Economic Scenario to Supplement the Steady Growth of Functional Beverages In Philippines: Ken Research
Posted on 14 August 2017 by KenResearch
Functional beverages are those beverages which have some specific functionality and this imparts to them, a very important role in the day-to-day lives of consumers. From keeping the users hydrated, preventing and addressing various health conditions, aiding in athletic performance to contributing to the nutritional well-being of the consumers, functional beverages are being accepted by more and more people.
The stellar growth of the beverages industry, especially in North America can be seen in the nearly always full shelves of grocery stores. The large varieties of the beverages that are available to the consumers are highly specific and seem tailor made to a consumer as if it were a part of the very user’s personality. Consumers prefer these functional beverages that can function as energy boosters and may result in abating bone and joint pains, shrinking waistlines and sharpening mental focus of the consumer and these are not the only uses.
According to the report, “Fortified/Functional Beverages in Philippines”, beverages that are specific to demographics, gender and age structure are also available in the market in addition to the specific products which are targeted at women, senior citizens and kids. Thus, the growth in this market is largely driven by product diversification and increased number of distribution channels. The marketplace of functional beverages provides a whole lot of different beverage experience today as compared to a few years back. Not only the manufacturing but also the way of consumption of these beverages is changing and becoming more interesting.
Now, consumers have the option to choose from the traditional packs of the beverages or may consume it in the form of a powder or in the form of a shot. This is not all, as the ways in which these beverages can be consumed and the number of days they last is also longer.
The use of functional or fortification ingredients in beverages is an attempt by the manufacturers to tap into the large market for health and wellness products. Manufacturers are also trying to differentiate their products and through the product differentiation, they attempt to capture more of the market. Whether it is a new sports drink by Pepsi-Cola which is lined with tropical fruit flavor variants infused with special electrolytes that are essential for hydration of the user or a drink fortified with Vitamin C, consumers are increasingly accepting these products and thus fueling the growth of the fortified/functional beverages market.
Fortified/Functional beverages, however, are not expected to grow very rapidly in the years to come due to many key product categories reaching maturity without any scope of product innovation left in them. Anyhow, the market on a whole is sure to prosper in the coming years.
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