Functional Beverage Market Is Driven By Increasing Health Awareness
The Functional Beverage Market consists of a variety of ready-to-drink non-alcoholic beverages that provides additional functional benefits to users beyond basic hydration. These beverages are manufactured with added vitamins, minerals, herbs, botanicals, amino acids or any other ingredients that provides certain health benefits. Functional beverages are a convenient way for individuals to fulfill their nutritional needs through daily consumption. The growing trend of healthy eating and increasing health consciousness among people has significantly boosted the demand for functional beverages in recent years.
The Global Functional Beverage Market is estimated to be valued at US$ 220.66 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Functional Beverage market are Teva Pharmaceutical Industries Ltd, Novo Nordisk A/S, OPKO Health Inc., Lilly, Hanmi Pharm.Co., Sanofi, Circle Pharma, Pfizer Inc., Novartis AG, PeptiDream Inc., Amgen Inc., AstraZeneca, Bachem Holding AG, CordenPharma International, Ipsen Pharma, Merck KGaA, PolyPeptide Group, Bayer AG. Top players are adopting growth strategies such as mergers and acquisitions to strengthen their position in the market.
The demand for Functional Beverage Market Demand is growing rapidly across the globe with increasing health awareness. Consumers are shifting their preferences towards healthy beverages from carbonated drinks and juices. Functional beverages offer additional health benefits which fulfills daily nutrition requirement of individuals.
Global expansion of the functional beverage market is expected during the forecast period. International beverage companies are focusing on emerging markets in Asia Pacific and Latin America to expand their business. Advancements in production and packaging technology also supports companies to enter new regional markets.
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