Based on the findings of a report added to Radiant Insights, Inc.; the global functional water market is anticipated a stellar CAGR of 8.83% over the forecast period (2018 to 2022). The market is expected to witness steady rise over the forecast period due to high prevalence of obesity. The mutli-nutritional content of functional beverages and emerging demographic of health-conscious consumers are projected to augment the global market in near future.
Rising incidence of diabetes and consumption of herb-infused functional water over aerated drinks is expected to drive growth of the market for functional water in the forthcoming years. Focus on consumer health and wellness is growing as evident by the proliferation of health-based mobile applications and rising insistence on clean labels and organic foods. Recyclability of the bottles and ease of use are factors expected to elevate market growth during the forecast period.
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The demand for organic drinks is also sparking the need for sustainable packaging for bottled water. For instance, HFactor, one of the biggest functional water producers has launched its product in a new avatar by completely redesigning the look of the previous product package. The proprietary drink is now contained in a pouch with a minimalist design. Variety of flavors can appeal to consumers looking for new mineral and vitamin combinations.
The worldwide functional water market is segmented by product and region. By product, the market is bifurcated into flavored and unflavored. Regions covered in the market report include Europe, Middle East, and Africa (EMEA), Americas, and Asia Pacific (APAC).
The Americas may gain a major share of the functional water market over the forecast period. Within North America, the U.S. region is anticipated to contribute to regional market revenue owing to high adoption rates, good distribution channels, and availability of bottles in various sizes. Demand for low-calorie drinks by consumers is expected to spur market growth in near future. The use of social media influencers and campaigns to boost popularity of functional flavored water can culminate into good sales for beverage manufacturers. The Canada region is also projected to contribute to market demand due to growing geriatric populace, demand for dietary supplements, and rising popularity of nutritious drinks among younger generation.
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In South America, the Brazil market for functional water is expected to register a steady growth over the forecast period owing to presence of various beverage manufacturers catering to changing taste of consumers. Demand for healthier options other than aerated drinks is predicted to augur market growth.
The EMEA market is driven by change in consumer preferences and rise of health-conscious customers. This is evident by healthy diets followed by consumers in Germany and preference for better flavored functional beverages. Sports drink manufacturers are also expected to invest in the growing functional water market. In July 2017, Lucozade Sport decided to launch its own proprietary functional bottled water, Fitwater, in the United Kingdom to cater to growing consumer demand. The Middle East market is also set for growth with campaigns by local manufacturers and its scope during liquid diets. Exhibitions hosted in Dubai and other prominent regions provide local brands with exposure and attract interested investors.
The APAC market for functional water is anticipated to thrive due to changing consumer preferences over drinks, growing urban populace, and rise in expendable income of middle-class consumers. India and China are the prime markets with considerable demand. Domestic manufacturers are expected to launch functional water infused with familiar ingredients to appeal to local consumers.
Key functional water market players include PepsiCo, Inc.; New York Spring Water Inc.; The Coca-Cola Company; Danone; and Nestlé S.A. Innovative packaging solutions and brand campaigns are strategies being by these players to capture greater market share. Furthermore, companies are creating partnerships to expand their reach. For instance, Tata Global Beverages has decided to enter the U.S. market by joining hands with the Talking Rain Beverage Company to distribute its functional bottled water, Himalayan, in August 2017.
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