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The global functional foods market size is projected to reach USD 529.66 billion by 2028, exhibiting a CAGR of 9.5% during the forecast period. The market’s value stood at USD 258.80 billion in 2020.

List of Companies Covered in the Functional Foods and Beverages Market Report:

The Coca-Cola Company (Georgia, United States)
Celsius Holding, Inc. (Florida, United States)
PepsiCo Inc. (New York, United States)
Glanbia Plc (Kilkenny, Ireland)
Nestle S.A. (Vevey, Switzerland)
Arla Foods amba (Viby, Denmark)
Hearthside Food Solutions LLC (Illinois, United States)
Tyson Foods Inc. (Arkansas, United States)
General Mills Inc. (Minnesota, United States)
Danone S.A. (Paris, France)
Driving Factor

The proliferation of Food & Beverage Startups to Elevate Market Potential

The Functional Foods and Beverages Market growth is set to accelerate due to the steadily growing presence of startups specializing in nutrient-enriched foods and drinks. For example, New Jersey-based Remedy Organics makes beverages based on plant products and infuses potent super-ingredients, botanicals, herbs, proteins, and probiotics. With the demand for non-dairy products rising, some startups are engaged in the development of plant-based dairy alternatives.

For instance, Toronto-based YoFiit leverages the high nutrition quotient of chickpeas to create functional non-dairy meal solutions. Further, a few startups are also targeting their products towards consumers living with chronic diseases. Texas-based Hapi Drinks, for example, offers sugar-free drinks for kids with a mission to fight Type 2 diabetes and childhood obesity. The increasing availability of such niche functional food & beverage in major economies will enable the market to achieve a long-lasting growth trajectory.

Regional Insights

Asia Pacific to Present Excellent Business Opportunities for Market Players

Asia Pacific is expected to dominate the Functional Foods and Beverages Market share during the forecast period due to the rising disposable incomes of consumers, especially in India and China.

Improving lifestyle in these countries is anticipated to stoke the demand for healthy food and drink alternatives in the forthcoming years, spawning lucrative sales opportunities for players in this market. In 2020, the Asia Pacific market size stood at USD 100 billion and the region is forecasted to register a CAGR of 10.04% from 2021 to 2028.

In Europe, on the other hand, stringent regulations governing the food and beverage industry is likely to boost investments in innovation and R&D by companies in the region, which in turn will promote the development of functional food & beverages. In North America, a growing preference for naturally produced food items will prove favorable for the market.

Competitive Landscape

Introduction of Novel Products in Emerging Economies to Electrify the Market

Key developers of functional food & beverages are focusing on capitalizing on the untapped opportunities in emerging markets. These markets are blossoming, underpinned by better incomes and improving health consciousness, encouraging large food and beverage companies to introduce new products and enlarge their customer base.

Key Industry Development:

December 2020: Nestle launched a milk product in China for adults, comprising ingredients that are meant to boost joint functionality, muscle strength, and bone health. Developed under its YIYANG Active brand, the company’s unique powdered beverage is its maiden product to fetch functional food approval in China.

Browse Detailed Summary of Research Report:

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In 2023, the Automotive Disc Coupling market is expected to be worth US$ 1,401.1 million. The market is expected to reach US$ 2,704.8 million by 2033, expanding at a 6.8% CAGR throughout the forecast period. Robust growth in reliable and high-performance power transmission accessories played a vital role in paving the growth path of automotive disc couplings over the forecast period.

The rise of electric and hybrid vehicles has generated a demand for power transmission systems that are both reliable and efficient. Automotive disc couplings have emerged as essential components in connecting electric motors to transmissions or drivetrains. They play a crucial role in facilitating efficient torque transfer, meeting the increasing market demand for electrified vehicles.

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The automotive industry is increasingly acknowledging the significance of automotive disc couplings in addressing environmental regulations and meeting customer expectations for fuel efficiency and power transmission. These couplings play a crucial role in minimizing power losses and facilitating efficient power transfer, aligning with the industry's sustainability objectives. As sustainability gains prominence as a crucial topic, the installation of disc couplings is experiencing a notable growth rate, surpassing historical trends.

Automotive disc couplings have a significant impact on reducing vibrations and power transmission noises in vehicles, resulting in a smooth and comfortable driving experience. As safety standards and emission regulations continue to be implemented worldwide, there has been a substantial increase in awareness regarding the importance of comfort and safety in the driving experience. These features have become unique selling points (USPs) for many automotive original equipment manufacturers (OEMs). The rising demand for luxury features in cost-effective vehicles has led to a notable surge in demand for automotive disc couplings, and this trend is expected to continue during the upcoming period of assessment.

Intense competition within the market leads to pricing pressures, compelling companies to distinguish their products based on factors such as quality, performance, and reliability. To remain competitive and attract customers, manufacturers must continually enhance their product offerings, introduce unique features, and provide value-added services.

Automotive industry is subjected to dynamic regulations and standards raging from safety to emissions to sustainability. Automotive OEMs and OES to remain up-to-date with such standards and regulations. Dynamic nature of such regulations hinders disc coupling manufacturers to maintain inventory and ensure and continuous supply chain in the market. Achieving compliance with multiple regional or international standards can also be a complex and time-consuming process, necessitating investments in testing, certification, and regulatory compliance procedures.

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Key Takeaways from the Automotive Disc Coupling Market:

The Automotive Disc Coupling industry in the Japan is predicted to reach US$ 284 million by 2033, increasing at a 8.0% CAGR.
During the forecast period, the Automotive Disc Coupling industry in United States is expected to reach a market share of US$ 500.2 million, securing a 7.4% CAGR.
The Automotive Disc Coupling industry in China is predicted to reach US$ 522.1 million by 2033, increasing at a 7.7% CAGR.
With a CAGR of 7.1% from 2022 to 2033, single disc coupling is expected to dominate the Automotive Disc Coupling industry.
From 2022 to 2033, the Steel Disc Coupling segment holds the largest market share of 72.3% in the Automotive Disc Coupling industry based on material type.
How Does the Competition Look in the Automotive Disc Coupling Market?

Global Automotive disc coupling market is highly dynamics with each player registering its developments to gain competitive edge in the market. Strategic acquisitions, mergers, product development, and collaborations are few the most success strategies identified by Future Market Insights across the global market leaders. Few of the examples include

In 2021, Lippert Components made a significant move by acquiring Kaspar Ranch Hand Equipment.
In 2023, Rivian Automotive partnering with Tenneco to deliver suspension and anti-vibration performance materials solutions.
In 2023, Continental AG introduced the innovative Green Caliper, which minimizes brake dust and offers multiple advantages. The Green Caliper's lower wear rate allows for a more compact setup, featuring smaller and thinner pads. Additionally, the reduced weight of the brake on each corner by 5 kg not only improves vehicle range but also contributes to better handling due to decreased unsprung weight.