Functional Beverages Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Functional Beverages by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Functional Beverages, The functional beverages market size has grown strongly in recent years. It will grow from $154.58 billion in 2023 to $165.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased investments, increase in number of athletes, increase in clean-label, organic and non-gmo (genetically modified organism) products and increased penetration of organized retail.

The functional beverages market size is expected to see strong growth in the next few years. It will grow to $207.77 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to growing number of health-conscious consumers, growing demand for immunity boosting foods and beverages and increasing population. Major trends in the forecast period include launch of relaxation drinks, cannabidiol (cbd) -infused functional drinks, protein-based functional beverages, vegan/plant-based functional beverages, healthy hydration drinks, introduction of nootropic drinks, low-calorie, sugar-free drinks and partnerships and collaborations.

Increasing awareness of health issues is anticipated to propel the demand for functional beverages over the forecast period. Functional beverages help to enhance various body functionalities, including the management of heart rate, digestive health, immune system, and weight management, due to the presence of vitamins, minerals, herbs, and amino acids. Consumers are increasingly shifting towards the consumption of functional beverages that contain ingredients to address these specific health issues. According to the Packaging Strategies journal, a major change in the beverage industry is moving toward functional beverages as consumers strive to improve their health. Additionally, the rise of clean-label, organic, and non-GMO products is impacting the buying behaviors of consumers. Therefore, consumer preferences for functional drinks over carbonated drinks and fruit juices are projected to drive the demand for functional beverages over the next few years.

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The functional beverages market covered in this report is segmented –

1) By Type: Energy Drinks, Sports Drinks, Nutraceutical Drinks, Dairy-Based Beverages, Juices, Enhanced Water, Other Types

2) By Function: Health And Wellness, Weight Management

3) By Distribution Channel: Brick And Mortar, Specialty Foodservice Stores, Online

The manufacturing of low-calorie natural sweeteners and the use of natural colors and ingredients are promoting the growth of functional beverages. Major players in the industry are adopting various strategies in order to meet consumer requirements. For instance, in April 2021, Manus Bio, Inc., a US-based company operating in natural ingredients, announced the launch of NutraSweet Natural, a plant-based sweetener with zero calories. NutraSweet Natural is produced by isolating the sweetest and purest parts of the stevia leaf, which are incorporated into a proprietary blend to create the exact taste of sugar without the calories while minimizing its environmental footprint.

The functional beverages market report table of contents includes: