DUBLIN--(BUSINESS WIRE)--The "Functional Beverages Global Market Opportunities and Strategies to 2030: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
Functional Beverages Global Market Opportunities and Strategies to 2030: COVID-19 Growth and Change provides the strategists, marketers and senior management with the critical information they need to assess the global functional beverages market.
This report describes and evaluates the global functional services market. It covers 2015 to 2019, termed the historic period, and 2019 to 2023 termed the forecast period, along with further forecasts for the periods 2023-2025 and 2025-2030.
The global functional beverages market reached a value of nearly $128,660 million in 2019, having increased at a compound annual growth rate (CAGR) of 4.6% since 2015. The market is expected to decrease from $128,660 million in 2019 to $125,390 million in 2020 at a rate of -2.5%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8.07% from 2021 and reach $158,280 million in 2023.
Growth in the historic period resulted from increase in economic growth, and increase in clean-label, organic, and non-gmo products. Factors that negatively affected growth in the historic period were legal actions against misinformation and false advertising, and high prices of functional beverages. Going forward, growing number of health-conscious consumers; faster economic growth; growing demand for immunity boosting foods and beverages; and rising penetration of organized retail will drive the market for functional beverages. Factors that could hinder the growth of the functional beverages market in the future include increased taxes, complexity of acceptance and purchase intentions of consumers and wide availability of traditional/natural substitutes.
The functional beverages market is segmented by type into energy drinks, sports drinks, nutraceutical drinks, dairy-based beverages, juices, enhanced water and others. The energy drinks market was the largest segment of the functional beverages market segmented by type, accounting for 24.8% of the total in 2019. Going forward, energy drinks segment is expected to be the fastest growing segment in the functional beverages market, at a CAGR of 9.0%.
The functional beverages market is also segmented by function into health & wellness; and weight management. The health & wellness segment was the largest segment of the functional beverages market segmented by function, accounting for 80.7% of the total in 2019. Going forward, health & wellness segment is expected to be the fastest growing segment in the functional beverages market, at a CAGR of 7.6%.
The functional beverages market is also segmented by distribution channel into brick and mortar; specialty foodservice stores; and online. The brick and mortar segment was the largest segment of the functional beverages market segmented by function, accounting for 75.1% of the total in 2019. Going forward, online segment is expected to be the fastest growing segment in the functional beverages market, at a CAGR of 18.6%.
The functional beverages market is slightly concentrated, with a small number of large players holding significant market share. The top ten competitors in the market made up to 43.44% of the total market in 2019. Major players in the market include The Coca-Cola Company, PepsiCo Inc., Nestle S.A, Danone and Red Bull GmbH.
The top opportunities in the functional beverages market segmented by type will arise in the energy drinks market segment, which will gain $9,220.7 million of global annual sales by 2023. The functional beverages market size will gain the most in the China at $8,192.2 million.
Market-trend-based strategies for functional beverages market include investing in natural botanicals infused drinks, offering relaxation drinks to consumers to capture the market and increase revenues, offering CBD-infused drinks to attract more customers, investing in manufacturing protein-based beverages to attract fitness enthusiasts and health conscious customers, offering dairy-based functional beverages to cater to the needs of consumers who prefer natural ingredients over other elements in their drinks and introducing new vegan or plant-based portfolio of functional drinks in order to attack health-conscious consumers.
To take advantage of the opportunities, the publisher recommends companies should focus on providing immunity boosting beverages during covid-19, natural botanicals infused drinks, CBD-infused functional drinks, strategic acquisitions and product portfolio development, healthy hydration drinks, use of low-calorie natural sweeteners, competitive pricing, expanding in emerging markets, set up authorized distributors and sales representatives, leverage e-commerce to maximize reach and revenues, increase adoption of internet and social media, use direct-to-consumer (DTC) advertising, participate in trade shows and events, and targeting millennials.
- Asahi Soft Drinks Co Ltd
- Beijing Huiyuan Food and Beverage Co., Ltd
- Beverage Industrial Co., Ltd
- Britannia Industries Ltd
- Campbell Soup Company
- China Haisheng Juice Holdings Co., Ltd
- Dali Foods Group Co., Ltd
- Dr. Pepper Snapple Group
- Eko Vit Sp zoo
- Fonterra Co-operative Group
- Hangzhou Wahaha Group Co., Ltd
- Kraft Heinz Company
- Mondelez International Inc.
- Monster Beverage Corporation
- Nestle S.A
- Nongfu Spring
- Otsuka Holdings Co Ltd
- PepsiCo Inc.
- Red Bull GmbH
- Red Devil NV
- Rockstar Inc
- Shenzhen Eastroc Beverage Industrial Co., Ltd
- South Beach Beverage Co. Inc.
- Suntory Beverage & Food Ltd
- The Cloud 9 Energy Drink
- The Coca-Cola Company
- The Hain Celestial Group
- The Kraft Heinz Company
- WNWM Ustronianka
For more information about this report visit https://www.researchandmarkets.com/r/ugfg01