InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled “Global Functional Beverages Market by (Products (energy drinks, sports drinks, cannabis-infused beverages, kombucha, non-alcoholic aperitif, nutraceutical drinks, functional fruit and vegetable juices, enhanced water, dairy-based beverages, and other products), Functions (health & wellness and weight management), Distribution channel (convenience stores, online retail, pharmacies, and supermarket/hypermarket)) – Market Outlook and Industry Analysis 2030” According to company’s newest research, the global Functional Beverages Market is worth US$ 118.7 Billion in 2021 and is predicted to reach US$ 265.9 Billion in 2030, with a promising CAGR of 9.38 % between 2022 and 2030.
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The rising global awareness of functional foods containing ingredients that have the potential to provide favourable health impacts is driving up consumer demand. Functionalized beverages have recently gained considerable interest because of their important contributions to nutritional intake such as. Vitamins, minerals, essential fatty acids, amino acids, and herbs are all ingredients in functional beverages. Functional beverages can help to boost the immune system, improve gut or cardiovascular health, aid in weight loss, or act as an adjuvant to slow the ageing process. Energy Drinks, Sports Drinks, Cannabis-Infused Beverages, Kombucha, Non-alcoholic Aperitif, Nutraceutical Drinks, Functional Fruit and Vegetable Juices, Enhanced Water, and Dairy-based Beverages are categorized as functional beverages.
Market Dynamics:
Market demand for fresh and natural eco-sustainable products with attractive sensory features and a high nutritional value is growing exponentially. Meanwhile, fermented functional foods have received significant interest as a result of their beneficial benefits to human health. There is a wide variety of pre-and pro-biotics, such as dairy and non-dairy beverages, with high therapeutic efficacy, such as cardiovascular system enhancement, weight loss, a healthy effect on the digestive tract, boosting immune defence, antioxidant activity, and improved joint function. This, in turn, is expected to increase the demand for functional beverages. Functional beverages are becoming widely attractive based on a variety of critical factors such as ease of handling, ease of storage and distribution, the ability to meet consumer demand, and shelf stability.
Consuming functional beverages as a preferable eating habit can improve overall health and disease prevention. The market growth is further attributed to the increasing human consumption of probiotic foods can be attributed to consumers’ interest in foods that contain substances beneficial to health. The market is gaining considerable market growth on account of an increase in the number of fitness enthusiasts and a shift in consumer preference away from sugary soft drinks and toward healthier alternatives.
The rapid growth of functional beverage consumption in North America results in companies developing new products through R&D activities for emerging applications and end-use markets and emphasizing R&D investments for product innovation. In 2021, North America held a 42 % global market share. Because of its well-established economy and high standard of living, North America is the largest market for functional beverages, with a healthy growth rate. The region is witnessing an increase in the popularity of zero-calorie, zero-sugar, and low-carb soft drinks. The market growth is further fueled by COVID-19, which has increased interest in plant-based as a health-forward alternative for consumers concerned about their body’s nutritional needs.
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Mergers and acquisitions, as well as strategic alliances such as investing in innovative technologies, are taking place in the global market in order to capitalize on significant opportunities during the forecast period.
- In Feb 2022, Remedy, a UK kombucha brand, has announced the addition of a new flavour to its lineup. At the same time, the retail giant will launch Remedy Kombucha Mango Passion and more nearly twice distribution of its existing Remedy flavours (Raspberry Lemonade and Ginger Lemon). This move supports Tesco’s commitment to selling more healthy products, with Remedy’s craft-brewed, no-sugar proposition proving popular with Tesco customers.
- In Oct 2021, Humm Kombucha has announced that it has secured a $8 million. The funds will be used to fuel the brand’s rapid growth as well as as working capital to hire employees, purchase machinery, and fund large-scale retail programmes and marketing initiatives.
- In May 2021, PepsiCo, Inc. introduced Soulboost, a functional sparkling water brand available in two flavours: Lift and Ease. The Lift variety contains 200 mg of panax ginseng, which aids in mental stamina. Blueberry pomegranate and black cherry citrus flavors are available. Company has introduced product to meet Consumers demand for convenient ways to support mental stamina and relaxation in their daily routines, as well as alternatives to alcoholic beverages.
- In March 2021, Arla Foods Ingredients is emphasizing the capabilities of its Lacprodan® ISO. Clear is going to bring protein benefits to juice drinks. Arla Foods Ingredients has introduced a new protein-rich juice drink concept. It shows how Lacprodan ISO can be used by manufacturers. Clear is designed to deliver the well-known benefits of whey protein isolate in the form of a refreshing, great-tasting juice drink with no added sugar.
The following key companies are engaged in the Functional Beverages market:
Archer Daniels Midland Company, Arla foods, Æcorn Aperitifs, Campbell Soup Co., Clif Bar & Company, Danone S.A., DuPont Nutrition & Health, Fonterra Co-operative Group Limited, General Mills, Inc., Glanbia PLC, Kraft Foods Group, Inc., LycoRed Ltd., Monster Energy Company, Dr. Pepper Snapple Group, National Beverage Corp, Nestlé S.A., PepsiCo, Inc., Red Bull Gmbh, Suntory Holdings Limited, Tata Global Beverages, The Coca-Cola Company, The Kraft Foods Group, Thomson & Scott Ltd., Seedlip, Domaines Pierre Chavin, Club Soda, H2OPS, BevZero, Caleno Drinks, Ferm Fatale, Pernod Ricard, MeMento srl, Cannabiniers, General Cannabis, Canopy Growth Corporation, Aurora Cannabis, Aphria Inc., Tilray, Daytrip Beverages, Lagunitas Brewing Company, Koios Beverage Corp., CBD Biotechnology Co. Ltd, G&Juice, K-Zen Beverages Inc., NewAge Inc., Alkaline88 LLC, Phivida Holdings Inc., CANNABIS SATIVA INC, Puration, Honeydrop Beverages, Buchi Kombucha, Cell – Nique Corporation, Equinox Kombucha, Fix8 Kombucha, Flying Embers, Gt’s Kombucha, GUTsy Captain, Hain Celestial Group, Health-Ade LLC, Heal Probiotics, HIGH COUNTRY, Kevita, Inc., Kombucha Me Pty Ltd., Kombucha Wonder Drink, Kosmic Kombucha, Live Soda Kombucha, Local Roots Kombucha, Makana Beverages Inc., Nesalla Kombucha, Pronatura, Red Bull GmbH, Reed’s Inc., Revive Kombucha, SOUL BREW KOMBUCHA, Strappa Live Kombucha, Humm Kombucha LLC, Townshend’s Tea Company, Yogi Tea, Nexba, Tea-Biotics Kombucha, Bootstrap Kombucha, Stratus Group, Flying Embers, JuneShine, Boochcraft, Better Booch, Rowdy Mermaid Kombucha, NOVA Kombucha, Lyre’s Spirit Co, Maria&Craig’s (CBD Botanical Spirit), Lucky Saint, Whiteside Drinks, Drink Dry Store, Big Drop Brewing Co Ltd., Real Kombucha, JoyBrau Functional Beer, Freestar Drinks, Ferm Kombucha, and Other Prominent Players.
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