Functional Shots Market Scope, Growth, Size and Share by 2030
Functional Shots Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 8,829.63 Million |
| Market Size by 2030 | US$ 13,684.12 Million |
| Global CAGR (2022 - 2030) | 5.6% |
| Historical Data | 2020-2022 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
COVID-19 Impact:
The COVID-19 pandemic affected almost all industries in various countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA). Various industries, including food & beverages, suffered severe disruptions due to disturbances in supply chains and shutdowns of production plants amid the COVID-19 pandemic. Many businesses announced possible delays in product deliveries and slumps in their future sales. Thus, suspended operations in various industries hindered the functional shots market growth in 2020.
On the contrary, the COVID-19 pandemic altered global consumer preferences as health became their top priority. The preferences for beverages with functional benefits, along with the demand for products with organic ingredients, increased. Moreover, the demand for functional shots with additional health benefits such as immunity boosting, detox, and gut health surged to promote health and wellness. This factor triggered the demand for functional shots. However, severe distribution network disruptions and business shutdowns resulted in a demand and supply gap in the world. Manufacturers in the functional shots market witnessed labor shortages and faced challenges in sourcing raw materials, which negatively impacted their profitability. In 2021, the governments of various countries announced relaxations in the restrictions, such as trade bans, lockdowns, and business shutdowns. Manufacturers were permitted to operate at full working capacities, which helped them overcome the demand and supply gaps. Also, with the introduction of vaccines, the marketplace witnessed recovery, which benefitted the functional shots market.
Competitive Landscape and Key Companies:
PepsiCo, Inc; EBOOST; Ethan's; Hawaiian OLA; KOR SHOTS; Lumen; Sofresco; KULI KULI, INC; Suja Life, LLC; and Vive Organic are among the top 10 companies operating in the global functional shots market. These companies focus on developing plant-based, natural, organic, and clean-label flavor masking ingredients, which is expected to offer new opportunities to the market in the coming years.
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