Flavored and Functional Water Market to Grow at 12.3% CAGR by 2032

Overview:

The functional water market is experiencing a surge in demand attributable to its perceived health benefits and nutritional properties. Consumers are increasingly turning to beverages fortified with additional vitamins and proteins to maintain hydration over extended periods. Particularly, athletes and marathoners seek beverages that sustain their hydration levels through minimal consumption.

Consequently, there is a rising demand for functional water infused with a variety of flavors, nutrients, proteins, vitamins, minerals, botanicals, and oxygen, aligning with evolving consumer preferences towards value-added hydration. This trend is anticipated to propel the growth of the functional water market during the forecast period, as outlined in the Functional and Flavored Water Market Outlook (2023-2033).

Key Trends in the Market for Functional and Flavored Water:

Increasing Demand for Functional Water: A growing emphasis on health and wellness globally has led to heightened consumption of clean, flavored, and hygienic drinking water. This shift has resulted in a significant rise in per capita consumption of flavored and functional water, driven by an aging population and increased health consciousness among consumers. Moreover, factors such as rapid urbanization, rising disposable income, improved standards of living, and the expansion of retail chains are supporting market growth, with companies aligning marketing strategies to promote these beverages.

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Prevalence of Obesity and Lifestyle Disorders: Rising obesity rates and increasing awareness of healthy lifestyles among urban populations are key drivers for the global flavored and functional water market. As consumers become more health-conscious, there is a shift away from artificial flavored and carbonated beverages towards healthier alternatives like flavored water. The attractiveness of functional water, with its health benefits and comparable pricing to flavored water, further contributes to market growth.

Cosmetic Benefits: Manufacturers are capitalizing on the association between water consumption and beauty regimes, particularly in developing nations where increasing income levels allow for the consumption of premium products. This trend is anticipated to positively impact market growth, especially as industrialization leads to polluted water supplies and increased demand for packaged drinking water.

Refreshing Taste: The unique flavors of flavored water encourage increased water consumption, particularly among individuals looking to lose weight. Infused water, with its distinctive flavor, motivates people to drink more water, promoting better hydration and overall health.

Environmental Concerns: The use of plastic bottles for packaging flavored water poses environmental and health concerns, limiting market growth. Plastic packaging contributes to pollution and carbon emissions, presenting challenges for sustainability-conscious consumers and regulatory bodies.

Regional Analysis:

Asia Pacific Opportunities: While the flavored and functional water market is well-established in the US and Europe, Asia Pacific presents lucrative prospects due to its large population and increasing consumer awareness of functional beverages. Market players are likely to target this region, driven by the demand for healthier alternatives to carbonated soft drinks and the growing willingness of consumers to spend on functional beverages.

Competitive Dashboard

Essentials of a healthy lifestyle have started to branch out into being trendier and more fun, and one of the best examples of this is the functional water trend that has seen some major advancements over the last decade. Flavored water and beverages have been popular, and now, as the healthy lifestyle trend takes flight, these beverages will also see an upward growth trend. There have been many launches of functional and flavored water in recent times, as more and more companies try to cash in on the rising popularity of this trend.

• In May, 2013, Groupe Danone merged with a Turkish plain & flavored bottled water manufacturing firm, Sirma Group. This merger helped the company to strengthen its brand equity, distribution network and expand its geographical presence.
• In order to create Coca-Cola Beverages Africa, the largest soft drink bottler in the region, the Coca-Cola Company partnered with SABMiller, a maker of alcoholic beverages, and Gutsche Family Investments Pty Ltd. of South Africa.
• In April, 2016, PepsiCo, Inc. launched a new line of flavored sparkling water called Aquafina Sparkling, under the brand Aquafina. This new product line has widened the company's product portfolio and enabled it to cater to rising demand for its large global customer base
• Nestle Waters opened a manufacturing facility in Abaji, with an objective to increase the production capacity of Nestle Pure Life, a bottled water brand that is filtered and enriched with minerals.

Segmentation:

By Product Type:

• Flavored Water
• Functional Water

By Sales Channel:

• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Stores
• Departmental Stores
• Online Retail

By Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa

In conclusion, the functional and flavored water market is characterized by evolving consumer preferences towards healthier hydration options and sustainability considerations. Key trends such as increasing demand for functional water, prevalence of obesity and lifestyle disorders, cosmetic benefits, refreshing taste, and environmental concerns are shaping market dynamics and driving innovation among manufacturers.

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COMTEX_448053713/2840/2024-02-19T20:27:25