Global Functional Beverage Market to Grow at a CAGR of 7.00% During 2024-2032, Aided by the Rising Health Consciousness

The global functional beverage industry is being driven by the growing awareness among consumers pertaining to health and fitness. This can be attributed to a range of health benefits offered by functional beverages, as they contain minerals, vitamins, and probiotics, among others. In addition, the growing demand for immunity enhancing beverages to help with the prevention of health issues is also leading to increased consumption of functional beverages, as they are convenient to drink and also have a prolonged shelf life. This is projected to significantly catalyse the industry growth in the coming years.

The growing consumer demand for healthy hydration products is driving leading players to increasingly invest in the development of innovative functional beverages, which is estimated to significantly catalyse the industry growth in the forecast period. For instance, in May 2021, PepsiCo Inc. (NASDAQ: PEP) announced the launch of its new sparkling water beverage, Soulboost, which contains real fruit and some functional ingredients such as L-theanine and panax ginseng. It comes in two variants, lift and ease, that offer four fruit flavours. Furthermore, in March 2021, another leading functional beverage manufacturer, Nestlé S.A. (OTCMKTS: NSRGY), announced the acquisition of Essentia Water, a premium functional water brand based in Washington, which pioneered ionized alkaline water. These developments are estimated to positively impact the growth of the functional beverage industry in the forecast period.

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Market Breakup by Type, Application, and Region:

• The market is divided, based on type, into energy drinks, sports drinks, fortified juices, dairy and dairy alternatives, and others.

• On the basis of application, the market can be categorised into supermarket/hypermarket, pharmacies/health stores, convenience stores, online retail stores, and others.

• Region-wise, the global market for functional beverage can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for functional beverage is being driven by the rising health awareness among consumers.

• The growing demand for immunity-enhancing beverages to help prevent the risk of severe illnesses has significantly contributed to the market expansion.

• The rising disposable incomes and improved living standards of consumers are also aiding the industry growth.

• The heightened investments by the leading market players in the development of new variants of functional beverages are further propelling the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for functional beverage for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, applications, and major regions of functional beverage.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global functional beverage market are PepsiCo Inc., Red Bull GmbH, The Coca-Cola Company, Danone S.A, Monster Beverage Corporation, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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