Demand for functional water is expected to reach US$ 14,345 million in 2022 and is projected to increase at a CAGR of 6.0% to US$ 25,689 million between 2022 and 2032. The prevalence of obesity is on the rise, and people are becoming more aware of the benefits of leading healthy lives. A CAGR of 6.1% was recorded for the functional water market from 2016 to 2021.
Functional water is a non-alcoholic beverage whose property has been altered by adding ingredients that offer impressive health benefits and other features. Ingredients such as raw fruits, vegetables, herbs, consumable acids, vitamins, and minerals are added to water before it becomes functional water.
As water remains the most consumed beverage globally, the functional water market is expected to witness tremendous growth during the forecast period and aftermath.
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Consumers’ shift towards the consumption of healthy drinks is has a positive impact on the growth of the global functional water market.
The global functional water market is anticipated to record a double-digit CAGR as health practitioners now recommend it as one of the vital beverages that must be consumed daily.
Classification of water as a balanced diet is a strong force fueling the growth of the industry.
With the burgeoning demand for plant-based products, the global functional water market is expected to grow significantly
Functional water contains vegetables, raw fruits, and herbs, which are plant-based, and this improves its sales as vegans spend more on dairy alternatives or non-dairy products.
The functional water market is slated to record a healthy growth during the forecast period due to the change in consumers’ lifestyles especially in developed and developing nations which has fostered the demand for convenience food items globally.
Functional Water Market Growth Drivers
Sustainability is one of the most vital properties of functional water anticipated to drive the industry’s growth.
Functional water consumers are conscious of their environment’s safety as reports have shown that plastics are non-biodegradable pollutants whose presence has a detrimental effect on the environment.
With governments’ stringent regulations regarding plastics, manufacturers in the industry are prompted to develop new and innovative materials to package their products.
Consumers are sometimes attracted to the functional water market by the type of package used by different leading companies.
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Furthermore, growing consumers’ demand for fortified food and beverages is estimated to foster the rise in demand for functional water in a few years.
Sales are expected to increase drastically as the population of diabetes and obesity patients is rising annually, threatening the global world.
Countries like the United States, United Kingdom, China, India, and Australia have increased the production of functional water as consumers have switched preference from consuming carbonated soft drinks to packaged water
Functional Water Market Restraint
The global functional water market growth is expected to be hampered during the forecast period due to the hike in price of the PET bottles used in packaging functional water.
Functional Water Market: Region-wise Analysis
Geographically, Europe is expected to dominate the global functional water market as the total revenue, and market volume from this region are higher when compared with others.
Consumers in the region are on the rise, which is estimated to facilitate the industry’s growth.
North America is the second-largest market as the demand from the pharmaceutical and beverage industries is on the rise.
The Asia Pacific is estimated to be the fastest-growing market as consumers’ population is on the rise.
Emerging economies like China, India, and Japan have increased consumers’ disposable income, which is slated to fuel the growth of the functional water market during the forecast period.
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Functional Water Market: Competitive Landscape
The global functional water market is highly competitive with no dominant player operating in it. Key players are focusing on innovation of new products to woo consumers to their market.Some prominent players in the industry include;
Danone
Coca-Cola
Pepsico
Dr. Pepper Snapple Vitamin Well AB
Triamino Brands LLC
New York Spring
Herbal Water
Vichy Catalan Corporation
San Benedetto
Unique Foods (Canada)
Frequently Asked Questions
What is the anticipated growth of the functional water market until 2032?
Which region is forecast to be the most lucrative for functional water market growth?
Which are some prominent functional water market manufacturers?
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