Technavio analysts forecast the global functional drinks market to grow at a CAGR close to 11% during the forecast period, according to their latest market research report.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181031005666/en/
Technavio has published a new market research report on the global functional drinks market from 2019-2023. (Graphic: Business Wire)
Growing popularity of e-commerce is one of the major trends being witnessed in the global functional drinks market 2019-2023. Grocery items are emerging as a key category contributing to the overall share of sales through online shopping portals. Online platforms are expected to become one of the key distribution channels for the sale of functional drinks during the forecast period. For instance, in April 2018, Pervida, which produces functional beverages, launched a newly revamped website that offers products. This website provides easy access to the product related information and better online shopping experience. Also, the company's website has a Pervida geo-locator which enables customers to find the nearest store details. Online grocery shopping is convenient for consumers, as it makes shopping easy, saves time, and offers fast delivery. Hence, it is quickly gaining momentum in the retail sector because of their fast delivery time. Offering their products online also helps small retailers and vendors in enhancing the visibility of their products. This trend is encouraging various functional drink vendors to focus on the internet-friendly customers segment and enter online retail formats. Therefore, this has been identified as a significant growth trend for the global functional drinks market.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
According to Technavio analysts, one of the key factors contributing to the growth of the global functional drinks market is the new product launches:
Global functional drinks market: New product launches
Product development, improved taste, and versatility, and high levels of marketing support, will increase the demand for functional drinks. Over the last few years, vendors have been focusing on new product launches in the functional drinks market and have come up with a variety of innovative flavors, offering unique health benefits. For instance, Nestle's coffee creamer brand, Coffee Matte expanded into RTD coffee with the launch of natural cold brew and iced coffee products in the US. The product was launched in three flavors, Iced Coffee Caramel, Cold Brew Mocha, and Cold Brew Sweet Corn. Similarly, PepsiCo launched its prebiotic juice line in three flavors that include strawberry banana, pineapple mango, and peach passion fruit. Therefore, with such innovative launches with regards to flavors and drinks, the market is expected to witness growth.
According to a senior analyst at Technavio for research on non-alcoholic beverages, "Apart from new product launches, another factor that is influencing the market positively is functional drinks being used as a mixer in other drinks. Functional drinks such as sports and energy drinks are frequently added to alcohol as mixers. This is more prominent among college-going and young consumers between the age of 20 to 38 years. Energy drinks are known for their high caffeine content, which increases alertness and cognitive functioning. Consumers use energy drinks as mixers because they can drink more and still not feel intoxicated. This is because the caffeine in sports drinks helps to stay awake longer. It also helps to counteract the sedative impact of alcohol. Therefore, many youngsters are known to mix functional drinks with alcohol which is driving the growth of the market."
Global functional drinks market: Segmentation analysis
The global functional drinks market research report provides market segmentation by product (energy beverages, functional fruit and vegetable juices, sports beverages, prebiotic and prebiotic drinks, others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for more than 36% share, followed by EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period 2019-2023.
Looking for more information on this market? Request a free sample report
Technavio's sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20181031005666/en/
Contacts:
Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com