During the COVID-19 pandemic, it has been widely believed by consumers that drinking products fortified with vitamins and minerals will strengthen their immune system to better protect against the virus. In addition, the prices of FF beverages are similar to the prices of regular products, which has also made them affordable to most consumers.
Seeing the growth potential due to increased home consumption, companies have continued focusing on new product development in 2020. For example, Pinar Gida company has launched the Pinar functional bottled water series, consisting of four varieties of flavoured bottled water, fortified with vitamins and minerals.
As a result of the COVID-19 pandemic, the value of the Turkish Lira has depreciated considerably against the USD and Euro This has translated into higher production costs for FF beverages. Additionally, it also means cost of importing raw materials and brands, such as the leading Red Bull brand, is now more expensive, which has forced companies to increase their prices in 2020.
From 2021, the negative effects of the COVID-19 pandemic are expected to recover, provided that the second and third waves do not impact Turkey. This will lead to further growth over the forecast period.
The COVID-19 pandemic has led people to adopt healthier lifestyles and make sure that what they consume contains added health benefits. The rising demand for FF beverages is predicted to encourage companies to develop a higher number and variety of products, as well promoting their existing products.
During the COVID-19 pandemic, many consumers opted to order from e-commerce platforms as a safer way of shopping. Over the forecast period, the share of e-commerce is expected to increase since people have discovered the efficiency of this channel.
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Understand the latest market trends and future growth opportunities for the Fortified/Functional Beverages industry in Turkey with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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