The global functional drinks market size is expected to reach USD 93.68 billion by 2019, according to a new study by Grand View Research, Inc., progressing at a CAGR of 6.1% during the forecast period.
Globally, the market for functional drinks is treading along a healthy growth track. It is particularly true in countries such as the U.K., U.S., and China. Despite functional drinks being more expensive than conventional substitutes (such as carbonated drinks), the market is expected to post noteworthy growth during the forecast period.
The global functional drinks market reached a valuation of USD 69.68 billion in 2014. As health awareness becomes an increasingly important issue in many countries, consumers may shift from sugary soft drinks to healthier alternatives in the functional drinks segment, boosting market growth.
In U.S., large chain stores such as Walmart have strong presence. These stores offer consumers a more extensive choice of products at lower prices than smaller competitor supermarkets. Influx of new flavors and products is also working in favor of the market.
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Further key findings from the report suggest:
The global functional drinks market is fragmented in nature, with the top four players holding 55.2% of the total market
The U.S. functional drinks market is expected to register a CAGR of 6.1% in terms of revenue over the forecast period, owing to rising penetration of functional drinks in the U.S.
Energy drinks formed the largest segment in the global functional drinks market, accounting for 55.8% of the total value in 2014
Key participants include The Coca-Cola Company, Monster Beverage Corporation, PepsiCo, Red Bull GmbH, Otsuka Holdings Co., Ltd, Suntory Group, Danone SA, and Nestlé.
Grand View Research has segmented the global functional drinks market based on type and region:
Functional Drinks Type Outlook (Revenue, USD Billion, 2010 - 2019)
Functional Drinks Regional Outlook (Revenue, USD Billion, 2010 - 2019)
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