Global Functional Drinks Market Segments 2024, Forecast To 2033
5 Mar, 2024
The functional drinks market has demonstrated strong growth, increasing from $43.63 billion in 2023 to $46.38 billion in 2024, reflecting a 6.3% CAGR. Growth in the historic period is attributed to innovation and product development, marketing and branding strategies, increased consumer awareness, lifestyle changes, and distribution channels. Looking ahead, the market is expected to experience strong growth, reaching $57.6 billion in 2028 with a 5.6% CAGR. Factors contributing to this growth include advanced formulations, global health challenges, sustainability and ethical practices, personalization trends, and an increased focus on mental health. Major trends include a health and wellness focus, natural and clean labels, innovative ingredients, digital marketing and e-commerce, and functional beverages for mental well-being.
Global Functional Drinks Market Key Driver
The functional drink market is expected to expand due to increasing healthcare costs. Functional beverages, offering health benefits, are considered cost-effective for meeting nutritional needs. The Centers for Medicare & Medicaid Services projects a 5.1% average annual increase in national health spending from 2021 to 2030, reaching approximately $6.8 trillion by 2030. The rising healthcare costs drive the growth of the functional drink market.
Get A Free Sample Of The Global Functional Drinks Market ReportGlobal Functional Drinks Market Segments
The functional drinks market covered in this report is segmented –
1) By Product: Energy Beverages, Functional Fruit and Vegetable Juices, Sports Beverages, Functional Water, Other Products
2) By Distribution Channel: Hypermarkets Or Supermarkets, Specialty Stores, Online, Other Distribution Channels
3) By Application: Health And Wellness, Weight loss
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacific was the largest region in the functional drinks market in 2023. The regions covered in the functional drinks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Functional Drinks Industry Players
The Coca-Cola Company; PepsiCo Inc.; Red Bull GmbH; Suntory Beverage and Food Ltd.; Danone S.A.; Nestlé SA; Kraft Heinz Co.; Monster Beverage Corporation; Otsuka Holdings Co. Ltd.; Universal Nutrition Corp.; Clif Bar & Company; Dr Pepper Snapple Group Inc.; Glanbia Plc; Kerry Group Plc; Probi AB; The Hain Celestial Group; Koios Beverage Corp.; Celsius Holdings Inc.; Vital Proteins LLC; Fonterra Co-operative Group Limited; The Naked Collective Limited; The Alkaline Water Company Inc.; KeHE Distributors LLC; The Honest Company Inc.; The a2 Milk Company Limited; The New Age Beverages Corporation; The Simply Good Foods Company; The Good Crisp Company; The Ginger People; The Republic of Tea
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AIOps Functional Drinks Market Overview
Functional drinks are nonalcoholic drinks that provide health advantages beyond their nutritional value by positively impacting or functionally concentrating on the body or mind to produce a state of health and well-being. It commonly involves unique ingredients such as fresh fruit, enzymes, minerals, herbs, protein, amino acids, probiotics, and artificial additives.
Functional Drinks Global Market Report 2023 provides data on the global functional drinks market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The functional drinks market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.