IMARC Group, a leading market research company, has released a report titled “Functional Water Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global functional water market size reached US$ 15.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7% during 2023-2028.
Functional water is a non-alcoholic water-based beverage with additional substances, such as minerals, vitamins, acids, herbs, and other additives, to improve the flavor of regular water. It is altered at the molecular level through mechanical, electrical, or optical processes to provide health and other functional benefits. It aids in increasing energy levels, regulating stress, reducing fatigue, and improving mental health. It also strengthens the immune response, enhances mood, and minimizes the risk of developing cognitive disorders. Functional water is commonly available in protein, botanical, and oxygen water variants to meet different nutritional requirements of the customer. At present, the emerging trend of mindful drinking is catalyzing the demand for functional water as consumers are trying to reduce alcohol consumption and opting for healthy alternatives like functional water across the globe.
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Functional Water Market Trends and Drivers:
The increasing health consciousness and rising awareness among individuals about the nutritional benefits of consuming functional water represent the major factors strengthening the market growth around the world. The growing prevalence of gut-related disorders, such as gastroesophageal reflux disease (GERD), gastroenteritis, and ulcers, are also driving the market. Additionally, the increasing participation of individuals in recreational sports, fitness, and athletic activities is catalyzing the need for functional water. Moreover, there is an increase in the consumer awareness about the presence of synthetic additives and preservatives in traditional beverages, which is contributing to the market growth.
In addition, the rising consumption of ready-to-drink (RTD) beverages on account of the expanding working population and hectic lifestyles and increasing purchasing power of consumers are creating a positive outlook for the market. As these products are readily available through online retail channels, which offer a wide range of variants with shipping facilities and secured payment methods, the market is experiencing steady growth. Apart from this, key players are introducing unique product variants, such as cannabidiol (CBD) infused spring water and amino acid-enriched water.
They are also focusing on launching artistic and easy-to-see bottle designs in attractive labels and stylish shapes that set them apart from the usual ones. Market players are coming up with novel functional water variants specifically for the healthcare sector. This, in turn, is propelling the market growth. Besides this, several marketing strategies, such as celebrity endorsements and social media campaigns to expand the market reach, are influencing the market positively. Furthermore, the changing inclination of individuals from carbonated beverages toward their nutritional alternatives is offering lucrative growth opportunities to industry investors.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product:
- Flavored Functional Water
- Unflavored Functional Water
Breakup by Ingredient:
- Micronutrients
- Botanical Extracts
- Others
Breakup by Type:
- Vitamins
- Proteins
- Others
Breakup by Packaging Types:
- PET Bottles
- Cans
- Others
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Ayala’s Herbal Water
- Balance Water Company
- Danone S.A.
- Function Drinks
- Hint Inc.
- Keurig Dr Pepper Inc.
- Nestlé S.A.
- PepsiCo Inc.
- The Coca-Cola Company
- Trimino Protein Infused Water
- Unique Foods (Canada) Inc.
- Vichy Catalan Corporation.
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