PUBLISHER: KBV Research | PRODUCT CODE: 1007571
PUBLISHER: KBV Research | PRODUCT CODE: 1007571
The Global Functional Shots Market size is expected to reach $1.4 billion by 2027, rising at a market growth of 16% CAGR during the forecast period. Functional shots are considered as non-alcoholic beverages. They are generally available in a broad array of varieties and are modified to give the intended quantity of carbohydrates, electrolytes, minerals, vitamins, dietary fibers, and probiotics. Sports and energy drinks, enhanced water, yogurt, fruit juice, and ready-to-drink (RTD) teas are some of the broadly available functional shots. Various ingredients like onion, beetroot, ginger, mushrooms, black pepper, garlic, and algae are used in the preparation of functional shots.
Many ingredients are used to prepare functional shots including onion, spirulina, ginger, reishi mushrooms, black pepper, horseradish, garlic, habanero pepper, moringa, and seaweed. The constant development in microbiology, nutrition, food engineering, and biochemistry has motivated the makers to develop unique beverages like functional shots. Boosting immunity and energy level are the prime advantages of functional shots. For health-conscious consumers, functional shots are gradually becoming an important part of their diet.
The current outbreak of the COVID-19 pandemic is once in a century kind of pandemic. It is also something that would have a deep impact on concerns regarding health, eating, and drinking habits. As functional shots help in increasing immunity, the COVID-19 pandemic is likely to fuel the demand & growth of functional shots in the years to come because consumers are constantly searching for products to reduce the chances of illness. The COVID-19 pandemic has brought the transformation in the functional shots market. As a result of this pandemic, consumers are constantly looking for products that can boost immunity. Therefore, this aspect is creating new growth avenues for the global functional shots market. These functional shots provide various benefits as they are highly convenient and can be stored easily. Some functional shots can be stored in cold places, while there are other functional shots that sustain long even at room temperature. This factor along with the convenient costs of functional shots is expected to fuel the growth of the functional shots market.
Based on Product, the market is segmented into Energy, Immunity, Detox, and Other Products. In 2020, the global functional shots market was dominated by the energy shots segment as it obtained the maximum revenue share. A high number of product launches resulting in a broad penetration among consumers are responsible for this growth.
Distribution Channel Outlook
Based on Distribution Channel, the market is segmented into Convenience Stores, Hypermarkets & Supermarkets, Online and Other Distribution Channels. Among these, the convenience stores dominated the market by procuring the highest revenue share in 2020. In the majority of convenience and drug stores, these items are either placed along with body supplements or placed next to the cash counter to leverage the consumer buying behaviors.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific would showcase the substantial growth rate during the forecast period. The growth of the regional market would be boosted by many factors such as a huge younger population, rising disposable income, and increasing awareness about physical wellness in countries like India, China, South Korea, and Japan.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PepsiCo, Inc., AriZona Beverages Company LLC, Kuli Kuli, Inc., Living Essentials Marketing LLC (5-hour ENERGY), EBOOST, Dragononi, Inc. (Hawaiian OLA), Royal Pacific International, LXR Biotech, LLC, Hardcell LLC, and Kudu Energy LLC.
Strategies deployed in Functional Shots Market
May-2021: PepsiCo unveiled its latest innovation, soulboost. It is a sparkling water beverage with a splash of real juice & some functional ingredients. This product, Soulboost provides the fun of a fruity drink via a light, guilt-free sparkling water refreshment.
Oct-2020: Arizona Beverages launched Arizona Sunrise Hard Seltzer. This latest offering has a splash of real fruit and is available in four different flavours: Cherry Punch, Mucho Mango, Lemon and Grapefruit.
Aug-2020: AriZona Beverages expanded its product line by adding Pineapple to its fruit juice cocktail lineup. The AriZona Pineapple is the sixth addition to the brand's juice cocktail line, which consists of staple flavours like Mucho Mango, Fruit Punch, and Watermelon.
Jun-2020: AriZona Beverages unveiled SANTA FE, a new line of sparkling waters. It is made from real fruit that includes the first and only sparkling Arnold Palmer. It contains less than 20 calories in every 16-ounce can, SANTA FE is a low-carb and gluten-free beverage.
Apr-2020: PepsiCo signed an agreement with Vital Pharmaceuticals, provider of sports and energy beverages. This agreement aims to distribute Bang Energy in the U.S. and plays an important role in PepsiCo's whole energy-beverage strategy and allow them to significantly boost the distribution of Bang Energy to fulfil the increasing consumer demand.
Mar-2020: PepsiCo announced the acquisition of Rockstar Energy, an energy drink company. This acquisition focuses on doubling down on energy drinks and with a focus on turning around its Mountain Dew brand.
Jul-2018: EBOOST launched its natural Energy + Vitamins SHOTS in Superberry, Berry-Melon and Fruit Punch Extra Strength flavours. This launch covers 7-Eleven locations all over the United States.
May-2018: Living Essentials introduced 5-hour TEA shots, a product line, which is available in peach tea flavour. It is just like 5-hour ENERGY shots, 5-hour TEA shots are fast, simple, and made for hard-working people.
Nov-2017: PepsiCo formed a joint venture with Suntory Beverage & Food. Under this deal, Suntory has 51% shares in International Refreshment Co, a PepsiCo operation. This venture aimed to grow both companies beverage business in Thailand by using each other's respective strengths.
Aug-2017: EBOOST expanded its product line by adding to EBOOST's product lineup. This addition includes CULTURE, Daily Probiotics; PRIME, Grass-fed Whey Protein (vanilla & chocolate); SPRUCE, Green Juice Powder.
Market Segments covered in the Report:
By Distribution Channel
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List of Figures