Relaxation Beverage Market Segment Analysis By Product Type
The drinks segment held the largest share in the Relaxation Beverage Market in 2020 and is estimated to grow at a CAGR of 12.6% during the forecast period 2021-2026. This is owing to the wide range of availability and convenient consumption method. Additionally, drinks come in a variety of flavors as compared to their other counterparts which have limited flavors. This is the key factor that makes this segment popular and preferable over other variants. However, mixes are often available in powder or syrup form that needs to be further mixed with beverages for resultant consumption. Mixes are available in small packaging sizes which makes them travel-friendly thereby boosting the demand. Mixes segment is estimated to register the higher CAGR over the period 2021-2026.
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Relaxation Beverage Market Segment Analysis By Application
The insomnia segment held the largest share in the Relaxation Beverage Market in 2020 and is estimated to grow at a CAGR of 13.3% during the forecast period 2021-2026. This is owing to the growing number of millennials suffering from insomnia which is often attributed to stress-related to white-collar jobs and managing finances. However, patients suffering from anxiety are often asked by physicians to indulge in relaxation beverages as they help to keep the blood pressure at bay which usually arises from anxiety, thereby bolstering the growth of the segment. The anxiety patients segment is estimated to register the higher CAGR over the period 2021-2026.
Relaxation Beverage Market Segment Analysis By Geography
North America dominated the Relaxation Beverage Market with a major share of 43.8% in 2020. This is attributed to the factors like the presence of a large number of millennials in most of the U.S. states like Texas and New York, with a considerable spending capability. The region also faces a considerable amount of migration of millennials from various other economies which is anticipated to augment the product demand in the upcoming years
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the rising disposable income of the majority of the households throughout the region coupled with the increasing awareness among consumers regarding relaxation drinks.
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Relaxation Beverage Market Drivers
Growing awareness and demand for relaxation beverages due to their health benefits are driving the market growth
Over the recent past, there has been an increasing demand for stress relief and sleep-promoting products, because the rapid growth of urbanization coupled with uber-busy lifestyle has created a lot of stress across all the major classes of working professionals. According to American Psychological Association (APA), in 2020, the majority of adults still say health care (66%), mass shootings (62%) or climate change/global warming (55%) is a significant source of stress. More than half commented the same regarding the rise in suicide rates (51%), immigration (47%), widespread sexual harassment/assault reports in the news (47%) or the opioid/heroin epidemic (45%). Moreover, consumers have become aware regarding the health benefits associated with the consumption of relaxation beverage. Thus, increasing the growth of the Relaxation Beverage Market during the forecast period 2021-2026.
Rising number of chronic diseases due to anxiety is poised to increase the growth of the market
Growing chronic diseases among adults are some factors driving the growth of the market. Moreover, to tackle rising chronic stress and insomnia, consumers are preferring relaxation beverages over pharmaceutical sleeping aids. According to National Sleep Foundation, 2020 has witnessed around 10-30% of adults in the U.S. suffering from persistent difficulty with sleep onset, maintenance, consolidation, or overall quality, thereby leading to insomnia. This is mainly attributed to stress and anxiety from daily life and the covid-19 pandemic, particularly in 2020. Relaxation beverages help to combat stress. Thus, increasing the growth of the Relaxation Beverage Market during the forecast period 2021-2026.
Relaxation Beverage Market Challenges
Higher costs of relaxation beverages are likely to challenge the market growth
Some of the factors that are set to impede the growth of the Relaxation Beverage Market are the price point at which relaxation drinks are available. Most of the drinks in the U.S. starts from around $35 and more which is often expensive than alcoholic beverages like beer. This is mainly because of the number of constituents present in relaxation beverages and this price gap is expected to challenge the market growth.
Relaxation Beverage Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Relaxation Beverage Market. In 2020, the Relaxation Beverage Market share is fragmented by the top ten players present in the market. The Relaxation Beverage Market, top 10 companies are:
New Age Beverages Corporation
iChill Beverages, Inc.
Boisson Slow Cow, Inc.
Life On Earth, Inc.
Som Friends, Inc.
Phi Drinks, Inc.
Seek Physis, LLC
In July 2020, New Age Beverages Corporation announced that it is in agreement to acquire ARIIX, along with 4 additional companies in the e-commerce and direct selling channels. The combination will create a global firm with estimated pro forma revenues in excess of USD 500 million across more than 75 countries worldwide.
In October 2020, Innoviom introduced its natural and hemp-infused relaxation beverages namely Tranquini and Wowie to buyers from major retail chains at ECRMs Annual Vitamin, Weight Management, Beverage & Sports Nutrition Program.
North America dominated the Relaxation Beverage Market in 2020 owing to the presence of a large number of millennials. The Relaxation Beverage Market scope for different regions will be provided in the final report.
Growing awareness and demand for relaxation beverages coupled with the rising number of chronic diseases due to anxiety is likely to aid the market growth of the Relaxation Beverage Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Relaxation Beverage Market report.
Higher costs of relaxation beverages, when compared to conventional alcoholic beverages, is poised to create the hurdles for the Relaxation Beverage Market.
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