About Functional Food and Beverage
Functional foods and beverages are defined as products that have health and wellness attributes. They address the functional needs of the consumers. The players highlight these attributes on the packaging of the products. For functional foods, categories included in the report are dairy products, bakery and cereals, confectionery, savory snacks, and others. While for functional beverages categories included in the report are sports drinks, energy drinks, and others.
Technavio’s analysts forecast the functional food and beverage market in the US to grow at a CAGR of 6.53% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the functional food and beverage market in the US for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.Technavio's report, Functional Food and Beverage Market in the US 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Functional Food and Beverage Market in the US 2017-2021
Technavio recognizes the following companies as the key players in the functional food and beverage market in the US: Coca-Cola, Dannon, General Mills, Kellogg, Kraft Heinz, Nestlé, PepsiCo, and Red Bull.
Other Prominent Vendors in the market are: Dr. Pepper Snapple Group, Living Essentials, MONSTER ENERGY (Monster Beverage Corporation), SlimFast, Yakult USA, PowerBar, The Balance Bar Company, T.C. Pharma, and Wm. Wrigley Jr. Company.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is marketing initiatives adopted by players. Major F&B players follow integrated marketing communication with the help of newspapers, magazines, and social media like YouTube and Facebook to increase the popularity of their functional F&B offerings. Many of the functional F&B brands are endorsed by well-known athletes to attract consumers who look for fitness and health aspects when choosing their F&B products.”
According to the report, one driver in the market is growing consumption of functional F&B as a preventive medicine. The rising cost of healthcare is another prominent driver which is impacting the market. In 2015, the overall healthcare expenditure was projected more than $3 trillion in the US. To get rid of growing healthcare expenditure, many consumers in the country are currently taking healthcare management in their own hands and increasingly opting for food and beverages that help in improving mental strength, enhancing the immune system, improving heart rate and digestive health, and having better intestinal flora and gut function.
Further, the report states that one challenge in the market is presence of stringent government regulations. Players in functional foods and beverage market in the US are facing issues due to stringent rules and regulations imposed by the authorities in the countries they operate in. These rules and regulations pertaining to the grant of permits, the entry of new players, the launch of new products, and the expiry of products. In some countries, the number of regulations is minimal, and the regulatory authorities are at times lenient, whereas in other countries, the regulations are stringent and on the rise. Terms like functional foods or nutraceuticals are widely used in the marketplace and are closely regulated by the FDA.
Coca-Cola, Dannon, General Mills, Kellogg, Kraft Heinz, Nestlé, PepsiCo, Red Bull, Dr. Pepper Snapple Group, Living Essentials, MONSTER ENERGY (Monster Beverage Corporation), SlimFast, Yakult USA, PowerBar, The Balance Bar Company, T.C. Pharma, and Wm. Wrigley Jr. Company.
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