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Market Insights:Functional energy drinks are quickly rising in popularity, thus prompting Market Research Future to study and publish a report on the global functional energy drinks market. Anticipated to witness considerable growth over the forecast period of 2017 to 2023, functional energy drinks are experiencing high demand due to their various benefits. Functional beverages offer consumers a healthy option with added nutrients which are vital for healthy body function. Use of natural ingredients is highly common in an effort to promote the health-conscious factor.
Globally, consumer preferences have visibly shifted to show more consumption and demand for functional and healthy convenient food. Rising occurrences of chronic diseases and obesity rates among other lifestyle-related diseases are encouraging consumers to seek out healthier F&B offerings. Awareness regarding ingredients and benefits of several key nutrients is a significant factor contributing to increased demand for functional energy drinks. Moreover, rapid urbanization and increasing disposable incomes have led to a drastic change in lifestyles, thus creating a demand for convenient food and beverage options which do not compromise on health requirements. Consumers are displaying a willingness to invest in high quality, healthy products, thus providing lucrative opportunities for the market as it is still growing.
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Key Players Update:
Red Bull GmBH, Tata Global Beverages, Pepsi Co. Inc, Coca-Cola Co., Mondelez International Inc., National Beverage Corporation, and Abbott Nutrition Limited among others are the leading market players included in MRFR's report. Product innovation, distribution expansion, and acquisitions are some of the leading strategies used by these market players.
Latest Industry News:
Koios Beverage Corp has announced the impending launch of its "Fit Soda" which is a line of functional energy drink. Following the success of nootropic beverages for higher sports performance, the beverage line is a high-end soda drink with health benefits.
Phivida, a Canadian company, has launched a new line of functional beverages created using hemp extract for higher health benefits.
Market Segmentation:
Several factors have been taken into account when segmenting the global functional energy drinks market which has been done on the basis of product type, packaging, distribution channel, and region. By product type, the market includes hypertonic, isotonic, hypotonic, and others. By packaging, the market is divided into can, bottle, tetra pack and others. By distribution channel, the market is divided between store-based and non-store based. Store-based segmentation is further divided to include convenience stores, specialist retailers, supermarket & hypermarkets and others.
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Regional Analysis:
North America accounts for the largest share of the market and is expected to retain its market position over the forecast period. The high occurrence of lifestyle-related diseases in the region has resulted in increased awareness regarding good & bad food habits. Moreover, the consumers in the region have high disposable incomes and are demanding conveniently available functional energy drinks. The U.S leads the market and has several leading manufacturers that have identified the change in consumer pattern and are leveraging the same. Innovative product offerings in a wide variety of flavors and styles are expected to increase sales of functional energy drinks.
Meanwhile, the Asia Pacific displays high promise and is anticipated to grow at the highest CAGR during the forecast period. China is expected to have a favorable environment for the growth of the functional energy drinks market.
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