Functional Beverages Market Size, Current and Future Trends, Demand and Growth Rate of 5.9% by 2030
increase in demand for products that provide instant energy and rise in athletes and sports persons are majorly attributed for the growth of the functional beverages market, Growing number of health conscious people and demand for super premium high nutritional food and beverages is further accelerating the growth of the market.
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Functional beverages are nonalcoholic drinks which provides physical and mental health benefits and promote the state of health and well-being. Raw fruit, vitamins, herbs, vegetables, amino acid, probiotics, milk and some artificial additives are used to formulate the functional beverages.
Rising demand for sports and energy drinks among athletes and individuals engaged in intense physical activities majorly drives the functional beverages market growth. The growing athlete community and an increasing number of sportspersons in developing countries are some of the other factors driving the market. In addition, rising consumer inclination towards physical fitness and an increased number of fitness centers and health clubs are expected to fuel the market growth. Manufacturers are focusing on expanding their product portfolio by innovating new flavors with added health benefits. They are targeting different age groups owing to the popularity of sports drinks among teenagers and adults. The production of functional beverages with natural ingredients, such as natural sweeteners, is expected to propel the market growth by providing an opportunity to the manufacturers to add value to their products.
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Furthermore, availability of alternative beverages such as green tea, ginger root tea, coffee, fresh juice, and others limits the growth of the functional beverages market. Moreover, consumption of coffee reduces the effect of caffeine present in energy drinks. Espresso coffee may taste stronger, however, it often contains less caffeine than drip coffee. Moreover, eliminating sugar from coffee or substituting it with stevia or honey prevents overdose of excessive sugar. Therefore, such alternatives hamper the global market growth for energy drinks, which in turn, decrease the growth of the functional beverages market.
According to the functional beverages market opportunities, region wise, Asia-Pacific has been gaining significant traction for functional beverages and is expected to sustain its traction during the forecast period. Rise in demand for convenience beverage is one of the major factors that promote the growth of the energy drinks market in Asia-Pacific. Furthermore, widening media exposure and aggressive marketing by energy drink companies have contributed to the adoption of energy drinks by regional manufacturers. Moreover, increase in trend of workaholic culture and rise in sports & adventurous activities are expected to boost the demand for energy drinks. Increase participation of the people in sport at national and international level special in India and China and enrolment for fitness and health clubs signifies the increasing number of athletes and fitness freak people in Asia Pacific region, which in turn, strengthen the customer base for functional beverages.
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The players operating in the functional beverages industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Red Bull, Dupont Nutrition Biosciences ApS, MaxiNutrition, Clif Bar, The Coca-Cola Company, Monster Beverage Corporation, Meiji Co., Ltd, Nestlé S.A., National Beverage Corp., and Pepsico, Inc.
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