The North America Functional Beverages Market would witness market growth of 7.2% CAGR during the forecast period (2021-2027).
Functional beverages are the latest concept and product that helps in fulfilling food & beverage deficiencies in the human body. In addition, functional beverages are easily available in emerging nations, owing to the growing number of large retail stores like specialty stores, hypermarkets, and supermarkets as these stores help in surging the sales of these products.
In the recent few years, the functional beverages market has showcased prominent growth. Ready-to-drink (RTD) beverages have gain traction among the customers as they are unable to take a healthy diet due to their hectic and busy schedules. Additionally, consumers from the young generation would exhibit a strong preference for ready-to-eat drinks and foods along with a varied nutritional profile in the coming years. Moreover, the growth in the gym & fitness training trend along with its diets, training facilities, and accessories is flourishing among the consumers. Thus, several manufacturers are taking advantage of this opportunity and are introducing new products in the market like plant-based or vegan drinks. Further, nootropic beverages are also gaining traction among health-conscious consumers and it is estimated that such developments would boost the growth of functional beverages market in the forthcoming years.
The functional beverages market is witnessing rapid growth in North America. This surge in the growth of the regional market is attributed to factors such as the presence of various market players, the rising number of manufacturers of functional RTD beverages, increasing demand for functional drinks, and growing awareness about the benefits of consumption of functional beverages. In addition, the functional beverage industry is among the largest functional food sectors in this region that comprises beverages, food, and supplement sectors.
Additionally, a significant portion of the customers from the millennial generation in this region consume energy drinks each day. However, in the US, approximately 4/5th of the customers from the older generation consumes caffeine on a daily basis. Moreover, customers in this region focus more on maintaining their body fitness due to which, they consume energy drinks in large quality to boost their immune system, enhance bone health, and improve mental energy. Thus, it is anticipated that these factors would drive the growth of the regional functional beverages market in the forthcoming years.
The US market dominated the North America Athletes Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $12,814.6 Million by 2027. The Canada market is experiencing a CAGR of 10.4% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 9.4% during (2021 - 2027).
Based on End User, the market is segmented into Fitness Lifestyle Users, Athletes and Others. Based on Type, the market is segmented into Energy Drinks, Sports Drinks, Juices, Dairy-based Beverages and Others. Based on Distribution Channel, the market is segmented into Supermarket/Hypermarket, Specialty Stores, E-commerce and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Functional Beverages Market is Estimated to Reach USD 140.7 Billion by 2027 at a CAGR of 8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PepsiCo, Inc., The Coca Cola Company, Nestle S.A., Danone S.A., Meiji Holdings Co., Ltd., Monster Beverage Corporation, Suntory Beverage & Food Limited, National Beverage Corporation, Red Bull GmbH, and Clif Bar & Company.
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