in the functional beverages market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of functional beverages are energy drinks, sports drinks, nutraceutical drinks, dairy-based beverages, juices, enhanced water, and others.Energy drinks are beverages or drinks that contain ingredients marketed to increase energy and mental performance.
The functions are health & wellness, and weight management and various type of distribution channel are brick & mortar, and online.
Increasing awareness of health issues is anticipated to propel 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 wide availability of cheaper substitutes such as green tea, coffee, and fresh juice is hindering the growth of the functional beverage market.The prices of functional drinks are comparatively higher than those of carbonated drinks and other available substitutes.
Thus, the availability of substitute products is negatively impacting the growth of the market.For instance, dry beverage mixes, which offer functionality, are cost-effective and have low transportation costs.
The ingredients in dry beverage mixes provide high nutrients, replacing the need for functional beverages with low costs. The availability of cheaper substitutes thereby restrains the growth of the market.
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.
In March 2021, Nestlé S.A, a Switzerland-based multinational food, and drink processing conglomerate corporation acquired Essentia Water, LLC for an undisclosed amount. Through this acquisition, Nestlé S.A aims to strengthen its presence in the functional water segment and to gain a competitive advantage in the market. Essentia Water, LLC is a US-based beverage company.
The countries covered in the functional beverages market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The functional beverages research report is one of a series of new reports that provides functional beverages statistics, including functional beverages industry global market size, regional shares, competitors with functional beverages share, detailed functional beverages segments, market trends and opportunities, and any further data you may need to thrive in the functional beverages industry. This functional beverages research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06284496/?utm_source=GNW
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