Covid-19 Impact on Functional Beverages Market | Industry Demand by Forecast to 2023
Market Overview
Global Covid-19 Impact on Functional Beverages Market are enriched with the minerals, herbs, vitamins, amino acids, &/or additional fruit or vegetables to promote good health. Recently, these beverages are creating quite a buzz in the market, escalating its market to booming heights on the global platform. People nowadays, are increasingly becoming choosy & they like to try different tastes such as flavored drinks; and if that drink can provide health benefits then nothing like it! Evidently, consumers’ inclination or desire to variety is the key factor driving the market growth predominantly. In addition to the changing consumer preferences and increasing popularity of exotic drinks, another key factor that propels the market growth is, growing health-centric (health conscious) populace.
Moreover, factors contributing to the market growth include millennial generation, growing industrialization & urbanization along with the improving economic conditions worldwide. Efforts put in, to choose attractive packaging solutions for these beverages are offerings dividends. For instance; to convey the perceived value of a product as a whole such as brand recognition or brand association, to the consumer, a packaging solution is picked after a careful consideration of excellent printability of nutrient retentive value description, glossy & appealing appearance of the packaging, etc.
These factors trending worldwide; not only drive the market growth but also encourage the maker/manufacturer of the Functional Beverages to bring novelty in the drinks. For which, these manufacturers make substantial investments in R&D activities. This, in turn, pays off well by increasing popularity of the beverage, hence its demand, sale & eventually, its market size. Some giant brands meticulously strategize their packaging solutions that can enhance the product & customer experience, while aligning with their branding of providing top of the line product innovation. All this while keeping an eye on environment protection. These are just some of the few factors acting as the driving force to the market growth.
Major Key Players
Global Covid-19 Impact on Functional Beverages Market appears to be highly competitive owing to the presence of numerous well-established vendors. High potential growth demonstrated by the market is expected to attract several new entrants during the anticipated period. Resultantly, intensifying the competition further. Owing to the low product differentiation and availability of a wide range of similar products; vendors are increasingly focusing on reducing the brand recall of their products among consumers through effective marketing communications. FUZE Beverage (US), PepsiCo (US), Red Bull GmbH (Austria), Coca-Cola (US), Kraft Foods (US), Altria Group (US), General Mills (US), Ocean Spray (US), and Campbell Soup Company (US) are some of the prominent players profiled in MRFR Analysis and are at the forefront of the competition in the Global Functional Beverages Industry.
Market Segments
Global Covid-19 Impact on Functional Beverages Market is segmented into 4 key dynamics for the convenience of the report and enhanced understanding.
By Type : Comprises Fruit & Vegetable Juices, Energy Drinks, Probiotic Drinks, Herbal & Fruit Teas, Rehydration Solutions, Fortified Water, Dairy & Non-Dairy Beverages among others.
By Packaging: Tetra Pack, Bottle, Sachet, and Tin Can among others.
By Functions: Hydration, Health & Wellness Energy & Rejuvenation and Weight Management among others.
By Regions: North America, Europe, APAC and Rest of the World.
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Regional Analysis
Globally, North America dominates the market for Functional Beverages with the largest market share. This growth attributes to America’s largest market backed by the high per capita income coupled with the presence of large innovative players operating in the country’s Functional Beverages market.
Attributing to the growing markets for Functional Beverages in the region, Europe accounts for the second-largest market. Besides factors such as high disposal income & increasing health eccentric populace coupled with the influence of media industry provide impetus to the regional market growth.
Asia Pacific region is expected to be the fastest growing region for Functional Beverages. Attributing to the improving economic conditions in countries like India & China, the market is expected to grow with a phenomenal CAGR during the assessment period.
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NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.