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.
According to this latest publication from Meticulous Research®, the functional beverages market is expected to grow at a CAGR of 6.7% from 2022–2029 to reach $179.8 billion by 2029. The growth of the functional beverages market is mainly attributed to the rising demand for functional beverages in emerging economies, increasing demand for sports drinks, and increased health expenditure. However, the accessibility of healthier substitutes and the high price of functional beverages compared to conventional beverages are expected to restrain the growth of this market to a certain extent.
The functional beverages market is segmented by type (energy drinks, sports drinks, dairy-based beverages, nutraceutical drinks, vegetable & fruit beverages, other beverages); application (health & wellness, weight management); distribution channel (supermarkets & hypermarkets, convenience stores, pharmacies & health stores, E-commerce, other distribution channels), and geography (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the sports drinks segment is expected to register the highest CAGR during the forecast period. The key factors attributed to the high growth of this segment are their increasing popularity among teenagers and adults due to the higher involvement in sports and games, health-conscious people, and demand for clean or non-GMO food products.
Based on distribution channel, in 2022, the convenience store segment is expected to account for the largest share of the functional beverages market, while the E-commerce segment is expected to register the highest CAGR during the forecast period. The major growth of this segment is attributed to factors, such as the availability of a wide variety of products at online stores, with significant discounts, and home delivery service.
This research report analyzes major geographies and provides a comprehensive analysis of North America (the U.S. and Canada), Europe (Germany, Spain, Italy, France, 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 expected to command the largest share of the functional beverages market in 2022. The large market share of this region is attributed to high awareness of the health benefits of functional beverages and the higher demand for innovative and healthier food & beverage product varieties across the region. Asia-Pacific is expected to account for the fastest growth during the forecast period. The growth in this region is mainly attributed to the increasing incidences of diabetes and obesity, rising low-carb and clean-label trends, growing demand for sugar-free products and awareness regarding health and fitness in the region.
The functional beverages market space is characterized by a moderately competitive scenario due to the presence of many large and small-sized global, regional, and local players. The key players operating in the functional beverages market are 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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