Growing popularity of e-commerce is one of the major trends being witnessed in the global functional drinks market 2019-2023. Grocery items are emerging as a key category contributing to the overall share of sales through online shopping portals. Online platforms are expected to become one of the key distribution channels for the sale of functional drinks during the forecast period.
For instance, in April 2018, Pervida, which produces functional beverages, launched a newly revamped website that offers products. This website provides easy access to the product related information and better online shopping experience. Also, the company's website has a Pervida geo-locator which enables customers to find the nearest store details. Online grocery shopping is convenient for consumers, as it makes shopping easy, saves time, and offers fast delivery.
Hence, it is quickly gaining momentum in the retail sector because of their fast delivery time. Offering their products online also helps small retailers and vendors in enhancing the visibility of their products. This trend is encouraging various functional drink vendors to focus on the internet-friendly customers segment and enter online retail formats. Therefore, this has been identified as a significant growth trend for the global functional drinks market.
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Global functional drinks market: New product launches
Product development, improved taste, and versatility, and high levels of marketing support, will increase the demand for functional drinks. Over the last few years, vendors have been focusing on new product launches in the functional drinks market and have come up with a variety of innovative flavors, offering unique health benefits.
For instance, Nestle’s coffee creamer brand, Coffee Matte expanded into RTD coffee with the launch of natural cold brew and iced coffee products in the US. The product was launched in three flavors, Iced Coffee Caramel, Cold Brew Mocha, and Cold Brew Sweet Corn. Similarly, PepsiCo launched its prebiotic juice line in three flavors that include strawberry banana, pineapple mango, and peach passion fruit. Therefore, with such innovative launches with regards to flavors and drinks, the market is expected to witness growth.
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