As per a revised analysis by Persistence Market Research, the global flavored and functional water market is valued at US$ 36.7 Bn, and is expected to reach a value of US$ 121 Bn in 2031, registering a CAGR of 11.5% over the same period. Increasing obesity rate, rising aging population and changing consumer preferences are the major growth drivers for the global flavored and functional water market. Growing health concerns is restraining the masses from consuming carbonated or artificial flavored drinks and compelling them to opt for flavored and functional water. Flavored and functional water are generally priced similar to carbonated drinks, which reduces the switching costs for the consumers, thus increasing flavored and functional water attractiveness. Major growth challenges for the flavored and functional water industry include threat of substitutes and increasing campaign against packaging bottles.
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Emerging markets such as countries in Asia, Latin America and the Middle East have witnessed rising urbanization and increasing disposable income, which act as an opportunity for the flavored and functional water. Increasing urbanization has increased the awareness levels of the consumer regarding the products that help in their wellbeing.
The increasing income levels have also enabled the consumers to spend on premium products thus providing great opportunity for the market players to focus in these markets. Expansion in the industrial and agriculture sectors in China has resulted in polluted water supplies, which in turn has driven the demand for bottled water, including flavored and functional water segment.
The urban population is more conscious about staying fit and their appearance. By linking water to health and beauty regimes, flavored and functional water manufacturers are increasingly positioning their products to take advantage of this. According to the United Nations, global urban population is expected to increase from 3.4 billion in 2009 to 6.3 billion in 2050. The urban population is more willing to try new products that help in their wellbeing thus offering new opportunity for the market players.
The flavored and functional water market is bifurcated into two segments: Flavored Water and Functional Water. The global flavored and functional water market is depicting an absolute opportunity of US$ 4 Bn for 2021. Functional water is expected to be the fastest growing segment, registering strong growth over the forecast period.
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The U.S., Germany, France, Italy and Japan were the top markets for flavored and functional water in 2021. Asia Pacific is emerging as a strong market registering double-digit growth in 2021.
Some of the major companies operating in Flavored and Functional water are Hint Water, Nestle Water, Herbal Water, PepsiCo, The Coca-Cola Company and Groupe Danone, New York Spring Water, Kraft Foods, Balance Water Company and Sunny Delight Beverage Company.
Market Taxonomy:
Product
- Flavored Water
- Functional Water
Region
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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