The paradigm shift in consumer behavior towards healthy food alternatives is expected to boost the demand for functional food and beverages in the years to come. According to Market Research Future (MRFR)’s assessment, the global functional beverages market is poised to expand at a healthy CAGR of 6.63% during the assessment period 2018 to 2023. The valuation of the market is prognosticated to touch USD 234.48 Bn mark by 2023.
The increasing awareness about the benefits of functional beverages is likely to fuel demand for it over the next couple of years. In addition, the global economic development, in conjunction with a growing working population, is expected to boost the revenue creation of the functional beverages market in the forthcoming years.
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The noted players profiled in this MRFR report for the share analysis of the Global Functional Beverages Market are
- Fonterra Co-operative Group Ltd. (New Zealand),
- Hain Celestial Group (U.S.),
- Mondelez International Inc. (U.S.),
- Monster Beverage Corporation (U.S.),
- Nestle S.A. (Switzerland),
- PepsiCo Inc. (U.S.),
- The Coca-Cola Company (U.S.),
- Campbell Soup Co. (U.S.),
- Kraft Heinz Company (U.S.)
- Danone (France).
By type, the global functional beverages market has been segmented into sports beverages, energy drinks, prebiotic and probiotic drinks, functional dairy products, functional fruits and vegetable juices, dairy alternative beverages, and others. The others segment is sub-divided tea & coffee and water. Among these, the sports beverages segment is anticipated to retain the pole position through the projection period. It is expected to surpass a valuation of USD 63 Bn by 2023. The energy drinks segment has been prognosticated to secure the second spot in the market place and scale a valuation of USD 52.58 Bn by 2023.
By distribution channel, the functional beverages market has been bifurcated into store-based and non-store based. The store-based segment is prognosticated to lead the market growth and reach a valuation of USD 185.2 Mn by the end of the assessment period.
Based on function, the global functional beverages market has been segmented into hydration, energy and rejuvenation, weight management, and health and wellness. Among these, the health and wellness segment is anticipated to hold a larger market share. It is expected to grow from USD 63.44 Bn in 2017 to USD 91.25 Bn by 2023. The energy & rejuvenation segment is also anticipated to accelerate revenue creation for market players. It is expected to touch a valuation of USD 87.38 Bn by the end of the projection period.
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The global functional beverages market, for its geographical evaluation, has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). Led by France, the market in Europe is expected to hold the maximum market share over the next couple of years. The shift in consumer preferences towards a healthy diet is projected to catalyze the pace of market growth in the years to come. The regional segment of the global functional beverages market is poised to scale a valuation of USD 74.26 Bn by 2023, reflecting a CAGR of 6.22% across the assessment period.
North America is the second-largest functional beverages market in the world. It is anticipated to surpass a valuation of USD 68 Bn by 2023. The regional market is expected to strike a CAGR of 6.42% over the review period. The U.S. is forecasted to account for the lion’s share of the regional market, while Mexico is anticipated to expand at a relatively higher CAGR during the projection period.
Furthermore, Asia Pacific is anticipated to mark the highest CAGR of 7.29% across the forecast period. China, Japan, and India are projected to emerge as the most prominent country-level markets in the region.
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