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 projected to witness a Compound Annual Growth Rate (CAGR) of 6.7% from 2022 to 2029, reaching a valuation of $179.8 billion by 2029. The market's expansion is primarily attributed to the increasing demand for functional beverages in emerging economies, the growing popularity of sports drinks, and heightened health expenditures. However, factors such as the availability of healthier alternatives and the comparatively higher pricing of functional beverages vis-à-vis conventional ones are expected to impede market growth to some extent.
The functional beverages market is segmented based on type (energy drinks, sports drinks, dairy-based beverages, nutraceutical drinks, vegetable & fruit beverages, and other beverages); application (health & wellness, weight management); distribution channel (supermarkets & hypermarkets, convenience stores, pharmacies & health stores, E-commerce, and other distribution channels); and geography (North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa). The study also conducts a thorough evaluation of industry competitors and analyzes the market at both regional and country levels.
In terms of type, the sports drinks segment is projected to register the highest CAGR during the forecast period. This growth is fueled by factors such as 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.
Regarding distribution channels, convenience stores are anticipated to hold the largest share of the functional beverages market in 2022, with the E-commerce segment expected to witness the highest CAGR during the forecast period. The robust growth of online retail channels is attributed to factors like the availability of a diverse range of products, attractive discounts, and convenient home delivery services.
Geographic Overview:
The report provides a comprehensive analysis of major geographies, including North America (the U.S. and Canada), Europe (Germany, Spain, Italy, France, the U.K., Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, Mexico, and Rest of Latin America), and the Middle East & Africa. North America is poised to command the largest share of the functional beverages market in 2022, driven by heightened awareness of the health benefits of functional beverages and strong demand for innovative and healthier food & beverage options. Meanwhile, Asia-Pacific is expected to witness the fastest growth during the forecast period, owing to factors such as 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.
Key Players:
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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