Flavored and Functional Water Enjoying Spotlight: TMR
The global functional and
flavored water market is expected to report impressive
growth as consumers show higher inclination towards adoption of healthier
lifestyle. Prevalence of various health maladies due to unhealthy choices in
food and drinks has compelled people from around the world to opt for healthy
diet. Consumers are thus swaying away from carbonated drinks to
“better-for-you” alternatives.
Transparency
Market Research (TMR) highlights this as a chief factor fuelling the demand for
functional and flavored water. Product launches witnessed over the last few
years besides influx of new entrants will drive the flavored and functional
water market. In its recent study, TMR offers exclusive insights into the
market, detailing various factors enabling growth as well as key
restraints.
Competition to Get Fiercer with
Entry of New Players
The report
uncovers hidden opportunities and analyzes investment feasibility across key
segments. According to the report, the flavored and functional water market has
a highly fragmented vendor landscape, which is attributable for the fierce
competition among key players. While behemoths account for substantial market
share, they are constantly reeling under the threat of the entry of new players
and product launches.
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As a
result, TMR observes high focus on innovation within the market. Because the
market exhibits limited scope for differentiation, key players are looking to
incorporate advanced packaging and exotic flavors for luring consumers. Some of
the leading companies operating in the market are Hint Water, Groupe Danone,
The Coca-Cola Company, PepsiCo, and New York Spring Water.
Some of
these companies are partnering with other brands to enhance their innovation
capability and product portfolio. For instance, Nestle has an agreement with
Yinlu Food Group based in China. The association has helped Nestle to
capitalize on Yinlu’s consumer knowledge and entrepreneurship. It has also
helped Nestle to offer affordable products to consumers across China.
In the Rest
of the World, the market will continue witnessing increasing demand especially
on account of the rising prevalence of obesity, diabetes, and other diseases.
Obesity is associated with various health hazards. It is also linked to heart
ailments. The rising cases of chronic illnesses have compelled consumers to opt
for healthy living.
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Rising Focus on Health and Fitness
Creates Growth Opportunities
The focus
on fitness is higher than ever before. This, coupled with better access to
information, has rendered consumers cautious about their food choices. They are
adopting various changes in lifestyle, which also is reflecting on their choice
of beverages. The demand for exotic flavors is on a rise and so is the sales of
functional and flavored water.
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Public
campaigns targeting the indiscriminate use of plastic also will have immense
impact on the market. As a result of rising focus on environmental
sustainability, manufacturers are likely to experiment with various packaging
materials. Those still using plastic and PET bottles could however ne at a
loss.
Nonetheless,
the market will soon witness overhaul as companies aim at keeping pace with
dynamic consumer preferences. On the downside though low cost carbonated drinks
will continue posing threat to the market. The presence of sugar in some
functional beverages too will act as a hindrance to growth.
To counter
potential threats, companies are expected to shift their focus towards
expansion across high potential markets in Asia Pacific, Latin America, and the
Middle East and Africa. Consumers across these regions are exhibiting
willingness to spend on exotic flavors, which will augur well for the flavored
and functional water market.
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