GCC Herbal Ingredients and Functional Beverages Market Size is Projected to Attain $1.2 Billion By 2027
The market for herbal ingredients and functional beverages in the GCC region is thriving and expanding.
A recent report from Allied Market Research called "GCC Herbal Ingredients and Functional Beverages Market By Functional Beverage and Herbal Ingredients: GCC Opportunity Analysis and Industry Forecast, 2018-2027" has highlighted some interesting findings. The report states that the herbal ingredients market was worth $46.4 million in 2017 and is expected to increase to $73.5 million by 2027. This represents a Compound Annual Growth Rate (CAGR) of 4.9% between 2018 and 2027. Additionally, the functional beverages market generated $750.2 million in revenue in 2017 and is projected to reach $1,260.1 million by 2027. This translates to a CAGR of 5.5% over the same period.
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Companies in the herbal ingredients sector have implemented different approaches to boost their market presence, enhance their profitability, and maintain competitiveness. In this report, we highlight key industry players such as Herbalife Nutrition Ltd., Red Bull GmbH, Monster Beverage Corporation, NOW Health Group, Inc., Himalaya Wellness Company, PepsiCo, Inc., Al Rabie Saudi Foods Co. Ltd., Garden of Life LLC, Almarai Company, and Vitabiotics Ltd.
Functional drinks are non-alcoholic beverages that offer both physical and mental health advantages and support overall well-being. Natural fruits, vitamins, herbs, veggies, amino acids, probiotics, dairy, and certain artificial ingredients are utilized in creating functional drinks.
The expansion of the functional beverages market is primarily propelled by the rise in popularity of sports and energy drinks among athletes and people involved in strenuous physical activities. Furthermore, the growth of the market is driven by the increasing number of athletes and sports enthusiasts in developing nations. Additionally, the market is expected to experience growth due to the growing interest of consumers in maintaining physical fitness and the rise in the number of fitness centers and health clubs.
Manufacturers have a strong emphasis on broadening their range of products through the creation of innovative flavors that come with added health advantages. This, in turn, contributes significantly to the expansion of the market. Moreover, the market is also expected to experience growth due to the production of functional beverages using natural components like natural sweeteners.
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The functional beverage industry is experiencing a boost in growth due to a range of reasons. One significant factor behind this growth is the increasing knowledge and curiosity among consumers regarding health and wellness. With the rise in health-consciousness, more individuals are looking for easy and convenient methods to enhance their overall well-being, leading to the rising popularity of functional beverages as a means to incorporate beneficial elements into their daily routines.
The increase in particular health concerns such as obesity, diabetes, and various long-lasting illnesses is an additional factor propelling the growth of the functional beverage industry. Consumers gravitate towards functional beverages due to their ability to assist in the management of these health problems or even prevent them from happening in the first place.
The demand for functional drinks is also being driven by changing consumer preferences and lifestyle. People are looking for convenient options that can provide them with a quick energy boost, aid in post-workout recovery, or simply assist them in relaxing and unwinding.
In general, it is expected that the need for functional drinks will rise as individuals give importance to their well-being and search for convenient and effective ways to reach their goals.
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Important discoveries from the research
In 2017, the ginger sector had the highest market share in the GCC market and is expected to maintain its dominance in the coming years. Similarly, energy drinks were the most popular functional beverages in the GCC market in 2017 and are likely to continue their dominance in the future. Among the GCC countries, Saudi Arabia had the highest market share and is also expected to maintain its dominance in the forecast period.
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Allied Market Research (AMR) is a comprehensive market research and business consulting division of Allied Analytics LLP located in Portland, Oregon. Offering top-notch "Market Research Reports" and "Business Intelligence Solutions," Allied Market Research serves global corporations, as well as small and medium-sized enterprises. AMR aims to offer tailored insights and consultation to help clients navigate their markets successfully and attain enduring growth in their specific industry.
Pawan Kumar, the Chief Executive Officer of Allied Market Research, is guiding the company in delivering top-notch information and knowledge. We have established strong professional connections with numerous businesses, which assists us in gathering market data that enables us to create precise research statistics and ensures the utmost reliability in our market predictions. Each and every piece of data included in our reports is obtained through direct interviews with high-ranking executives from prominent companies in the relevant field. Our method of gathering secondary data involves thorough online and offline research and conversations with well-informed experts and industry analysts.
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