Meticulous Research®—a leading global market research company, published a 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 Forecasts to 2029.
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According to the latest publication by Meticulous Research®, the functional beverages market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.7% from 2022 to 2029, reaching a valuation of $179.8 billion by 2029. This market growth is primarily driven by the rising demand for functional beverages in emerging economies, the growing popularity of sports drinks, and increased health expenditures. However, factors such as the availability of healthier alternatives and the relatively higher prices of functional beverages compared to conventional ones may impede market growth to some extent.
Market Segmentation:
The functional beverages market is segmented based on type, application, distribution channel, and geography.
Type:
Energy Drinks
Sports Drinks: Projected to register the highest CAGR during the forecast period, driven by their increasing popularity among teenagers and adults engaged in sports and physical activities, health-conscious consumer preferences, and the demand for clean or non-GMO food products.
Dairy-based Beverages
Nutraceutical Drinks
Vegetable & Fruit Beverages
Other Beverages
Application:
Health & Wellness
Weight Management
Distribution Channel:
Supermarkets & Hypermarkets
Convenience Stores: Anticipated to hold the largest share of the market in 2022.
Pharmacies & Health Stores
E-commerce: Expected to witness the highest CAGR during the forecast period, driven by the availability of a diverse range of products, attractive discounts, and convenient home delivery services.
Geography:
North America: Projected to command the largest share of the market in 2022, driven by heightened awareness of the health benefits of functional beverages and strong demand for innovative and healthier food & beverage options. Europe: Includes Germany, Spain, Italy, France, the U.K., Russia, and Rest of Europe.
Asia-Pacific: Expected to witness the fastest growth during the forecast period, driven by increasing incidences of diabetes and obesity, rising low-carb and clean-label trends, growing demand for sugar-free products, and heightened awareness of health and fitness. Latin America: Includes Brazil, Argentina, Mexico, and Rest of Latin America.
The functional beverages market exhibits a moderately competitive landscape, featuring numerous large and small-scale global, regional, and local players. Key players in the market include Danone S.A. (France), Meiji Holdings Co., Ltd. (Japan), Monster Beverage Corporation (U.S.), National Beverage Corp. (U.S.), Nestle S.A. (U.S.), PepsiCo, Inc. (U.S.), Red Bull GmbH (Austria), Suntory Holdings Limited (Japan), The Coca-Cola Company (U.S.), and The Kraft Heinz Company (U.S.).
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