Money is pouring into developing beverages that claim to do much more than quench thirst. A lot of that funding ends up going down the drain.
Conglomerates and startups alike are placing bets on “enhanced” drinks that promise everything from better sleep to a more youthful complexion. While sales of such drinks are rising—up 11% in the past year to $3 billion, according to market-research firm Spins—hundreds of new ones are launched each year, and the majority peter out within a couple of years. Finding success involves the...