Functional Beverages on the Rise: Recap of the Innovation & Investing in Functional Beverages Webinar
The beverage industry is witnessing a surge in popularity for functional drinks – those infused with ingredients that offer specific health benefits beyond hydration. This trend, driven by a consumer shift towards healthier and more natural options, was the focus of a recent webinar hosted by Harmony Craft Beverages.
The webinar dove into the booming functional beverage market, which is projected to reach a staggering $350 billion by 2030. This growth is attributed to a growing health-conscious population, particularly younger generations, who are increasingly opting for functional beverages over traditional sugary drinks and even alcoholic beverages.
Hosted by Evan Eneman, Harmony Craft Beverages Founder and CEO, the webinar included industry experts Tiffany Chin, who leads cannabis industry efforts for Snoop Dogg Brands, and Jonathan Purow, legal counsel from Greenspoon Marder LLP and host of Benzinga’s “Highly Informed” Podcast.
The experts provided statistics and industry trends, and they highlighted the diverse landscape of functional beverages, encompassing established categories like sports drinks and coffee, alongside newer, innovative options like adaptogenic beverages and hemp-infused drinks. The panel also acknowledged the evolving regulatory environment, particularly for ingredients derived from hemp and cannabis.
The panelists explored the burgeoning trend of psychedelic beverages, acknowledging the legal complexities surrounding them. Additionally, it identified the Farm Bill and its potential revisions as a key factor influencing the regulatory landscape for hemp-derived cannabinoids, a space Harmony Craft Beverages strategically targets with their low-THC offerings.
The webinar painted a promising picture for the future of functional beverages. Harmony Craft Beverages, with its unique approach to natural ingredients, delicious flavors, and focus on the hemp-derived cannabinoid market, appears well-positioned to capitalize on this exciting and ever-evolving market.
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