According to a new market research report titled, ‘Functional Beverages Market by Type (Energy Drinks, Sports Drinks, Dairy Beverages), Application (Health & Wellness, Weight Management), Distribution Channel (Supermarkets, Convenience stores, E-commerce), and Geography - Global Forecast to 2029’, published by Meticulous Research®, the functional beverages market is expected to register a CAGR of 6.7% from 2022–2029 to reach $179.8 billion by 2029.
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Functional beverages refer to non-alcoholic drinks containing non-traditional ingredients such as vitamins, minerals, dietary fibers, amino acids, raw fruits, and probiotics. Sports drinks, energy drinks, herbal tea, vitamin water, and fruit drinks with additives are commonly available functional beverages. They are widely consumed to improve health, energy, athletic endurance, and hydration. Functional beverages assist in delivering nutrients and bioactive compounds to the body, including antioxidants, fatty acids, fibers, plant extracts, and micronutrients. As a result, their consumption promotes a healthy cardiovascular system, improves digestion, prevents cancer, boosts immunity, regulates weight loss, strengthens joints, and enhances memory.
The functional beverages market is segmented by type (energy drinks, sports drinks, dairy-based beverages, nutraceutical drinks, vegetable and fruit beverages, other beverages); application (health & wellness, weight management); distribution channel (supermarkets & hypermarkets, convenience stores, pharmacies & health stores, E-commerce, other distribution channels), and geography.
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The food & beverage industry across different regions suffered from severe disruption due to lockdowns, travel bans, border restrictions, and manufacturing unit shutdowns, which resulted in shortages in raw materials and disturbances in supply chains. The functional beverages market also faced similar difficulties as manufacturers could not operate at full capacity. However, as consumers became health-conscious during the pandemic, they preferred healthy and nutritious foods & beverages. Moreover, the demand for immunity-boosting beverages also surged during the first quarter of 2020. With the relaxation of government restrictions in late 2020, manufacturers overcame the demand and supply gap, which boosted their growth pace. Therefore, the COVID-19 pandemic had a mixed impact on the functional beverages market.
On the other hand, the market's growth is the result of increasing demand for functional beverages due to rising health awareness regarding healthy lifestyles & diets. Also, companies are focusing more on energy drinks that boost immunity to fight against infection. Moreover, according to a news article published by Outlook India, in July 2020, the demand for energy drinks increased as they would act as immunity boosters.
Based on type, the sports drink segment is expected to register the highest CAGR during the forecast period of 2022–2029. The key factor attributed to the highest growth of this segment is the increasing popularity among teenagers and adults due to higher involvement in sports in developed economies.
Based on application, in 2022, the health & wellness segment is expected to register the largest share of the functional beverages market. The large market share of this segment is attributed to factors such as the increase in health-conscious people and the demand for clean or non-GMO food products.
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Based on geography, North America is expected to command the largest share of the functional beverages market in 2022. The large market share of this region is attributed to high awareness of the health benefits of functional beverages and the higher demand for innovative and healthier food & beverage product varieties across the region. However, Asia-Pacific is expected to witness the fastest growth during the forecast period. The growth in this region is mainly attributed to the increasing incidences of diabetes and obesity, rising low-carb and clean-label trends, growing demand for sugar-free products and awareness regarding health and fitness in the region.
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