Flavored and functional water contains natural and artificial ingredients such as herbs, sweeteners, and fruit extracts. Functional water is prepared with fortified nutrients such as minerals, vitamins, and proteins. Flavored and functional water is beneficial for boosting immunity and improving the performance of the body. They are a healthy alternative to carbonated drinks.
The Global Flavored And Functional Water Market is estimated to account for US$ 50.03 Bn in terms of value by the end of 2022.
Global Flavored and Functional Water Market - Growth Drivers
- Growth in the geriatric population
Growth in the geriatric population is expected to drive the market growth of the flavored and functional water. This age group people are more inclined to consume such as healthy products for boosting immunity. In 2022, according to World Health Organization, 1 in 6 individuals on the planet will be 60 or older by 2030. By this time, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. The number of individuals in the world who are 60 or older will double (to 2.1 billion) by 2050. Between 2020 and 2050, the number of people 80 or older is projected to highs, reaching 426 million.
Global Flavored and Functional Water Market - Market Opportunities
- Increasing international trade in the food and beverage industry
Increasing international trade of such beverages coupled with the expansion of the food and beverage industry is projected to serve major growth opportunities over the forecast period. Growing awareness regarding the health benefits of such healthy drinks is propelling demand for flavored and functional water. Moreover, the rising prevalence of vitamin deficiency disease among consumers is further expected to augment the market growth of flavored and functional water.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/flavored-and-functional-water-market-1646
Global Flavored and Functional Water Market – Market Restraints
- Use of plastic materials for packaging
The use of plastic materials for packaging flavored and functional water is acting as a major barrier for the industry. Growing concerns over the environment as plastic possess various hazards to the environment as well as the health of humans is projected to negatively affect the market of flavored and functional water.
Global Flavored and Functional Water Market – Key Takeaways
On the basis of region, Asia Pacific region dominated the global flavored and functional water market in 2022 with a 44.5% of market share in terms of value.
On the basis of product, the flavored water segment dominated the global flavored and functional water market in 2022 with a 62.2% of market share in terms of value, followed by functional water.
Global Flavored and Functional Water Market – Market Trends
The increasing popularity of flavored and functional water with natural zero-calorie sweeteners among health-conscious consumers will positively impact the market growth. This functional water reduces cholesterol levels and decreases the risk of heart disease. Moreover, its consumption also boosts the immunity and energy required during physical activities such as running and trekking. Thus, the growing popularity of flavored and functional water with zero-calorie sweeteners is augmenting the market growth.
Advertising strategies by major manufacturers to reach the target consumer is a growing trend in the market. For instance, in July 2017, Perrier Sparkling Natural Mineral Water introduced a new campaign to promote its new product range to its sparkling water which includes Strawberry and Watermelon. The new creative campaign features original work by emerging artist AKACORLEONE.
Global Flavored and Functional Water Market - Impact of Coronavirus (COVID-19) Pandemic
The breakout of the COVID-19 pandemic has impacted all industries. There is disruption in the supply chain of raw materials that are required for the production of . According to World Health Organization, this pandemic disrupted regular economy throughout the globe. The market players of the flavored and functional water has stopped their production due to strict lockdown and social distancing. After the COVID-19, there is increase in the production of flavored and functional water, owing to rising demand for flavored and functional water.
Competitive Section:
Company Names
Major players operating in the Global Flavored and Functional Water Market include Groupe Danone, Nestle SA, The Coca-Cola Company, PepsiCo, Hint Water, New York Spring Water, Kraft Foods, Balance Water Company, and Sunny Delight Beverages Company
Few Recent Developments
- In May, 2013, Groupe Danone combined with Sirma Group, a manufacturer of plain and flavored bottled water in Turkey. The company's brand equity, distribution network, and geographic reach were all strengthened as a result of this combination. Group Danone, a global leader in the food industry, was founded on four business lines. The largest conglomerate of IT businesses in Bulgaria is Sirma Group Holding.
- In January 2018, The JUST Beverage Company promoted flavored water, including natural flavors like apple cinnamon, lemon, and tangerine.
- In order to enhance the production of the mineral-enriched bottled water brand Nestlé Pure Life, Nestlé Waters established a manufacturing facility in Abaji. Nestlé Pure Life is a brand of bottled water distributed by BlueTriton Brands in North America and Nestlé Waters globally.
In April 2019, Coca-Cola has announced the launch of Aquarius, described as "a low-calorie range of water-based functional drinks containing essential minerals to help people perform at their best while staying hydrated. American multinational firm The Coca-Cola Company was established in 1892.
