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.
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According to the latest findings by Meticulous Research®, the global functional beverages market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.7% from 2022 to 2029, reaching a value of $179.8 billion by 2029. This growth is fueled by rising demand in emerging markets, increased popularity of sports drinks, and a surge in health-related expenditures. However, factors such as the availability of healthier alternatives and the relatively high cost of functional beverages compared to traditional drinks may slow down market growth.
Market Segmentation:
By Product Type:
- Energy Drinks
- Sports Drinks: Anticipated to witness the fastest CAGR over the forecast period, driven by their growing acceptance among teenagers and adults, rising health awareness, and increased preference for clean-label, non-GMO beverages.
- Dairy-based Beverages
- Nutraceutical Drinks
- Vegetable & Fruit Beverages
- Other Beverages
By Application:
- Health & Wellness
- Weight Management
By Distribution Channel:
- Supermarkets & Hypermarkets
- Convenience Stores: Predicted to hold the largest market share in 2022.
- Pharmacies & Health Stores
- E-commerce: Forecasted to experience the highest CAGR, driven by a wide product range, competitive pricing, and the convenience of home delivery services.
By Region:
- North America: Expected to dominate the market in 2022 due to growing awareness of the benefits of functional beverages and strong demand for healthier and innovative food and beverage products.
- Europe: Comprising key markets like Germany, the U.K., France, Italy, Spain, and Russia.
- Asia-Pacific: Forecasted to grow at the fastest pace during the forecast period, fueled by a rising prevalence of obesity and diabetes, demand for low-carb and sugar-free products, and growing interest in health and fitness.
- Latin America: Includes markets like Brazil, Mexico, and Argentina.
The functional beverages market is moderately competitive, with notable players including Danone S.A. (France), Meiji Holdings Co., Ltd. (Japan), Monster Beverage Corporation (U.S.), National Beverage Corp. (U.S.), Nestlé 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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