US and LATAM Functional Shots Market

Market Introduction

Functional shots are nonalcoholic beverages typically available in a wide range of varieties, and are customized to provide the desired quantity of carbohydrates, electrolytes, minerals, vitamins, dietary fibers, and probiotics. A few of the widely available functional shots are sports and energy drinks, yogurt, enhanced water, fruit juice, and ready-to-drink (RTD) teas. They are made by using ingredients such as onion, ginger, black pepper, beetroot, garlic, mushrooms, and algae.

Functional shots are gaining popularity among individuals and athletes participating in physical fitness activities. The millennial population are showing a strong interest in sports, as well as they have a tendency toward fitness, more purchasing power, and a desire to buy healthier goods. In the recent years, people have been increasingly inclined toward physical fitness; therefore, the number of health clubs and fitness centres is increasing significantly. The rising number of fitness centres is one of the factors driving the demand for functional shots. Many millennial customers are becoming health-conscious when it comes to consuming soft drinks or any other drink. As a result of the highly reported backlash against sugar, consumers are becoming increasingly aware of the advantages and consequences of the products used in their beverages. All these factors are bolstering the growth of the  US & LATAM functional shots market.

US and LATAM Functional Shots Strategic Insights

Strategic insights for the US and LATAM Functional Shots provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

US and LATAM Functional Shots Report Scope

US and LATAM Functional Shots Regional Insights

The geographic scope of the US and LATAM Functional Shots refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

The US & LATAM functional shots market was valued at US$ 2,309.25 million in 2019 and is projected to reach US$ 3,465.42 million by 2027; it is expected to grow at a CAGR of 5.2% from 2020 to 2027. The rise in popularity of the functional shots has motivated the manufacturers to boost the production volume and undertake investment in research and development and new product development of functional shots with an exotic taste that could suit consumer needs. The rise in industrial field expenditures and increasingly intense competition, and the growing adoption of functional shots as healthy drinks have driven the demand for new product launches. The key manufacturers have been financing on this opportunity by packaging their products more conveniently to make them easier to consume on the go and increase shelf life. The factors such as flexible products matching consumer needs, innovative concepts, and busy lifestyles are anticipated to benefit market growth. Besides, the key players in the market are launching new products with a unique combination of organic or natural ingredients, which is further boosting the demand of functional shots in the market. Manufacturers are experimenting with several elements, texture, flavour, and nutritional ingredients. For instance, In March 2020, Vive Organic launched two varieties of 100% organic functional shots under the brand names Electro Restore and Energy + Focus. The company says that these shots contain more electrolytes than the luxury sports drinks. In addition, such materials are known to be rich in magnesium and trace minerals. As more audiences become familiar with health benefits, functional shots manufacturers will have the opportunity to partner with qualified creators to deliver flavours from all over the world to their consumers in the US.

Key Market Segments

Based on product type, the US & LATAM functional shots market is segmented into energy, immunity, detox, and others. The energy segment led the market with the largest share in 2019. Based on distribution channel, the US & LATAM functional shots market is segmented into hypermarkets and supermarkets, convenience stores, online, and others. The convenience stores led the US & LATAM functional shots market with a highest market share in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the US & LATAM functional shots market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Boise Juice Co.; Ethan's; Hawaiian OLA; KOR SHOTS; Lumen; LXR Biotech, LLC.; Project Juice; Sofresco USA; SUJA LIFE, LLC; and Vive-Organic, INC.

Reasons to buy report

• Progressive industry trends in the US & LATAM functional shots market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the US & LATAM functional shots market from 2017 to 2027
• Estimation of the demand for US & LATAM Functional Shots across various industries
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
• Recent developments to understand the competitive market scenario and the demand for US & LATAM Functional Shots  
• Market trends and outlook coupled with factors driving and restraining the growth of the US & LATAM functional shots market
• Decision-making process by understanding strategies that underpin commercial interest with regard to US & LATAM Functional Shots  market growth
• US & LATAM functional shots market size at various nodes of market
• Detailed overview and segmentation of the US & LATAM functional shots market as well as its dynamics in the industry
• US & LATAM functional shots market size in various regions with promising growth opportunities

US & LATAM FUNCTIONAL SHOTS MARKET SEGMENTATION

By Product

• Energy
• Immunity
• Detox
• Others

By Distribution Channel

• Hypermarkets and Supermarkets
• Convenience Stores
• Online
• Others

By Country

• US
• Mexico
• Peru
• Ecuador
• Colombia
• Rest of LATAM

Company Profiles

• Boise Juice Co.
• Ethan's
• Hawaiian OLA
• KOR SHOTS
• Lumen
• LXR Biotech, LLC.
• Project Juice
• Sofresco USA
• SUJA LIFE, LLC
• Vive-Organic, INC.