Functional Shots Market To Hit Value .0 Billion By 2027Posted by Mrudula Anil Karmarkar on February 8th, 2021 The global functional shots market size is expected to reach USD 1.0 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 13.4% from 2020 to 2027. The increasing demand for elevated wellness in order to improve immunity, digestion, brainpower, energy, and youth has led to the growth in demand for functional shots. In addition, the handy packaging of these products offers the convenience of use, thus contributing to the faster adoption of the product. Companies have been innovating branding strategies to create wider penetration among consumers. In January 2020, Ginger Shots, Inc. rebranded itself as Tulua. The rebranding is focused on establishing an image of a functional superfood shots company. The company made this strategic move after it decided to actively expand itself beyond its initial product line Ginger Shots. It recently introduced two new products, namely Probiotic Shots and Vitality Shots. The company claims that these products are free from preservatives and additives. Along with this, these are certified to be organic and kosher. Furthermore, the company asserts that its products are made with the highest quality ingredients and are High Pressure Processed (HPP) to maintain nutrients. Along with that, the brand has redesigned its packaging, which now offers greater visibility of the contents. The bottle comes along with an easy-to-open cap. Its high-impact label design highlights the key product features and benefits. The company claims that the probiotic contains one billion CFU of a premium probiotic, along with cold-pressed functional ingredients. It is available in four flavors: apple cinnamon, blueberry lemon, tart cherry, and turmeric. The Vitality Shot is available in two flavors: turmeric ginger and apple cider vinegar. These products are being sold through natural, conventional, and mass-market retailers, along with selected corporate dining facilities, airports, and online e-commerce retailers spread across the U.S. Functional Shots Market Report Highlights
Initially, the product was in demand among a group of niche natural shoppers who were aware of the product's health benefits and value compared to fresh-pressed juice shots. Price also played a crucial role in influencing customers to buy functional shots over regular fruit juices that are sold for a much higher price at boutique stores. The spread of COVID-19 has acted as a game-changing phenomenon for the industry. A large number of consumers have been seeking immunity-boosting products amid the ongoing coronavirus pandemic, leading to the rapid adoption of the product. These products are made to offer maximum convenience. These are not only ready for consumption but also provide easy storage. Many of these functional shots direct their storage in cold places. However, some modern-day products can be easily stored at room temperature without hampering the product's composition. In September 2020, Tasty6 launched a line of non-refrigerated wellness shots. These target energy, immunity support, and relaxation. These are a combination of 6 tastes: sweet, sour, salty, spicy, bitter, and astringent. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450997/ibb Product launches have been playing a crucial role in market growth. The players have been innovating products that address some of the most vital health issues. In October 2020, Bolthouse Farms launched carrot-based functional shots that are available in various forms. These are designed to efficiently deliver a nutritional boost and address a large number of problems. For instance, immunity shots are composed of acai and oregano oil, a metabolism shot contains cayenne and caffeine, a digestion shot, which has probiotics and apple cider vinegar, an energy shot, which has caffeine from coffeeberry. Major market players have been leveraging the spread of the pandemic to enhance the sales of their products. In March 2020, Ethan Hirshberg rebranded its product by improvising its packaging. The products are brighter in color and the benefits of each product are mentioned on the packaging. This strategic rebranding has created strong communication among its customers. The products are available to mass, convenience, and drug stores and are sold at USD 4 for a 2-ounce bottle. Some prominent players in the global functional shots market include:
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |