The global functional shots market size was valued at USD 471.24 million in 2021 and is expected to reach USD 1449.81 million in 2030 expanding at a compound annual growth rate (CAGR) of 13.3% from 2022 to 2030.
Onion, ginger, black pepper, garlic, habanero pepper, horseradish, spirulina, moringa, reishi mushrooms, and seaweed are the ingredients that go into functional shots. The development of new technologies in the fields of microbiology, food engineering, nutrition, and biochemistry has made it possible for manufacturers to create novel drinks such as functional shots. The energy and immune system support that you get from functional injections are only two of the many health advantages they offer. Shots that provide a functional purpose are gradually turning into an essential component of the diet of customers who are health aware.
Non-alcoholic drinks are what are commonly referred to as "functional shots." They are readily available in a diverse assortment of variants and are frequently modified to deliver the desired number of electrolytes, carbs, minerals, vitamins, dietary fibres, and probiotics. There is a wide variety of functional shots on the market today. Some of them include sports and energy drinks, yoghurt, improved water, fruit juice, and ready-to-drink (RTD) teas. The making of functional shots requires the utilization of a variety of components, including beetroot, onion, mushrooms, ginger, black pepper, garlic, and algae, amongst others.
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
The rising preference for ready-to-drink (RTD) drinks and the increase in the general population's awareness of the need of maintaining a healthy lifestyle are two of the most important reasons that are predicted to drive growth in the functional shots market over the next few years. In addition, it is projected that the shift in consumer choice away from fizzy beverages and toward concentrated nutritional concoctions would further fuel the functional shots market growth. In addition, it is anticipated that the expanding demand for functional shots that are bolstered with a variety of natural components would provide additional support for the development of the functional shots market.
It is anticipated that over the following few years, the need for wellness that is straightforward, handy, and economical will cause an expansion in the breadth of functional injections.
In the beginning, the product was in demand among a certain subset of natural consumers who were aware of the product's health advantages and value in comparison to fresh-pressed juice shots. These shoppers formed the first demand for the product. Customers were also heavily influenced by the price when making their decision to purchase functional shots rather than normal fruit drinks, which are often sold at substantially higher prices at boutique stores. The emergence of COVID-19 has been a phenomenon that has fundamentally altered the industry. During the ongoing coronavirus pandemic, a significant number of customers have been looking for goods that will improve their immunity, which has led to the quick acceptance of the product.
Lack of awareness of customers is expected to further hamper the expansion of the functional shots market share over the course of the timeline period, and it may also provide a challenge to the industry.
The increasing demand for functional beverages and the accompanying increase in the number of product advancements, such as the introduction of vegan and plant-based functional shots in exclusive flavours and appealing packaging, will further provide potential opportunities for the functional shots market growth in the coming years.
In 2019, North America maintained the greatest revenue share, which was greater than 35.0 percent. The area has been going through a number of strategic shifts as a result of the makers of functional shots trying to take advantage of the increasing boom in the industry. As an illustration, ATAQ Fuel introduced their Functional Performance (RTD) Boosters product line in March of 2020. RTD Shots come in three different flavours, including pineapple, mango, and lime berry, and are included in the product range. The taste of pineapple is intended to increase both your strength and your stamina. The taste of mango provides an improvement in both energy and attention. Last but not least, lime berry strengthens the immune system.
From the years 2020 to 2027, it is anticipated that Asia Pacific would have the highest CAGR, which will be 14.7 percent. The regional market is anticipated to be driven by a high millennial population, rising household incomes, and a growing awareness of the need of maintaining a healthy physical lifestyle in nations such as China, Japan, India, and South Korea.
In 2019, energy shots had the lion's share of the market and were responsible for more than 40.0 percent of the market's revenue. This might be ascribed to the enormous number of product introductions that have led to broader market penetration. Electro Restore and Energy + Focus are the brand names given to the two new types of organic functional shots that were introduced by Vive Organic in March of 2020. Both variations are made entirely of organic ingredients. According to the manufacturer, these shots have a higher concentration of electrolytes compared to high-end sports beverages. In addition to this, items of this kind are said to contain a high amount of magnesium as well as trace minerals. Apple juice, lemon juice, blue spirulina, Hibernian kelp, organic Ginseng, pink Himalayan sea salt, and ginger root are all included in the Electro Restore shot. It is devoid of any and all types of additives, as well as sugar.
It is anticipated that the category of immunity shots would record the highest CAGR of 14.2 percent between the years 2020 and 2027. Because of the widespread nature of the epidemic, consumers all across the world are paying closer attention to their immune systems. In order to meet these expectations, manufacturers have also been actively participating. Reed's, Inc. introduced two new versions of ginger-based shots in February of 2020; these were referred to as Daily Ginger and Ginger Energize, respectively. Ginger is known to include anti-inflammatory as well as antioxidant qualities, which reduce inflammation, calm digestive difficulties, increase immunological function, and ultimately promote overall wellbeing.
In 2019, convenience shops dominated the industry and commanded a revenue share that was greater than 35.0 percent of the total. These items are typically shelved either with other body supplements or close to the register in order to encourage customers to make impulsive purchases at the majority of convenience and pharmacy stores.
Between 2020 and 2027, the internet sector would record the highest CAGR, which will be 14.7 percent. A significant number of businesses have recently begun offering their wares for sale on the internet. BOS Brands introduced a new line of functional health shots made with rooibos in the month of September 2020. These shots are easily available on the BOS online shop as well as on Amazon.com. The health shot, which is made from rooibos, is offered in four different flavours: "Bounce Back," "Chill Out," "Let it Glow," and "Gut a Problem?" Each shot has a volume of 1.7 fluid ounces and is comprised of brewed organic rooibos, active ingredients, and natural fruit juice, all of which contribute to the product's overall healthiness.
List of key functional shots market companies profiled