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Functional Beverage Market - Growth, Trends, and Forecast (2020 - 2025)

Functional Beverage Market - Growth, Trends, and Forecast (2020 - 2025)

  • November 2020
  • 137 pages
  • ID: 5989436
  • Format: PDF
  • Mordor Intelligence LLP

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The global functional beverage market is projected to grow at a CAGR of 6.96% during the forecast period (2020-2025).

- Increasing demand for innovative products, like plant-based and lactose-free beverage products, drive the market studied, while the inclusion of CBD infused functional beverages is expected to be the opportunity to the future market.
- Key players are embarking on product innovation, mergers, and acquisitions as their key strategies to achieve consolidation and optimize their offerings. For instance, Glanbia acquired Body & Fit (offers energy drinks in the Netherlands), a leading direct-to-consumer (DTC), online, branded business focused on performance nutrition. This acquisition enabled GPN to have a direct presence in the rapidly growing DTC channel. Additionally, it may help the company increase its revenue, which may drive the market growth.?

Key Market Trends
Growing demand for plant-based and lactose-free products

Lactose intolerance is exceptionally widespread in the developed regions, such as North America and European countries. For instance, Turkey, Italy, Germany, and Spain were recorded to have some of the largest numbers of lactose-intolerant consumers. Moreover, Asian counties, such as China and Japan, are too making inroads for the plant-based and lactose-free food and beverage lifestyle, thus, driving the market forward. Such allergies and intolerances are major reasons behind going dairy-free, especially considering the Food Allergy Initiative’s statistic showing that allergy caused by cow’s milk is the leading food allergy in infants and children. Therefore, this created a market for plant-based or non-dairy milk alternative as the fast-growing segment of functional beverage.

Asia-Pacific holds the Largest Market Share

The high incidence of cardiovascular disease, osteoporosis, and arthritis coupled with the growing demand for convenience beverages and the changing lifestyle among Asian consumers are the major drivers for the growth of functional energy drinks, fortified/functional plant-based and malt-based hot drinks sales in the market. Further, due to the high prevalence of diabetes in the countries like India and China, consumers are becoming more aware regarding the importance of healthy diet and active lifestyle promoting the consumers to prefer natural sweeteners, such as stevia, in their beverages. According to the International Diabetes Federation, India was home to 77 million diabetes patients in 2019, the second-largest in the world. By 2030, the number is predicted to reach 101 million. Thus, companies like PepsiCo Inc. and Coca-Cola, are committed to remove artificial ingredients and reduce the sugar content in their products

Competitive Landscape
The global functional beverage market is a fragmented market and comprises numerous regional and international competitors. Players are also extensively focusing on providing consumers with innovative offerings while including functional benefits in each of their products. Further, while engaging the consumers with innovation and expansion strategies, key players are capitalizing on the market revenue. Some of the major players in the market studied are PepsiCo, Red Bull GmbH, Coco-Cola, and Monster Beverage Corporation among others.

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