Functional Beverage Market is Estimated to Witness High Growth Owing to Innovation in Formulation and Ingredient
The functional beverage market offers various health benefits such as enhanced cognitive function, improved mood, and optimal hydration. Functional beverages contain essential nutrients, vitamins, antioxidants, minerals, and herbal extracts that help boost physical stamina and mental alertness. These beverages are convenient alternatives to supplements due to their tasty formulations. Furthermore, innovation in ingredient composition aids digestion, regulates blood pressure, supports weight management, and boosts energy levels. The growing health-conscious consumer base prefers functional beverages over sugary drinks for maintaining well-being.
The global functional beverage market size was valued at US$ 176.37 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 8.6% from 2023 to 2030.
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. The key players are focusing on developing innovative formulations with improved bioavailability and enhanced targeted delivery of active ingredients.
The Functional Beverage Market Size provides numerous opportunities such as untapped rural markets, rising health-conscious youth population, and product premiumization through innovative offerings. Advancements in microencapsulation and nanotechnology allow formulating beverages with improved stability, bioavailability, and sensory attributes.
Technological developments such as customized digital health planning and 3D bioprinting of functional ingredients could revolutionize the functional beverages industry. Precision fermentation enables cost-effective, sustainable production of high-value nutrients. These innovations are expected to gain widespread adoption and boost the market's growth trajectory over the forecast period.
Market Drivers
The key drivers for the functional beverage market include increasing prevalence of lifestyle diseases, growing health & wellness trend, rising disposable income, and shifting preference toward healthful beverages. The surging diabetic and obesity patient base drives the demand for glycemic control and weight management drinks. Moreover, busy consumer lifestyles stoke the need for convenient, on-the-go nutrition and hydration options. Supplementing the regular diet with functional beverages promotes whole-body health and aids in reducing disease risks over time.
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