The change in beverage consumption habits of people and rising preference for non-alcoholic drinks is driving the global functional water market, says Fortune Business Insights in their new study. The study is titled, “Functional Water Market Size, Share and Global Trend by Ingredient (Micronutrients, Botanical Extracts), Distribution Channel (Supermarkets/ Hypermarkets, Convenience Stores, Online Retail) & Geography Forecast till 2026.” As per the study, the market is expected to exhibit a CAGR of 7.4% and reach a valuation of US$ 18.24 Bn by the end of 2025, from US$ 10.34 Bn in 2017. —
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Some of the key players operating in the Global Functional Water Market Are;
• Nirvana Water
• Tata Global Beverages
• Allure Organics | Natural CBD water
• Groupe Danone
• Balance Water Company LLC.
• The Alkaline Water Company Inc.
• Dr Pepper Snapple Group
Fortune Business Insights foresees the mass merchandisers segment namely the hypermarkets and supermarkets segment to collect the largest revenues with respect to the distribution channels segment. This is owing to the variety, accessibility, and availability of enhanced water. However, online retail stores and convenience stores are anticipated to register greater revenue generation because of personalized purchasing experiences.
Nutritional Properties of Functional Water to Augment Growth
Functional water is gaining popularity because it offers nutritional properties in terms of minerals and is available at affordable prices. Other factors boosting the global functional water market are better hydrating experience in terms of sleep quality endurance and body-detox. These innovations are likely to bode well for the global market for functional water.
The rise in obesity rates is increasing the demand for functional and flavored water. Again changing lifestyle and irregular food habits are also creating preferences for flavored water. Innovative advertising and marketing strategies are also anticipated to encourage consumers to opt for functional water.
However, the market may face rough waters as other beverage companies guaranteeing no added sugar or flavors are attracting the market. Again, the already established market of carbonated water and their innovative product launches may turn tables against functional water, thus, hampering the market in the long run. Additionally, several campaigns by government and non-government organizations against the use of unnatural, flavored and functional water may cause hindrance to the global functional water market during the forecast period.
Nevertheless, Rapid urbanization and increasing disposable income of people are likely to offer better growth opportunities for the market in the years to come. Again, advancement in food processing and better packaging and advertising strategies will also help the market generate better revenues in the future.
North America to Emerge Dominant with Large Majority of Consumers
Clearly, the global market for functional water is dominated by North America and is likely to remain the same in future due to robust growth in Canada and the United States. The sale of bottled water has crossed the sale of aerated drinks in the U.S. Again, the existence of major market vendors in the region is helping the market in North America to gain maximum revenue.
On the other side, the functional water market in the Asia Pacific is anticipated to exhibit faster growth. This is owing to the rising awareness about the benefits of functional water in the developing region and their increasing popularity. Functional water category is likely to establish as a new and popular category among packaged beverages in the region.
Most players are focusing on advertising and marketing tactics to draw more revenue into the market. While others are investing in research and development to come up with innovative flavors and added nutrient qualities.
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