The functional beverages market in North America is expected to grow from US$ 42,744.40 million in 2021 to US$ 70,032.97 million by 2028; it is estimated to grow at a CAGR of 7.3% from 2021 to 2028.
The healthcare spending of people across the region has increased significantly owing to increased health concerns and the growing prevalence of chronic diseases such as cancer, heart disease, diabetes, and obesity. According to the US Centers for Medicare & Medicaid Services (CMS), in 2020, healthcare spending in the US increased by 9.7% to US$ 4.1 trillion, or US$ 12,530 per person. Healthcare spending contribution to the nation’s GDP in 2020 was 19.7%. The prevalence of chronic diseases has increased significantly over the past few years. According to the Center for Disease Control and Prevention data, in 2020, 4.6% of individuals aged 18 and over in the US were diagnosed with coronary heart disease. Further, 696,962 heart disease-associated deaths were reported in the US in 2020 due to heart disease. The growing prevalence of such chronic diseases is one of the primary factors responsible for the increased health concerns among people. Therefore, people choose healthy products with nutritional health benefits over unhealthy, junk foods and beverages. People are also replacing carbonated and sugar-dense beverages with products that offer functional benefits. Thus, these factors are driving the growth of the functional beverages market in North America.
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North America Functional Beverages Strategic Insights
Strategic insights for the North America Functional Beverages provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
CAMPBELL SOUP COMPANY
Danone S.A.
GENERAL MILLS, INC.
KRAFT Foods
Monster Energy Company
Nestlé
PepsiCo
Red Bull
The Coca-Cola Company
The Wonderful Company LLC
North America Functional Beverages Regional Insights
The geographic scope of the North America Functional Beverages refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
North America Functional Beverages Market Segmentation
The North America functional beverages market is segmented into type, distribution channel, and country. Based on type, the North America functional beverages market is segmented into energy drinks, sports drinks, fortified juices, functional water, and others. In 2020, the energy drinks segment held the largest share of the market. Based on distribution channel, the North America functional beverages market is segmented into supermarkets and hypermarkets, online retail, and convenience stores. In 2020, the convenience stores segment held the largest share of the market. Similarly, based on country, the North America functional beverages market is segmented into the US, Canada, and Mexico. Furthermore, the US contributed a substantial share in 2020.
CAMPBELL SOUP COMPANY; Danone S.A.; GENERAL MILLS, INC.; KRAFT Foods; Monster Energy Company; Nestlé; PepsiCo; Red Bull; The Coca-Cola Company; and The Wonderful Company LLC are among the leading companies operating in the North America functional beverages market.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
