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.
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.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 452.2 Million |
| Market size forecast in 2027 | USD 1.4 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 16% from 2021 to 2027 |
| Number of Pages | 150 |
| Number of Tables | 280 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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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.
Free Valuable Insights: Global Functional Shots Market size to reach USD 1.4 Billion by 2027
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.
By Product
By Distribution Channel
By Geography
The Global Functional Shots market size is expected to reach $1.4 billion by 2027.
Growing consumption of functional beverages are driving the market in coming years, however, Lack of awareness among consumers have limited the growth of the market.
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.
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.
The immunity shots segment would showcase the highest growth rate during the forecast period.
In 2020, The North America emerged as the leading region in terms of revenue.
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