Hangover Cure Products Market Growth & Trends
The global hangover cure products market size is expected to reach USD 4.67 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.6% from 2021 to 2028. Consumers are becoming increasingly aware of the benefits associated with the consumption of hangover cure products, which help improve metabolism, reduce nausea caused due to excessive alcohol consumption, and hydrate the body.
Over the past few years, consumers over the world are becoming more enthusiastic about functional foods and drinks. Therefore, ingredients that boost energy, mental clarity, and mood and reduce stress are expected to appeal to consumers in the upcoming years. This trend of functional foods and drinks is likely to create opportunities for hangover cure products manufacturers.
Furthermore, with the growing demand for the products, an increasing number of investors are showing interest in the market. For instance, in April 2018, 82Labs, a U.S.-based start-up that produces hangover rehydration drinks, raised USD 8 million in funding from investors such as Altos Ventures, Thunder Road Capital, Strong Ventures, and Slow Ventures. Similarly, in 2019, Cheers Health Inc., a Texas-based company, raised an amount of USD 2.1 million in seed funding for building its brand and upgrading products. Such fundraisings will help companies develop new and innovative products and expand their reach.
Nutritional profile and the presence of natural ingredients are other important factors influencing the buying decisions of consumers. Various herbs and botanicals are gaining traction among consumers. Product promotion also influences consumers’ buying decisions in both countries. Hangover cure products have been gaining immense popularity due to the buzz created on social media platforms.
The demand for hangover cure products is expected to increase in Asia Pacific in the coming years owing to the growing awareness about the benefits of alcohol detox products. Owing to the growing preference for herbal products, market players in Asia Pacific are focusing on using herbal ingredients in their supplements. For instance, in February 2019, Baidyanath Group introduced Armr, a herbal anti-hangover product, and Shunya, a herb-infused vitamin drink, in India. Such initiatives are likely to fuel the market growth over the forecast period.
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Hangover Cure Products Market Report
Hangover Cure Products Market Report Highlights
- By product, the solutions segment accounted for the largest share of over 35.0% in 2020. The demand for herbal hangover cure solutions is increasing on account of the numerous product launches
- The online distribution channel segment is expected to witness the fastest growth over the forecast period. The growth of the segment is attributed to the emergence and rapid development of e-commerce and the high adoption of online shopping
- Asia Pacific held the largest share of over 50.0% in 2020. The growing awareness about the benefits of alcohol detox products is expected to increase the demand for hangover cure products in the Asia Pacific in the coming years. Europe is expected to expand at the fastest CAGR of 15.4% over the forecast period
