The functional drinks market turnover reached US$8.79 billion in 2015, increasing significantly from US$3.73 billion in 2011.
Valuing at US$50 billion in 2014, the global energy drinks market is projected to grow at a CAGR of 3.5 percent between 2015 and 2020, according to Research and Markets.
Driving this growth are increasing demands for convenience, such as with office vending systems, refreshment drinks, and rising transport applications, reports Research and Markets.
With increasing urbanisation and increasing awareness of consumers of the importance of health, the global sports drinks market is surging, and the developing economies are expected to offer growth opportunities, reports Research and Markets.
Though it’s still an emerging regional segment market, it has been experiencing a rush in popularity in countries such as China and India which in turn will help the market to grow, reported Research and Markets.
Research and Markets forecasts the global sports nutrition market to grow at a CAGR of 8.27 percent during the period 2016 to 2020.
As an ingredient with benefits such as to reduce cancer risk or an alternative for sports nutrition, whey proteins are poised for large growth in the next few years, report Mordor Intelligence LLP and Research and Markets.
According to Research and Markets, the Asia-Pacific cheese market is currently worth US$8.3 billion, but will grow at an annual growth rate of 8.1 percent to reach US$15.5 billion by 2021.