Global Functional Water Market: Overview
Functional water products are beverages – non-alcoholic,
aquaceutical. Often infused with additional ingredients that provide health
benefits, the products are witnessing an increase in demand. As per
Transparency Market Research, from 2020 to 2030, the global
functional water market would grow at a steady rate, creating a number of interesting
opportunities.
It is pertinent to note here that there are broadly two main
‘families’ of functional water - that based on mineral water which has a herb
or fruit extract added to it to give certain health benefits, such as an
immunity boost, added electrolytes, improved pH balance, antioxidants etc, and
that based on water, which is altered at the molecular level with the help of
electrochemical processes to give it extra health benefits, such as better
hydration, better oxygenation, quicker regeneration of muscle tissue, etc.
Functional water is witnessing increase in demand in an
increasingly health conscious world that tries to extract maximum benefits from
its scarcely available resources. Since the world population has steadily moved
away from rural, natural environments to an urban setting, growing demand for
fortified beverages is only a natural outcome.
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Global
Functional Water Market: Notable Development
The Functional Water market is moderately concentrated with a
number of major players holding a high share of the market, along with a slew
of domestic players offering these services in the local market.
These companies are opting for new and more effective marketing
strategies to stay ahead in the functional water market. Some notable
developments seen recently which point in this direction are-
·
In February 2019, The Coca-Cola Co. added two new additions
(Smartwater alkaline and Smartwater antioxidant) to its Smartwater brand, to
increase awareness and demand for functional water.
Leading players in the functional water market are-
·
Dr Pepper Snapple Group Inc.
·
Nestle S.A.
·
PepsiCo
·
The Coca-Cola Company
·
Groupe Danone
·
Hint Water
·
New York Spring Water
·
Balance Water Company
·
Sunny Delight Beverages Company.
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Global
Functional Water Market: Key Drivers and Trends
The notable increase in demand for fortified beverages
anticipated over the forecast period is set to be an outcome of various trends
and drivers such as:
·
Growing demand for function foods. Millennial populace
wants a holistic mix of halth and taste. Inclusion of essential ingredients, such
as protein, amino acids, vitamins, and minerals in functional water products is
therefore luring this demographic to functional water.
·
The increase in obese and diabetic populations in the United
States, China, India, Australia, and the United Kingdom, among others, has
shifted the focus from carbonated soft drinks to fortified, bottled water in
the recent past.
·
As per a study by Container Recycling Institute, Americans
bought huge volumes of plastic water bottles in 2010 - 42.6 billion plastic. It
is a steep rise from 35.5 billion in 200. Understandably, the functional water
market is already seeing a steady growth in the future.
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Global
Functional Water Market: Regional Analysis
The escalating demand for bottled water in the U.S. is
contributing massively to growth in functional water market in the North
American region. The sales of bottled water have recently surpassed those of
soft drinks in the United States and the bottled water sector is thus a leading
horse prompting companies to invest and expand their functional
offerings.
The functional water market in Asia Pacific is also set to
experience significant growth rate as consumers are becoming increasingly aware
of the benefits of functional, bottled water. Consumers look for alternatives
to carbonated soft drinks (CSDs) and the innovation in flavor is driving the
bottled water category’s success.
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