Product Launches, Investments, and Business Expansion by Market Players such as 7-Eleven, OWYN, and Others to Foster the Growth of the Global Functional Beverages Market

Functional beverages are the non-alcoholic beverages containing non-traditional ingredients such as raw fruit, herbs, minerals, probiotics, and some artificial ingredients. These beverages positively effects on body & mind as they provide health benefits beyond their nutritional value.  Some of the functional beverages include sports drinks, dairy, energy drinks, ready-to-drink coffee, tea, and fortified juices. These beverages help body to improve hydration, athletic endurance, and energy.

COVID-19 Impact on Functional Beverages Market

The outbreak of COVID-19 across the globe has moderately impacted the global functional beverages market growth. The negative impact on the market is majorly owing to the disruption in manufacturing capacity as well as supply chain of raw materials during the pandemic period. Whereas, on the other hand, the positive impact on the market is mainly due to the growing health concerns and adoption of healthy eating & drinking habits among people throughout the pandemic. As per an article by TheDailyGuardian, the demand for energy booster drinks increased in September 2020 due to the outbreak of COVID-19. The above-state that the global functional beverages market is predicted to see prominent growth in the upcoming years.

Functional Beverages Market Trends and Developments

The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global functional beverages market growth in the upcoming years.

For instance, in January 2020, OWYN, a leading brand in plant-based protein beverages & other functional nutrition products, pronounced a growth investment round led by PowerPlant. With the growth investments PowerPlant Ventures joined the existing investors Halen Brands and Clearlake Capital Group as partners to accelerate the growth of OWYN.

In October 2020, 7-Eleven, a convenience retailer store with retails of food and beverage, introduced ‘Triton,’ a new sugar-free energy drink with L-Theanine. The energy drink contains amino acid L-theanine and caffeine, both sourced from green tea leaves. Also, it contains B vitamins, taurine, ginseng, amino acids, and guarana. According to the company, Triton is created to meet the desire of customers for a sugar-free energy option.

In February 2021, Koia, the plant-based beverage announced that the products of the company will be nationally distributed in the U.S. at the 7-Eleven convenience stores. More than 60% of consumers come to 7-Eleven stores for beverages, making it crucial for the company portfolio in order to match their needs of living healthy lives.

Forecast Analysis of Global Market

The global functional beverages market is projected to witness an exponential growth over the forecast period, owing to the growing demand for instant energy drinks that provide instant energy and reduce sleepiness. Conversely, the high costs associated with functional beverages is expected to hamper the market growth in the projected timeframe.

The increasing demand for nutraceutical drinks as well as products and rising health consciousness among people across the globe are the significant factors and functional beverages market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global functional beverages market is expected to garner $212,286.1 million during the forecast period (2021-2028). Regionally, the Asia-Pacific market is estimated to observe fastest growth by 2028, owing to the growing adoption of organic drinks and the rising demand for sports & energy drinks in the region.

The key players functioning in the global market include

• The Coca-Cola Company
• Monster Beverage Corporation
• Red Bull
• MaxiNutrition
• Coif Bar
• Dupont Nutrition Biosciences ApS
• Meiji Co. Ltd
• Nestlé S.A.
• Pepsico, Inc. and
• National Beverage Corp.