Functional Drinks Market Size, Insights, Outlook, Overview And Report 2023-2032

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Functional Drinks Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $57.6 billion In 2028 At A CAGR Of 5.6%.

The functional drinks market size has grown strongly in recent years. It will grow from $43.63 billion in 2023 to $46.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to innovation and product development, marketing and branding strategies, increased consumer awareness, lifestyle changes, distribution channels.

The functional drinks market size is expected to see strong growth in the next few years. It will grow to $57.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to advanced formulations, global health challenges ,sustainability and ethical practices, personalization trends, increased focus on mental health. Major trends in the forecast period include health and wellness focus, natural and clean labels, innovative ingredient, digital marketing and e-commerce, functional beverages for mental well-being.

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Functional Drinks Market Major Segments
The functional drinks market covered in this report is segmented -

1) By Product: Energy Beverages, Functional Fruit and Vegetable Juices, Sports Beverages, Functional Water, Other Products
2) By Distribution Channel: Hypermarkets Or Supermarkets, Specialty Stores, Online, Other Distribution Channels
3) By Application: Health And Wellness, Weight loss

Key Driver - Healthcare Cost Surge Fuels Growth Functional Drink Market

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.

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Prominent Trend - Functional Drink With Hemp Seed Oil And B Vitamins

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.

Functional Drinks Market Players
Major companies operating in the functional drinks market report 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. Ltd., Universal Nutrition Corp., Clif Bar & Company, Dr Pepper Snapple Group Inc., Glanbia Plc, Kerry Group Plc, Probi AB, The Hain Celestial Group, Koios Beverage Corp., Celsius Holdings Inc., Vital Proteins LLC, Fonterra Co-operative Group Limited, The Naked Collective Limited, The Alkaline Water Company Inc., KeHE Distributors LLC, The Honest Company Inc., The a2 Milk Company Limited, The New Age Beverages Corporation, The Simply Good Foods Company, The Good Crisp Company, The Ginger People, The Republic of Tea .

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the functional drinks market in 2023. The regions covered in the functional drinks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Functional Drinks Market Report Structure
3. Functional Drinks Market Trends And Strategies
4. Functional Drinks Market - Macro Economic Scenario
5. Functional Drinks Market Size And Growth
…..
27. Functional Drinks Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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