PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, June 8, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “GCC Herbal Ingredients and Functional Beverages Market By Functional Beverage and Herbal Ingredients: GCC Opportunity Analysis and Industry Forecast, 2018–2027,” The herbal ingredients market was valued at $46.4 million in 2017 and is projected to reach $73.5 million by 2027, registering a CAGR of 4.9% from 2018 to 2027. The functional beverages market revenue was valued at $750.2 million in 2017, and is projected to reach $1,260.1 million by 2027, registering a CAGR of 5.5% from 2018 to 2027.
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The players operating in the herbal ingredients industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report are Herbalife Nutrition Ltd., Red Bull GmbH, Monster Beverage Corporation, NOW Health Group, Inc., Himalaya Wellness Company, PepsiCo, Inc., Al Rabie Saudi Foods Co. Ltd., Garden of Life LLC, Almarai Company, and Vitabiotics Ltd
Functional beverages are nonalcoholic drinks, which provide physical and mental health benefits and promote the state of health and well-being. Raw fruit, vitamins, herbs, vegetables, amino acid, probiotics, milk, and some artificial additives are used to formulate functional beverages.
Surge in demand for sports and energy drinks among athletes and individuals engaged in intense physical activities majorly drives the growth of the functional beverages market. Moreover, increase in athlete community and rise in number of sportspersons in developing countries drive the market growth. In addition, consumer inclination toward physical fitness and increase in number of fitness centers & health clubs are expected to fuel the market growth.
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Manufacturers are focusing on expanding their product portfolio by innovating new flavors with added health benefits, which further contributes toward market growth. Furthermore, the production of functional beverages with natural ingredients, such as natural sweeteners, is expected to propel market growth.
However, the availability of alternative beverages such as green tea, ginger root tea, coffee, and fresh juice limits the growth of the functional beverages market. Moreover, the consumption of coffee reduces the effect of caffeine present in energy drinks. Espresso coffee may taste stronger, however, it often contains less caffeine than drip coffee. Moreover, eliminating sugar from coffee or substituting it with stevia or honey prevents an overdose of excessive sugar.
Demand for functional beverages has been rising consistently in recent years, and it is anticipated that this trend will continue in the years to come. Drinks with additional nutrients, such as vitamins, minerals, antioxidants, probiotics, and other functional additives, that offer additional health advantages beyond hydration are referred to as functional beverages.
There are various factors driving the growth of the functional beverage industry. Consumers’ growing awareness of and interest in health and well-being is one of the key motivators. Functional beverages are becoming more and more popular as a handy and simple way for individuals to ingest healthy components as more people become health-conscious and look for ways to improve their overall health and well-being.
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The rise of specific health issues including obesity, diabetes, and other chronic diseases is another driver boosting the functional beverage market. Functional beverages are popular among consumers because they can either help them manage these health issues or stop them from ever occurring.
The need for functional beverages is also being fueled by shifting consumer tastes and way of life. Customers are searching for quick-acting, portable choices that can give them an energy boost, help them recuperate from activity, or simply help them unwind and unwind.
Since people are increasingly looking for natural and plant-based components in their food, beverages, and personal care products, the demand for herbal ingredients has been rising. Herbal substances come from plants and have a number of health advantages, such as better digestion, immune support, stress reduction, and more.
The rising incidence of chronic disorders including diabetes, heart disease, and cancer is another factor boosting the demand for herbal components. Several herbs and plant-based substances have been demonstrated to have potential health advantages in preventing and controlling various illnesses, leading to growing demand for these ingredients.
The herbal ingredients and functional beverages market is segmented into herbal ingredients and functional beverages. As per herbal ingredients, it is fragmented into ginger, garlic, rosemary, thyme, ashwagandha, aloe vera, green tea, and others. On the basis of functional beverages, the market is categorized into energy drinks, sports drinks, dairy-based beverages, juices, and others. Country wise, it is analyzed across UAE, Saudi Arabia, Qatar, and rest of GCC.
The food and beverage market demand in the Gulf Cooperation Council (GCC) region has been growing in recent years. The GCC region includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The region has a population of over 50 million, and a high standard of living, making it an attractive market for food and beverage companies.
Another factor driving the demand for food and beverage products in the GCC region is the high disposable income of consumers. Many consumers in the region are willing to pay a premium for high-quality and premium products, including organic and specialty products.
Key Findings of the Study
On the basis of herbal ingredients, the ginger segment dominated the GCC market in the year 2017 and is likely to remain dominant during the forecast period.
On the basis of functional beverages, the energy drinks segment dominated the GCC market in the year 2017 and is likely to remain dominant during the forecast period.
On the basis of country, Saudi Arabia dominated the GCC market and is likely to remain dominant during the forecast period.
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