The global functional water market is set to gain traction from their possession of several benefits. They have refreshingly thirst-quenching properties, are affordably nutritional, and provide healthy hydration. This information is given by Fortune Business Insights™ in a recent report, titled, “Functional Water Market Size, Share and Industry Analysis By Ingredient (Micronutrients, Botanical Extracts, Other Functional Ingredients), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, Others), and Regional Forecast 2018-2025.” The report further states that the functional water market size was USD 10.34 billion in 2017 and is projected to reach USD 18.24 billion by the end of 2025, thereby exhibiting a CAGR of 7.4% in the forecast period.
A List of Renowned Functional Water Vendors Present in This Market:
- PepsiCo
- The Coca-Cola Company
- Groupe Danone
- Dr Pepper Snapple Group Inc.
- Nestle S.A.
- Allure Organics
- Tata Global Beverages
- The Alkaline Water Co.
- Nirvana Water
- Balance Water Company LLC
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This Report Answers the Following Questions:
- What are the market trends, opportunities, and challenges?
- Which strategies are being followed by companies to bolster the sales of functional water?
- How will the market be affected in the near future?
- Which segment is likely to lead the market in terms of share?
DRIVERS
& RESTRAINTS-
Increasing
Demand for Healthy Alternatives to Drive Growth
The demand for
functional water is higher than soft drinks as the former does not contain
added sugar or any other synthetic additives, such as preservatives, flavours,
and colors. Consumers nowadays are inclining rapidly towards better-for-you or
healthy alternatives from high-sugar and unnatural drinks. The pre-existing
brands in the market are launching their high-quality products by providing label
claims. It is helping them in gaining more sales. Price is one of the crucial
factors that is set to impact the purchasing pattern of the consumers, including
that of enhanced water. Apart from that, the robust retail distribution
scenario and advancements in bottling or packaging technology would propel the
functional water market growth in the near future.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/functional-water-market-100279
REGIONAL INSIGHTS-
Innovations
in Flavours to Accelerate Growth in Asia Pacific
The market is
regionally divided into Asia Pacific, Europe, North America, and the rest of
the world. Out of these, Asia Pacific procured USD 3.043 billion revenue in 2017. The region is anticipated to
exhibit considerable growth during the forecast period owing to the increasing
awareness regarding the advantages of functional water amongst the consumers. They
are looking for specialty offerings in the products. Therefore, enhanced water
is becoming a recognizable and distinct category in this region. In various
countries, consumers are moving from carbonated soft drinks (CSDs) towards healthy
alternatives. Innovations in flavours in also set to boost growth in this
region.
North America, on the
other hand, houses a well-developed market and is set to dominate throughout
the forthcoming years. The U.S. tops the list in terms of sales of functional
water. The sales of soft drinks in the country have reduced as compared to the
sales of bottled water. Hence, several renowned companies are investing hefty
amount of money to expand their product offerings in this region. They are
luring consumers either by creating a context or by refining the composition of
the product.
COMPETITIVE
LANDSCAPE-
Key
Players Focus on Introducing Products with Exotic Ingredients
The market houses a
large number of companies that are striving to cater to the rising needs of
their consumers. Thus, they are investing huge sums on developing state-of-the-art
packaging to create greater aesthetic appeal. Some of them are also taking into
account the trend of consuming beverages infused with bold flavours and exotic
ingredients to launch new functional waters. Below are two of the latest
industry developments:
- May 2020: Wanu Water, a Texas-based
food & beverages company unveiled its latest nutrient-infused water. It is
equipped with 24% of fiber and helps in offering natural energy to quench a
person’s appetite and boost metabolism. It is presently available at 38 warehouses
throughout Texas consisting of San Antonio, Austin, Houston, Dallas, Fort Worth,
and El Paso markets.
- April 2020: Talking Rain, a beverage company headquartered in Preston introduced three new lines of functional water. It is launched under the company’s soft drinks portfolio called Talking Rain Elevate (TRE). The three products consist of 160mg of L-theanine for clarity, electrolytes for hydration, and naturally-sourced caffeine.
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