The global Functional beverage market size was worth around USD 128.1 billion in 2022 and is anticipated to generate revenue of USD 205.8 billion by 2032 at a CAGR of around 4.8% between 2023 and 2032.Functional Beverages are drinks that are designed to offer additional health benefits beyond basic hydration. These beverages contain ingredients such as vitamins, minerals, herbs, and other natural or artificial additives that provide specific health benefits such as energy boost, weight management, improved digestion, enhanced mental performance, and immunity boost. Functional beverages are available in various forms such as sports drinks, energy drinks, enhanced water, and nutritional drinks. These beverages are usually marketed toward health-conscious consumers who are looking for products that can help them achieve their health and wellness goals.

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Key Players: -

Competitive Landscape

• Arla Foods Ingredients Group P/S
• Danone S.A.
• General Mills Inc.
• Koios Beverage Corp
• Mondelēz International
• Nestle
• PepsiCo
• Red Bull
• SUNTORY HOLDINGS LIMITED
• The Hain Celestial Group, Inc.
• The Kraft Heinz Company

 
Functional Beverage Market Growth Factors:
The Functional Beverage Market is being driven by several growth factors. Some of the key growth factors include:

Increase health awareness: Consumers are becoming more health conscious and are looking for products that offer other health benefits than basic hydration. Functional drinks are seen as a great way to get specific health benefits and are becoming increasingly popular.

Growing demand for sports and energy drinks: The demand for sports and energy drinks is on the rise due to the increasing popularity of sports and physical activity. These drinks provide quick energy and help consumers stay hydrated during exercise.

Innovation and product development: Manufacturers are constantly introducing new products to meet the changing needs of consumers. This brings innovation to the market and creates new opportunities for growth.

Access to functional drinks is growing: Increasing availability of functional drinks through online and offline channels is also contributing to the growth of the market.

Urbanization and lifestyle changes: Urbanization and lifestyle changes are driving demand for healthy and ready-to-drink products, including functional beverages.
Functional Beverage Market Segmentation:

By Type

• Caffeinated Beverages
• Probiotic Drinks
• Vegetable & Fruit Beverages
• Energy Drink
• Nutraceutical Drinks
• Fortified Water
• Others

By End-user

• Athletes
• Fitness Lifestyle Users
• Others

By Distribution Channel

• Supermarket & Hypermarket
• Specialty Stores
• E-Commerce
• Others

Functional Beverage Market Regional Analysis:

The Functional Beverage Market is a global market that is growing rapidly due to increasing demand for healthier drink options and rising awareness about the benefits of functional beverages. The market can be analysed on a regional basis to understand the market dynamics in different regions.

North America is expected to dominate the Functional Beverage Market due to the presence of key players in the region and the high demand for healthier drink options among health-conscious consumers. The region is witnessing significant growth in the energy and sports drinks segments, which is driving market growth.

Europe is another significant market for Functional Beverages, driven by the rising demand for healthier drink options and the increasing popularity of sports and fitness activities. The region is witnessing significant growth in the energy and sports drinks segments, as well as in the fortified water segment.

The Asia Pacific region is expected to be the fastest-growing market for Functional Beverages due to increasing urbanization, rising disposable incomes, and changing consumer preferences in countries such as China, India, and Japan. The region is witnessing significant growth in the energy and sports drinks segments, as well as in the fortified water and functional tea segments.

Latin America and the Middle East & Africa are also expected to witness steady growth in the Functional Beverage Market due to the increasing awareness about the benefits of functional beverages and rising demand for healthier drink options.

Recent Development

In August 2022: PepsiCo invested USD 550 million in the functional energy drink Celsius to accelerate its focus on the energy category and to gain penetration across the energy beverage category.

In May 2022: Koios Beverage Corp. launched 6 new flavors of its Fit Soda functional beverages such as Cherry Slushie, Mimosa, Pumpkin Spice, Sweet Tea Lemonade, Strawberry Snow Cone, and Blueberry Lemonade. The company aims to expand its reach to meet the growing consumer demand with the addition of new flavors.

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