IMARC Group’s report titled “Functional Water Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the global functional water market trends. The global market size reached US$ 15.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7% during 2023-2028.
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Factors Affecting the Growth of the Functional Water Industry:
- Rising Focus on Health and Wellness:
The growing demand for functional water due to the increasing focus on health and wellness among the masses around the world is offering a positive market outlook. Moreover, the rising awareness among individuals about the importance of hydration and nutrition in the body is impelling the market growth. Consumers are seeking beverages that are infused with vitamins, minerals, or herbal extracts and provide enhanced refreshments. Furthermore, functional water assists in providing hydration along with targeted health benefits. Consumers are prioritizing preventive health measures, which are supporting the market growth.
- Increasing Demand for Enhanced Convenience:
The escalating demand for functional water on account of the rising need for enhanced convenience is contributing to the market growth. Consumers are prioritizing ease and efficiency in meeting their hydration and nutritional needs. In addition, functional water serves as a one-stop solution, offering hydration along with added functionalities, such as energy boosters, immunity support, or relaxation aids. Its portable and ready-to-consume format makes it ideal for people with busy schedules and hectic working schedules. Furthermore, functional water eliminates the need for separate supplements or beverages.
- Innovation and Product Development:
Companies are investing in research and development (R&D) activities to introduce novel ingredients, formulations, and flavors that differentiate their offerings. Moreover, innovation in formulation techniques aims to improve the efficacy, taste, and texture of functional water products. This includes advancements in microencapsulation, nanoemulsion, and other delivery systems to enhance the bioavailability of nutrients and ensure their stability in water-based solutions. Formulation innovations also address consumer preferences for natural ingredients, clean labels, and reduced sugar content. Furthermore, companies are providing innovative packaging designs, such as lightweight, eco-friendly materials, resealable pouches, or single-serve formats.
Leading Companies Operating in the Global Functional Water Industry:
- Ayala’s Herbal Water
- Balance Water Company
- Danone S.A.
- Function Drinks
- Hint Inc.
- Keurig Dr Pepper Inc.
- Nestlé S.A.
- PepsiCo Inc.
- The Coca-Cola Company
- Trimino Protein Infused Water
- Unique Foods (Canada) Inc
- Vichy Catalan Corporation
Functional Water Market Report Segmentation:
By Product:
- Flavored Functional Water
- Unflavored Functional Water
Flavored functional water represents the largest segment as it aids in improving the taste of water.
By Ingredient:
- Micronutrients
- Botanical Extracts
- Others
Micronutrients account for the majority of the market share, which can be attributed to the increasing number of health-conscious individuals.
By Type:
- Vitamins
- Proteins
- Others
Vitamins exhibit a clear dominance in the market due to the rising focus on enhancing the immune system.
By Packaging Types:
- PET Bottles
- Cans
- Others
PET bottles hold the biggest market share on account of the escalating demand for eco-friendly products that reduce environmental pollution.
By Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
Supermarkets and hypermarkets dominate the market, driven by the wide availability of products in one place.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys a leading position in the functional water market, which can be accredited to increasing concerns about health and overall wellness.
Global Functional Water Market Trends:
The wide availability of functional water through several distribution channels, such as supermarkets, hypermarkets, and convenience and online stores, is impelling the growth of the market. These platforms assist in increasing product accessibility to a wider consumer base across the globe.
Apart from this, rising consumer preferences for natural and organic products are propelling the market growth. Consumers are increasingly seeking products made with natural ingredients and free from artificial additives and other chemicals. Furthermore, the growing demand for functional beverages that offer specific health benefits, such as weight management, blood sugar regulation, and joint health, is positively influencing the market.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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