Global Functional Water Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Ingredient (Micronutrients, Botanical Extracts, Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Feb 2023
- Report Code : KSI061614399
- Pages : 145
Functional water is created by utilizing numerous components and oxygen, which comes both as flavored and unflavored. There are numerous diverse varieties of functional water, including botanical, vitamin, mineral, protein, and oxygen-functional varieties.
The market for functional water is enhancing as an outcome of its nutritional health benefits. Drinks comprising additional vitamins and proteins that can preserve the body’s hydration for an extended time have become prevalent among customers. The physiques of marathon runners and sportspersons need drinks that can retain their hydration throughout a long contest by being consumed in modest amounts. The demand for functional water heightened with innumerable flavors and hence the market for functional water is probable to develop during the projected period.
The growing elderly population and the significant obesity rate are the key factors that drive the functional water market's development. The market expansion tendency is also the increasing acceptance of functional water containing herbal constituents. Furthermore, herbal-infused functional water products are a healthier choice for health than sugary and fizzy drinks. In addition, there has been a prominent increase in the number of manufacturers of functional water products consisting of herbal constituents, and these producers endure to release an extensive number of functional water varieties that appeal to health-conscious customers.
Moreover, the exclusive functional water variations created especially for the healthcare industry are prompting market expansion. Additionally, as clients select healthier options like functional water as an alternative to alcohol, the emerging tendency of mindful consumption is producing an optimistic outlook for the market. The market is also being driven onward by large expenses in the introduction of visually tempting and easily recognizable container designs, appealing labels, and distinctive shapes that are different from the competition.
Typical preferences succeeding in value-added hydration driving market expansion
The tremendous growth in the popularity of stimulated beverages is connected to their fortification with vibrant nutrients such as amino acids, vitamins, protein, and minerals. The market's expansion is predicted to be powered by beverage manufacturing corporations that produce water utilizing transformed protein and mineral mixtures presenting novel and imaginative varieties of functional water. In current years, the prominence has substituted from carbonated soft drinks to bottled water owing to the upsurge in populations of overweight and diabetic people in nations like China, the United States, India, Australia, Canada, and the United Kingdom.
The market for functional water is expanding due to rising consumer demand for sustainable goods.
The key aspects influencing the functional water market are the upsurge in demand for functional water because of its sustainability, the amplified consumer mindfulness of plastics as non-biodegradable contaminants that harm the atmosphere, and technological expansions in product packaging.
The market for functional water is inclined towards the adoption of strict plastic use rules, which impacts the consumer preference for functional water because of the packaging utilized by numerous top firms, and increasing customer demand for fortified foods and beverages. The government has been taking various initiatives including rising investment in R&D, the escalation in diabetes and obesity cases, and the evolution in disposable revenue all have a valuable impact on the market for functional water.
In addition, throughout the anticipated period, the companies and corporations in the functional water market will have profitable probabilities due to technical advances, innovations in packaging materials, and new product launches.
North America is projected to be the prominent market shareholder in the functional water market and is anticipated to continue throughout the forecast period.
Food and beverage products with healthful and weight-management ingredients are becoming more popular in the North American region. Functional water is one of these products, and the region commands a substantial market share. The market for functional water is growing as American consumers have begun to show an interest in beverages that offer advantages above and beyond that of plain hydration. Additionally, as a result of growing health concerns in the Canadian provinces, numerous domestic and foreign companies are drawn to the opportunistic market, and consumers have a wide selection of products to choose from, driving the North American industry as a whole.
Because functional waters are less expensive than other RTD drinks and are available in a wide range of packaging options, including containers and single-serve bottles, the market for them is expanding. Businesses are extending their market reach to acquire a competitive edge as a result of the rise in demand for functional water. For instance, Nestle SA purchased Essentia Water, Bothell, and Wash in the United States in 2021 as part of its strategy shift towards functional water to broaden its product offering.
Market Key Developments
- In October 2022, the addition of CENTR Enhanced, a non-CBD functional sparkling water, to CENTR Brands Corporation's expanding line of health and wellness products has been announced.
- In March 2022, Nirvana Water Sciences Corp. debuted its Nirvana HMB + Vitamin D3 spring water at Expo West in Anaheim, California. One of the newest items in the lineup is Nirvana HMB + Vitamin D3. It combines immunological support with muscle repair.
- In May 2021, the dominant global food and beverage firm PepsiCo Inc. recently unveiled Soulboost, an enhanced sparkling water formulated with useful components. The beverage comes in two varieties: Lift and Ease. Lift has roughly 200 mg of ginseng to help with mental endurance, while Ease has 200 mg of theanine to help with relaxation and soothing.
Global Functional Water Market Scope:
|Growth Rate||CAGR during the forecast period|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Ingredient, Distribution Channel, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Danone S.A., The Coca-Cola Company, PepsiCo Inc., Nestle S.A., Keurig Dr. Pepper, Hint Water Inc., Tata Group, The Alkaline Water Co., Nirvana Water Sciences, Balance Water Company LLC|
|Customization Scope||Free report customization with purchase|
- By Ingredient
- Botanical Extracts
- By Distribution Channel
- Convenience Stores
- Online Retail
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. FUNCTIONAL WATER MARKET ANALYSIS, BY INGREDIENT
5.3. Botanical Extracts
6. FUNCTIONAL WATER MARKET ANALYSIS, BY DISTRIBUTION CHANNEL
6.3. Convenience Stores
6.4. Online Retail
7. FUNCTIONAL WATER MARKET ANALYSIS, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.4.1. United Kingdom
7.5. The Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1 Major Players and Strategy Analysis
8.2 Emerging Players and Market Lucrativeness
8.3 Mergers, Acquisitions, Agreements, and Collaborations
8.4 Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1 Danone S.A.
9.2 The Coca-Cola Company
9.3 PepsiCo Inc.
9.4 Nestle S.A.
9.5 Keurig Dr. Pepper
9.6 Hint Water Inc.
9.7 Tata Group
9.8 The Alkaline Water Co.
9.9 Nirvana Water Sciences
9.10 Balance Water Company LLC
The Coca-Cola Company
Hint Water Inc.
The Alkaline Water Co.
Nirvana Water Sciences
Balance Water Company LLC
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