In this piece, we will take a look at the functional beverages market, its size, some recent trend, and the biggest companies in the U.S. If you want to learn more about the industry, then check out Functional Beverages Market Size, Share, & Trends.
6. Celsius Holdings, Inc. (NASDAQ:CELH)
Latest Market Capitalization: $11.57 billion
Celsius Holdings, Inc. (NASDAQ:CELH) is an American functional drink company headquartered in Boca Raton, Florida. It sells both ready to drink and other products. It’s one of the strongest rated stocks on our list, with an average share price target of $71.86 and an average share rating of Strong Buy.
After digging through 910 hedge funds for their second quarter of 2023 shareholdings, Insider Monkey discovered that 41 had bought and owned Celsius Holdings, Inc. (NASDAQ:CELH)’s shares. During Q3, the firm’s biggest hedge fund shareholder was Paul Marshall And Ian Wace’s Marshall Wace LLP as it owned 3.2 million shares that were worth $186 million.
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7. Dutch Bros Inc. (NYSE:BROS)
Latest Market Capitalization: $5.04 billion
Dutch Bros Inc. (NYSE:BROS) is a mid sized American restaurant franchise firm that sells functional beverages such as energy drinks and coffee through its outlets. Despite a weakening consumer environment in America that is characterized by high inflation and job uncertainty, the firm has done well on the financial front as it has beaten analyst EPS estimates in three out of its four latest quarters.
Insider Monkey’s June quarter of 2023 survey covering 910 hedge funds revealed that seven were Dutch Bros Inc. (NYSE:BROS)’s shareholders. In the succeeding quarter, Ken Griffin’s Citadel Investment Group owned the largest stake in the firm that came through $71 million worth of shares.
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8. National Beverage Corp. (NASDAQ:FIZZ)
Latest Market Capitalization: $4.48 billion
National Beverage Corp. (NASDAQ:FIZZ) is a small American beverage company that sells juices, energy drinks, water, and other products. As opposed to Celsius, it is one of the most poorly rated stocks on our list since the average share rating is a worrying Underperform with little analyst coverage in 2023.
As of Q2 2023 end, 15 among the 910 hedge funds tracked by Insider Monkey had invested in the firm. National Beverage Corp. (NASDAQ:FIZZ)’s largest hedge fund investor in September 2023 was Jim Simons’ Renaissance Technologies as it owned $186 million worth of shares.
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9. Zevia Pbc (NYSE:ZVIA)
Latest Market Capitalization: $146 million
Zevia Pbc (NYSE:ZVIA) is another small American company that sells energy drinks, tea, and other products. High inflation proved tricky for the firm during its third quarter as it reported a 2.6% annual sales drop.
During 2023’s June quarter, five out of the 910 hedge funds polled by Insider Monkey were Zevia Pbc (NYSE:ZVIA)’s shareholders. Anthony Bozza’s Lakewood Capital Management owned the biggest stake in the firm in Q3, which was worth $479,278.
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10. Yerbaé Brands Corp. (OTCKTS:YERBF)
Latest Market Capitalization: $87 million
Yerbaé Brands Corp. (OTCKTS:YERBF) is the youngest company on our list since it was set up in 2017. The firm has sought to bring an herbal flavor to the functional beverage market since it started out by using the yerba mate herb to make sparkling water. Its leading team, namely CEO Todd Gibson and COO Karrie Gibson have decades of industry experience. They have worked for other beverage companies and sold self set businesses as well.
Despite being quite young, Yerbaé Brands Corp. (OTCKTS:YERBF) has significantly expanded its retail presence and now sells its products in more than ten thousand retail outlets. As of January 2023, the firm had sold 24 million drink cans of a health oriented product that Yerbaé Brands Corp. (OTCKTS:YERBF) claims has zero sugar. On the distribution front, Yerbae is following an omni channel distribution strategy, as its products are available in drug stores, and grocery stores, and are also sold directly to consumers.
Disclosure: None. You can also take a look at 11 Undervalued Insurance Stocks To Buy Now and 15 Stocks George Soros Just Bought and Sold.
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