Functional Beverages Market Size, Share & Trends – 2021-2028

Functional Beverages Market Size, Share & Trends – 2021-2028

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Functional Beverages Market was valued around USD 114.1 billion in 2020 and is expected to reach USD 197.6 billion by 2028, expanding at a CAGR of 7.1% over the forecast period (2021-2028).

The factors driving the growth of Functional Beverages Market includes rising awareness about the health benefits of consuming functional beverages, rise in the number of sporting events and tournaments around the world, busy lifestyles, and growing demand for ready-to-drink beverages. According to the report published by Bloomberg, the Global Ready-to-Drink Beverages Market is expected to reach USD 169.5 billion by the end of 2032, expanding at a CAGR of 6.6% over the forecast period (2022-2032), which will accelerate the Global Functional Beverages Market in the approaching years. Moreover, rising consumers inclination towards adopting healthy lifestyles, easy availability of functional beverages such as energy drinks and Fruit & Vegetable Juices at the e-commerce platforms and growing emphasis by manufacturers on developing plant-based beverages, are some of the additional factors supplementing the Functional Beverages Market size. In addition, increasing investments by major companies on product promotion and marketing, growing influence of social media platforms, rapid urbanization and rising disposable incomes, are further contributing towards the market growth. 

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However, growth of the Functional Beverages Market is hindered due to Government regulations regarding the use of certain ingredients.

The major player operating in the market are The Coca-Cola Company, Red Bull GmbH, Archer Daniels Midland Co., PepsiCo, Inc., Nestlé, Kraft Foods, DuPont Nutrition & Health, General Mills, Campbell Soup Co. and Monster Beverage Corporation, among others.

Based on Type, the Probiotic Drinks is estimated to hold the highest market share during the forecast period

Growing demand for immunity building drinks and caffeine content in probiotic drinks, are some of the factors pushing the segment’s growth.

Based on Packaging, the Tetra Pack segment is predicted to grow at a remarkable CAGR over the forecast period

Government policies promoting tetra packaging and growing focus on reducing waste, are propelling the growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period

As per the Functional Beverages Market Analysis, rising prevalence of chronic diseases such as diabetes and obesity, increase in the launch of innovative products and easy availability of functional beverages at distribution channels, are some of the important at factors augmenting the market growth in Asia-Pacific region. 

Key Development

In 2020, Nestlé announced the powdered dairy beverage consisting of milk-based ingredients, which helps in enhancing the bone health.
Market Segmentation

Segmentation by Type

Probiotic Drinks
Energy Drinks
Fruit & Vegetable Juices
Herbal and Fruit Teas
Fortified Water
Rehydration Solutions
Dairy Beverages
Non-Dairy Beverages
Segmentation by Packaging

Tetra Pack
Tin Can
Segmentation by Functions

Energy & Rejuvenation
Health & Wellness
Weight Management
Segmentation by Region

Asia PacificChina
Rest of APAC
North AmericaUnited States of America
EuropeUnited Kingdom
Rest of Europe
South Africa
Saudi Arabia
About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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