US and LATAM Functional Shots Market is expected to reach US$ 3,465.42 Mn by 2027

Growing Health Awareness among Millennial Population to Escalate US & LATAM Functional Shots Market Growth during 2020–2027

According to our latest market study on “US & LATAM Functional Shots Market Forecast to 2027 – COVID-19 Impact and Global Analysis – Product (Energy, Immunity, Detox, and Others) and Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Online, and Others),” the 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 report highlights key factors driving the market growth and prominent players along with their developments in the market.

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.

The US & LATAM functional shots market is getting a big boost from the rise in demand for healthy hydration. Moreover, the change in working demographics along with busy lifestyles are among the other factors promoting the demand for ready-to-drink beverages. With the increase in the demand for healthy drinks, the need for functional shots also propels. The urbanization of society has resulted in the prominence of convenience beverages in the modern diet. Furthermore, the surge in population along with the growing economic standard, increase in disposable incomes, and diversification in food habits are growing the demand for functional shots. Companies are coming up with the improved quality of functional shots and efficient distribution channels to serve the broader customer base to meet the increasing demands.

Boise Juice Company.; Ethan’s.; Hawaii  KOR SHOTS; Lumen; LXR Biotech, LLC.; Project Juice; Sofresco USA; SUJA LIFE, LLC; and Vive-Organic, INC are among the well-established players operating in the US & LATAM functional shots market.

Impact of COVID-19 Pandemic on US & LATAM Functional Shots Market

The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of February 2021, the US, Brazil, India, Russia, Spain, and the UK are among of the worst affected countries in terms confirmed cases and reported deaths. The outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food and beverage is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. However, the spread of COVID-19 served as a game-changing phenomenon for the functional shots market. A significant number of customers are seeking immunity-boosting products amid the ongoing health crisis, contributing to the rapid acceptance of the product. These functional shots are very convenient and easy to store. These can be stored directly in cold environments, and certain functional shots can also be stored at room temperature. The convenient pricing of functional shots often drives the market growth.

US & LATAM Functional Shots Market Breakdown – by Region, 2019

The report includes the segmentation of the US & LATAM Functional Shots market as follows:

• Energy
• Immunity
• Detox
• Others

• Hypermarkets and Supermarkets
• Convenience Stores
• Online
• Others

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