Global Functional Water Market: Overview
Functional water products are beverages – non-alcoholic, aquaceutical. Often infused with additional ingredients that provide health benefits, the products are witnessing an increase in demand. As per Transparency Market Research, from 2020 to 2030, the global functional water market would grow at a steady rate, creating a number of interesting opportunities.
It is pertinent to note here that there are broadly two main ‘families’ of functional water – that based on mineral water which has a herb or fruit extract added to it to give certain health benefits, such as an immunity boost, added electrolytes, improved pH balance, antioxidants etc, and that based on water, which is altered at the molecular level with the help of electrochemical processes to give it extra health benefits, such as better hydration, better oxygenation, quicker regeneration of muscle tissue, etc.
Functional water is witnessing increase in demand in an increasingly health conscious world that tries to extract maximum benefits from its scarcely available resources. Since the world population has steadily moved away from rural, natural environments to an urban setting, growing demand for fortified beverages is only a natural outcome.
Global Functional Water Market: Notable Development
The Functional Water market is moderately concentrated with a number of major players holding a high share of the market, along with a slew of domestic players offering these services in the local market.
These companies are opting for new and more effective marketing strategies to stay ahead in the functional water market. Some notable developments seen recently which point in this direction are-
- In February 2019, The Coca-Cola Co. added two new additions (Smartwater alkaline and Smartwater antioxidant) to its Smartwater brand, to increase awareness and demand for functional water.
Leading players in the functional water market are-
- Dr Pepper Snapple Group Inc.
- Nestle S.A.
- The Coca-Cola Company
- Groupe Danone
- Hint Water
- New York Spring Water
- Balance Water Company
- Sunny Delight Beverages Company.
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Global Functional Water Market: Key Drivers and Trends
The notable increase in demand for fortified beverages anticipated over the forecast period is set to be an outcome of various trends and drivers such as:
- Growing demand for function foods. Millennial populace wants a holistic mix of halth and taste. Inclusion of essential ingredients, such as protein, amino acids, vitamins, and minerals in functional water products is therefore luring this demographic to functional water.
- The increase in obese and diabetic populations in the United States, China, India, Australia, and the United Kingdom, among others, has shifted the focus from carbonated soft drinks to fortified, bottled water in the recent past.
- As per a study by Container Recycling Institute, Americans bought huge volumes of plastic water bottles in 2010 – 42.6 billion plastic. It is a steep rise from 35.5 billion in 200. Understandably, the functional water market is already seeing a steady growth in the future.
Global Functional Water Market: Regional Analysis
The escalating demand for bottled water in the U.S. is contributing massively to growth in functional water market in the North American region. The sales of bottled water have recently surpassed those of soft drinks in the United States and the bottled water sector is thus a leading horse prompting companies to invest and expand their functional offerings.
The functional water market in Asia Pacific is also set to experience significant growth rate as consumers are becoming increasingly aware of the benefits of functional, bottled water. Consumers look for alternatives to carbonated soft drinks (CSDs) and the innovation in flavor is driving the bottled water category’s success.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.