The global functional beverage market size is projected to expand at a CAGR of 6.8% during the forecast period, 2021-2028. The growth of the market is attributed to rising health concerns among the consumers.
Ready-to-drink (RTD) beverages are preferred among consumers strive as it helps to maintain their healthy lifestyles despite their hectic schedules. Millennials are increasingly consuming convenience foods and beverages with a diverse nutritional profile. Growing number of people are adopting fitness activities is expected to spur the market growth. Manufacturers are capitalizing on these factors by developing products such as vegan and plant-based beverages.
Rising trend of nootropic beverages among health-conscious customers is estimated to fuel the growth of the market. Such advancements is anticipated to have significant impact on the global functional beverage industry. Functional beverages are liquids that hydrate the body while also providing nutritional balance. These are fortified beverages that help people of all age group to avoid health problems. It provides numerous health benefits such as boosting immune system, improving mental capability, bone health, and heart health, and controlling cholesterol
Market Trends, Drivers, Restraints, and Opportunities
- Increasing awareness among millennials about functional beverages is projected to drive the market growth.
- The COVID-19 outbreak has encouraged people to consume healthy products, positively influencing the growth of the market.
- Development of natural functional beverages is anticipated to create immense opportunities for the market players.
- Red Bull GmbH
- Monster Beverage Corporation
The major players in the functional beverage market include PepsiCo, Red Bull GmbH, Coco-Cola, and Monster Beverage Corporation.
Companies are engaging in partnerships with supermarkets and hypermarkets to expand their market share.
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