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Global Functional Beverage Market Size, Growth, Forecast: By Type: Energy Drinks, Sports Drinks, Fortified Juices, Dairy and Dairy Alternative Beverages, Others; By Distribution Channel: Supermarket/Hypermarket, Pharmacies/Health Stores, Convenience Stores, Online Retail Stores, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Functional Beverage Market Outlook
The global functional beverage market size reached a value of approximately USD 243.36 billion in 2023. The market is further expected to grow at a CAGR of 7.0% between 2024 and 2032, reaching a value of USD 448.97 billion by 2032.
Increasing consumer awareness of the potential of functional beverages is leading to an enhanced demand for a wide range of functional beverages, spurring the growth of the functional beverage market. With rising availability of various functional beverages and options for bulk purchasing, consumers are easily able to find suitable functional beverages that suit their health requirements and also appeal to their flavour preferences. Many consumers are purchasing functional beverages in bulk as a part of their normal grocery shopping, enabling them to incorporate various functional beverages into their daily lifestyle. The grab-and-go nature of functional beverages is also increasing their consumption as no preparation is required. The growth of the global functional food and beverage market, supported by rising health consciousness and increasing prevalence of various health conditions is also anticipated to surge the demand for functional beverages.
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Increased Consumption of Dairy and Dairy Alternative Beverages to Propel the Global Functional Beverage Market Growth
The dairy and dairy alternative beverages segment, by type is anticipated to possess a substantial share in the market for functional beverages. This growth can be attributed to the rising consumer demand for healthy hydration products such as milk and yoghurt drinks that are rich in probiotics. In addition, plant-based drinks, such as soy-based milk, are gaining popularity among consumers due to the growing trend of veganism.
Meanwhile, online retail stores, based on distribution channel, are anticipated to witness an increased demand in the coming years, owing to a wide range of functional beverages available online, along with the rising accessibility to internet connectivity worldwide.
Global Functional Beverage Market Share by Region
North America is projected to occupy a significant share of the global market for functional beverages in the forecast period. This growth can be attributed to the rising awareness among consumers pertaining to the health benefits associated with the intake of functional beverages. Additionally, the high consumer purchasing power and improved living standards are also anticipated to aid the functional beverage market growth in North America the coming years.
Functional Beverage: Market Segmentation
Functional beverage refers to conventional liquid beverages that offer additional health benefits and performance enhancement by adding substances or additives. Common functional beverages include energy drinks, dairy beverages, and sports drinks, among others. These beverages comprise of nutritional elements such as vitamins, minerals, and amino acids, among others, depending upon their type, along with bioactive compounds that are helpful in improving health and performance.
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By type, the market is divided into:
- Energy Drinks
- Sports Drinks
- Fortified Juices
- Dairy and Dairy Alternative Beverages
- Others
Based on distribution channel, the market is categorised into:
- Supermarket/Hypermarket
- Pharmacies/Health Stores
- Convenience Stores
- Online Retail Stores
- Others
The regional markets for functional beverages include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Escalating Health Consciousness to Bolster the Global Functional Beverage Market
Rising awareness among consumers regarding the nutritional benefits associated with the consumption of functional beverages, such as energy drinks, fruit juices, and probiotic drinks, is anticipated to increase the functional beverages market revenue in the forecast period. The market is further supported by the rising incidences of chronic illnesses worldwide that are leading to an increased interest in proactively improving health and immunity. The growing demand for digestive health drinks such as dairy beverages is also predicted to aid the market growth of functional beverages. Furthermore, growing investments by the leading market players in the development of functional beverages with new ingredients are projected to positively catalyse the market.
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Key Players in the Global Functional Beverage Market
The report gives a detailed analysis of the following key players in the global functional beverage market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- PepsiCo Inc.
- Red Bull GmbH
- The Coca-Cola Company
- Danone S.A
- Monster Beverage Corporation
- Nestlé S.A.
- The Hain Celestial Group
- Meiji Holdings Co., Ltd.
- Asahi Group Holdings Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model and SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
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| Breakup by Distribution Channel |
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| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Functional Beverage Market Analysis
8.1 Key Industry Highlights
8.2 Global Functional Beverage Historical Market (2018-2023)
8.3 Global Functional Beverage Market Forecast (2024-2032)
8.4 Global Functional Beverage Market by Type
8.4.1 Energy Drinks
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Sports Drinks
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Fortified Juices
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Dairy and Dairy Alternative Beverages
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Functional Beverage Market by Distribution Channel
8.5.1 Supermarket/Hypermarket
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Pharmacies/Health Stores
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Convenience Stores
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Online Retail Stores
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Functional Beverage Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Functional Beverage Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Functional Beverage Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Functional Beverage Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Functional Beverage Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Functional Beverage Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 PepsiCo Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Red Bull GmbH
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 The Coca-Cola Company
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Danone S.A
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Monster Beverage Corporation
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Nestlé S.A.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 The Hain Celestial Group
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Meiji Holdings Co., Ltd.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Asahi Group Holdings Ltd.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Functional Beverage Market: Key Industry Highlights, 2018 and 2032
2. Global Functional Beverage Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Functional Beverage Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Functional Beverage Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
5. Global Functional Beverage Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
6. Global Functional Beverage Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Functional Beverage Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Functional Beverage Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Functional Beverage Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Functional Beverage Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Functional Beverage Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Functional Beverage Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Functional Beverage Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Functional Beverage Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Functional Beverage Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Functional Beverage Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Functional Beverage Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Functional Beverage Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 243.36 billion.
The global market for functional beverages is projected to grow at a CAGR of 7.0% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 448.97 billion by 2032.
The major drivers of the market include increasing demand for nutraceuticals, rising disposable incomes, improving living standards, and rising investments by the leading market players to develop new variants.
The key trends guiding the growth of the market include the rising health consciousness and the growing product innovations.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant types of functional beverages include energy drinks, sports drinks, fortified juices, and dairy and dairy alternative beverages, among others.
The various distribution channels for functional beverages include supermarket/hypermarket, pharmacies/health stores, convenience stores, and online retail stores, among others.
The major players in the market are PepsiCo Inc., Red Bull GmbH, The Coca-Cola Company, Danone S.A, Monster Beverage Corporation, Nestlé S.A., The Hain Celestial Group, Meiji Holdings Co., Ltd., and Asahi Group Holdings Ltd., among others.
Analyst Review
The global functional beverage market attained a value of approximately USD 243.36 billion in 2023, driven by the rising health consciousness worldwide. Aided by the growing innovations by the leading market players, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 7.0%. The market is projected to reach a value of USD 448.97 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. Based on type, the market is distributed into energy drinks, sports drinks, fortified juices, and dairy and dairy alternative beverages, among others. On the basis of distribution channel, the market is segregated into supermarket/hypermarket, pharmacies/health stores, convenience stores, and online retail stores, among others. The major regional markets for functional beverages are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include PepsiCo Inc., Red Bull GmbH, The Coca-Cola Company, Danone S.A, Monster Beverage Corporation, Nestlé S.A., The Hain Celestial Group, Meiji Holdings Co., Ltd., and Asahi Group Holdings Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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