The global flavored and functional water market was valued at US$ 29.01 Billion in 2017, according to Flavored and Functional Water Market Report, by Ingredients (Vitamins and Minerals, Botanical Extract, Amino Acids, and Others), By Distribution Chanel (Hypermarket, Supermarkets, Convenience Stores, Specialty Stores, Online Channels, and Others), published by Coherent Market Insights. The flavored and functional market is projected to reach US$ 70.32 Billion by 2025, exhibiting a CAGR of 11.98% during the forecast period.
Major factors propelling growth of the market include rising awareness towards maintaining a healthier lifestyle among consumers. Furthermore, availability of a wide range of flavors such as peach, apple, lemon, cherry, and guava in water is considered as another factor, fuelling the market growth. Moreover, rising popularity of unsweetened functional water is among obese population, as it contains low calories, which supports weight management, is expected to aid in growth of the market. For instance, in 2017, the Green Bee announced the launch of a new range of unsweetened sparkling waters.
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Key Trends and Analysis of the Flavored and Functional Market:
Based on ingredients, vitamins and minerals segment is anticipated to record the fastest growth during the forecast period. Owing to rising concerns regarding health and wellness among consumers, the global demand for vitamin fortified beverages is increasing. This, in turn, is supporting growth of this segment as well.
Based on distribution channel, the online segment is projected to record significantly high growth during the forecast period. This is majorly attributed to steadily growing E-commerce sector worldwide. For instance, according to the US Department of Commerce, the total E-commerce sales accounted for 7.2% of all retail sales in the U.S. and it is anticipated to exhibit high growth in the near future.
Key Takeaways of the Market:
Asia Pacific is anticipated to record the fastest growth in the global flavored and functional market during the forecast period. Major factors propelling growth of the market include substantial growth in the disposable income coupled with rising awareness regarding health benefits of consuming flavor and functional water. Furthermore, owing to rapid industrialization, countries such as China and India, are facing the problem of polluted water supply, thus, resulting in growing demand for packaged drinking water. For instance, according to the data provided by the Food and Agriculture Organization (FAO) in 2017, in China, major share of surface water is polluted and the heavy loads of untreated industrial and municipal wastewater are the major concerns in emerging economies such as China and India, according to FAO. Therefore, growing demand for packaged water is expected to boost growth of the flavored and functional water in the region, during the forecast period.
Europe held a significant share in the global flavored and functional water market in 2016 and is expected to exhibit the same trend in the forecast years. According to the Organization for Economic Co-operation and Development (OCED), in 2015, 26.9% population (aging 15 years and older) were found obese in the U.K. Owing to rising prevalence of obesity and diabetes in the region, unsweetened or low calorie grade of functional and flavored water is widely gaining popularity. This in turn, is expected to support the overall growth of flavored and functional water market as well. Furthermore, high consumption of bottled water in the region is considered as another factor, boosting the market growth. For instance, according to the European Federation of Bottled Waters (EFBW), the packaged water had contributed 46% share in the total consumption of non-alcoholic beverages in EU, in 2016.
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Browse 150 market data tables* and 90 figures* on "Flavored and Functional Water” - Global forecast to 2025.
Major players operating in the global flavored and functional market includes, Nestle S.A., Danone S.A., Kraft Foods Inc., The Coca-Cola Company, PepsiCo, Inc., New York Spring Water, Hint Inc., Sunny Delight Beverages Company, Herbal Water, Inc., and Talking Rain Beverage Co.
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