With the effective development in the economy, the populace is become more health conscious which lead the growth of non-alcoholic beverages market more significantly across the globe. Moreover, the functional beverages assist in improving various body functionalities such as the immune system, digestive health, heart rate and weight management owing to the existence of vitamins, amino acids, minerals, antioxidants, bacteria and herbs. Hence, the health attributes of functional beverages are anticipated to drive the growth of this market in the coming years. The health attributes associated with the functional beverages, latest product improvement, mounting growth in the organized retail segment, growing demand for the functional products among the ageing populace and drivers impact analysis are the major key drivers of this market which fueling the market growth more significantly in the recent trend with the near future. Whereas, the key players of this market for acquiring the huge market share, utilizing the opportunities such as manufactures focus towards product differentiation, shifting trend towards health and wellness and growing demand for clean-label and natural ingredients in functional beverages.
Besides the opportunities and growth drivers, the market is having some restraints which hinder the growth of this market likewise the high calorie content in functional beverages, stringent government regulations and guidelines. According to the report analysis, ‘Global Functional Beverages Market Research Report – Forecast to 2023’ states that some of the major companies which are currently functioning in this market for attaining the huge market share across the globe more actively by abolishing the restraints of the market includes PepsiCo Inc. (US), the Coca-Cola Company (US), Nestle SA (Switzerland), Danone (France), Kraft Heinz Company (US), Fonterra Co-operative Group Ltd (New Zealand), Mondelez International Inc. (US), Monster Beverage Corporation (US), Campbell Soup Co. (US), and Hain Celestial Group (US). Moreover, the key players in the market are investing more significantly in the development of the product and adopting the aggressive marketing strategies and promotion campaigns to capture a wider consumer base.
On the basis of geography, the market of the functional beverages is spread across the globe more significantly which majorly includes North America, Europe, Asia-Pacific, and the rest of the world. However, the Europe region is anticipated to dominate the functional beverages market in 2018 across the globe. The European market is anticipated to reach to USD 74.3 billion by the end of 2023. Consumers are increasingly opting for health and nutritional drinks over the calorie-heavy soft drinks, which is leading the growth of the functional beverages market in the country. For instance, in Europe, the UK and Germany are anticipated to contribute greatly to the growth of this market. In 2018, the market of North America is forecasted to account for 29.3% of the market share and is projected to account a moderate growth rate in the near future.
In the near future, it is expected that the market of functional beverages will grow more significantly across the globe over the decades as the market of this has been segmented on the basis of type, into energy drinks, sports beverages, functional fruit and vegetable juices, dairy alternative beverages, functional dairy products and several others.
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Ankur Gupta, Head Marketing & Communications