Global Functional beverage Market – Overview
The Functional beverage market is growing at an incremental pace of development on the global stage. Market Research Future, a firm which specializes in market reports related to the Food and Beverage sector among others, recently forecasted in its report on Global Functional beverage Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional growth during the forecast period.
Beverages remains the major choice for grab-and-go foods among consumers. Functional beverages are non-alcoholic drinks which provides overall nutrition to the human body and keeps the body hydrated. These are fortified drinks that prevents or helps to address health issues across all age groups. The fortification could range from ingredients such as vitamins, minerals, herbs, and amino acids to additional raw fruits and vegetables.
Demand approaching from millennial generation, busy lifestyles and rising health care & wellness awareness have led to the growing demand for functional beverages. These factors along with the idea of “healthiness-on-the-go” and innovations in the drink flavors have led to surge in demand for health associated functional drinks and beverages which are also the alternatives to the traditional supplements.
The trend towards healthy life style and disease prevention, coupled with rising health care cost are some of the major drivers of global functional drinks market. Moreover, increasing international sporting events and commercialization of domestic sporting events in developing countries of Asia Pacific is providing new growth opportunities for functional drinks in fast growing markets such as India and China.
Improvement in product development practices together with technology up gradations would drive the market for functional beverages during the forecast period. Ingredient formulation technologies such as micro-encapsulation and particle size reduction techniques have broadened product offerings by manufacturers. Development of various ingredients to mask the unpleasant taste of certain amino acids and omega-3 fatty acids has transformed the market for functional beverages.
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Latest Industry Updates
Nov 2017 Beverage brand Wow has expanded its product range with the launch of its new drink containing activated charcoal, Dark Detox. The company is focusing in providing variety in their products to the consumers.
Nov 2017 Clearlake Capital Group, L.P. and Bill Moses, a beverage industry veteran and Co-Founder, former Chairman and CEO of KeVita Probiotic Drinks launched Disruptive Brands, a new platform focused on investing in and supporting emerging better-for-you food and beverage brands.
Nov 2017 PepsiCo India launched Aquafina’s new vitamin fortified water. The company is focusing on expanding their product portfolio and capture untargeted consumer base.
August 2017 Accra Brewery Limited (ABL) launched their non-alcoholic brand Beta Malt in a new Returnable Glass Bottle (RGB). The company is focusing on packaging of their product and engaged in campaigns to increase awareness among the consumers for their brands.
Global Functional beverage Market – Competitive Analysis
With the entry of industry players in the Functional beverage segment, a trend of solid, volume- driven growth has been observed in the market. It is observed that the functional beverage key players are coming up with functional drinks made using natural ingredients. Also, several vendors are experimenting with unique ingredients and are coming up numerous assortments of natural functional beverages. For example, Scheckter’s Organic Energy is a 100% organic energy drink comprising excess of organic ingredients including Brazilian guarana, ginkgo biloba, organic raw Brazilian coffee seed, organic pomegranate juice, organic elderberry, organic ginseng, organic raw fair trade sugar, organic lemon juice, and natural spring water. Continuous innovation and new product launches in the market have been opportunistic strategies for market growth here.
The key players profiled in Functional beverage are as PepsiCo (U.S.), Fuze Beverage (U.S.), Coca-Cola (U.S.), Altria Group (U.S.), Kraft Foods (U.S.), General Mills (U.S.), Campbell Soup Company (U.S.), Ocean Spray (U.S.) and Red Bull GmbH (Austria)
Global Functional beverage Market – Segments
The global Functional beverage market has been divided into type, material, end-use and region.
On The Basis Of Type: Probiotic Drinks, Energy Drinks, Fruit & Vegetable Juices, Herbal and Fruit Teas, Fortified Water, Rehydration Solutions, Dairy Beverages, Non-Dairy Beverages and Others
On The Basis Of Packaging: Bottle, Tetra Pack, Sachet, Tin Can, and Others
On The Basis Of Functions: Hydration, Energy & Rejuvenation, Health & Wellness, Weight Management, and Others
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
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Global Functional beverage Market – Regional Analysis
The global Functional beverage market is segmented into North America, Europe, APAC, and Rest of the World (RoW). North America is dominating functional beverages market and is projected to grow substantially over the estimated period. Europe is the second largest market for functional beverages in which Germany and U.K are the major contributors followed by Russia.
Asia Pacific is the fastest growing market for functional beverages. Demand from Australia, Japan and China is adding fuel to the growth of the market in this region. India is expected to be one of the fasted growing market in Asia Pacific region with growth rate in double digit over the forecasted period. Moreover, rising health concerns among the growing population will grow the functional beverage market in other regions of the globe.
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