Technavio has been monitoring the global functional drinks market since 2016 and the market is poised to grow by USD 155.98 billion during 2019-2023, progressing at a CAGR of almost 11% during the forecast period.
The market is driven by new product launches which will boost the growth of the functional drinks market. 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. Hence, new product launches will be one of the major drivers in the global functional drinks market.
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Major Five Functional Drinks Market Companies:
Danone
Danone operates the business under various segments such as specialized nutrition, essential dairy and plant-based North America, waters, and essential dairy and plant-based international. The company offers evian, Volvic, AQUA, Font Vella, SALUS, and others.
Monster Energy Company
Monster Energy Company operates the business under the monster energy drinks segment. This segment offers RTD packaged energy drinks primarily to bottlers and beverage distributors. The company’s key offerings include Monster Energy, Lo-carb Monster Energy, Monster Khaos energy + juice.
PepsiCo
PepsiCo has business operations under various segments, namely Frito-Lay North America, Quaker Foods North America, and North America Beverages. The company also runs their operations in Latin America, Europe, Sub-Saharan Africa, and Asia, Middle East, and North Africa. Some of the products offered by the company are sports drinks, probiotic juices, and cold-pressed juices.
Red Bull
Red Bull operates the business under four segments, which include Red Bull energy drink, Red Bull sugarfree, Red Bull Zero calories, and Red Bull editions. The company’s key offerings include Energy drinks. These drinks come in flavors such as pomegranate berry, blueberry, vanilla, strawberry banana, strawberry, orange, and multifruit.
The Coca-Cola Company
The Coca-Cola Company operates the business under the following segments: Europe, Middle East, and Africa, Latin America, North America, Asia Pacific, Bottling Investments, and Corporate. The company’s key offerings in the functional drinks market include energy drinks, sports drinks, and ZICO.
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