IMARC Group’s report titled “Functional Water Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2038“, offers a comprehensive analysis of the industry, which comprises insights on the global functional water market growth. 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.
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Factors Affecting the Growth of the Functional Water Industry:
- Rising Focus on Health and Wellness:
The increasing focus on health and wellness among individuals is supporting the growth of the market. In addition, people are increasingly seeking products that align with their well-being goals. Functional water is infused with vitamins, minerals, antioxidants, and other beneficial ingredients that attract health-conscious individuals. Besides this, the rising awareness among individuals about benefit of nutrition and health is impelling the market growth. Furthermore,
functional water is a convenient and accessible option for maintaining enhanced health. Consumers are looking for functional beverages that offer more than just hydration. They are seeking products that can address specific health needs, such as immune support, energy boost, or stress relief.
- Increasing Awareness About Maintaining a Healthy Lifestyle:
The increasing awareness among individuals about the importance of maintaining a healthy lifestyle is propelling the growth of the market. Apart from this, consumers are becoming more informed about the positive impact of vitamins, minerals, antioxidants, and electrolytes on their health. In addition, people are seeking healthier alternatives to sugary or artificially flavored beverages, which is impelling the market growth. Furthermore, healthcare professionals and nutritionists are promoting the consumption of functional water as part of a balanced diet. In line with this, consumers are prioritizing their well-being and making informed choices about their dietary habits.
- Growing Focus on Enhanced Convenience:
The rising focus on enhanced convenience among individuals is strengthening the market growth. Besides this, people are seeking healthy products that align with their busy schedules. Functional water offers a hassle-free way to incorporate essential nutrients into daily routine without the need for additional supplements or complex meal planning. In addition, functional water is easily portable and can be consumed on the go, unlike traditional supplements or vitamin pills. This convenience factor appeals to individuals looking for efficient ways to meet their health and hydration needs without interrupting their daily activities.
Leading Companies Operating in the Global Functional Water Industry:
- 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.
Functional Water Market Report Segmentation:
By Product:
- Flavored Functional Water
- Unflavored Functional Water
Flavored functional water represented the largest segment as it assists in enhancing the taste of water.
By Ingredient:
- Micronutrients
- Botanical Extracts
- Others
Micronutrients account for the majority of the market share, which can be attributed to the rising health-consciousness among individuals.
By Type:
- Vitamins
- Proteins
- Others
Vitamins exhibit a clear dominance in the market due to the increasing focus on enhancing the immune system.
By Packaging Types:
- PET Bottles
- Cans
- Others
PET bottles hold the biggest market share on account of the rising need for eco-friendly products.
By Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
Supermarkets and hypermarkets dominate the market as they provide a one-stop shopping experience.
Regional Insights:
- 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
North America enjoys the leading position in the functional water market, which can be accredited to the increasing focus on health and wellness.
Global Functional Water Market Trends:
Manufacturers are introducing new and appealing flavors to attract a wide consumer base across the globe. In line with this, unique and refreshing taste profiles help differentiate products and encourage consumers to try functional water.
The wide availability of functional water via various distribution channels, such as supermarkets, hypermarkets, and convenience and online stores, is supporting the growth of the market. Apart from this, these platforms benefit in increasing accessibility and making it easier for consumers to purchase these products.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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