Functional Foods and Beverages Market in North America to Record 5.10% Y-O-Y Growth Rate in 2022 |Nestle SA offers Crunchy flakes, Crunchy granola, Nesquik, Nestea, Nestle Milo & Nescafe| Technavio

• Total Pages: 120
• Companies: 10+ – Including Archer Daniels Midland Co., Danone SA, Monster Beverage Corp., Nestle SA, PepsiCo Inc., Red Bull GmbH, Suntory Holdings Ltd., The Coca-Cola Co., The Kraft Heinz Co., and Yakult Honsha Co. Ltd. among others.
• Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
• Segments: Product (functional foods and functional beverages)
• Geographies: US, Canada, and Mexico

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According to the recent market study by Technavio, the Functional Foods and Beverages Market in North America is expected to increase by USD 32.58 billion from 2021 to 2026, at an accelerated CAGR of 7.29%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets. The US will register the highest growth rate of 63% among the other regions. 

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Vendor Insights-

The Functional Foods and Beverages Market in North America is fragmented, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.

• Nestle SA -The company offers a wide range of functional foods and beverages such as crunchy flakes, crunchy granola, Nesquik, Nestea, Nestle Milo, and Nescafe.
• Archer Daniels Midland Co. - The company offers a wide range of functional foods and beverages such as nutrition bars, cereals, snacks, baked goods, dairy among others.
• Danone SA -  The company offers a wide range of functional foods and beverages through its brands WhiteWave, Aqua, Bonafont among others.

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Regional Market Outlook

The Functional Foods and Beverages Market in North America's share growth in the US will be significant during the forecast period. However, the market growth rate in the US will be slower than the growth of the market in Canada and Mexico. The growing awareness about health and fitness will facilitate the functional foods and beverages market growth in the US over the forecast period. 

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Latest Drivers & Challenges of the Market-

• Functional Foods and Beverages Market Driver:
•  Product innovations:

Innovations in flavors and functional ingredients boost the functional foods and beverages market in North America. Manufacturers of functional foods and beverages are introducing new flavors to match the changing consumer preferences. Brands are also focusing on sugar-free and low-calorie formulations as these are in high demand. Advances in technology have enabled the development of products that mask the unpleasant taste of some functional ingredients. Hence, new product development, improved taste, versatility, and marketing and packaging support will increase the demand for functional foods and beverages. Over the past few years, the functional foods and beverages market in North America has also witnessed growth because of better packaging and innovation. Various innovative packaging materials have been introduced. New alternatives to paper packaging include metals, plastics, glass, and biopolymers. 

• Functional Foods and Beverages Market Challenge:
• Product ingredient labeling:

Skepticism regarding the efficiency of functional foods and beverages can inhibit market growth. Extensive studies have been conducted to validate the claims made by the manufacturers of these foods and beverages regarding their effectiveness and to check for health risks associated with the consumption of these products. Some studies have shown that many of the ingredients found in popular energy drinks have side effects and contain more than the recommended amount of potentially harmful chemicals. Studies have also stated that mixing functional beverages formulated to boost energy (such as those containing caffeine) with those formulated to lower blood pressure (such as those containing taurine) can cause side effects in the body. Thus, the manufacturers of functional foods and drinks must label all products with warnings about overdose or harmful effects arising due to the mixing of one type of functional drink with another.

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Functional Foods and Beverages Market in North America 2022-2026: Key Highlights

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist functional foods and beverages market in North America growth during the next five years
• Estimation of the functional foods and beverages market in North America size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the functional foods and beverages market in North America
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of the functional foods and beverages market in North American vendors

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SOURCE Technavio