Functional Water Market Growth, Expected to Reach US$ 27,281.72 Million by 2033, Fueled by Health-Conscious Millennials in Europe, USA, and Worldwide

The functional water market is anticipated to expand from US$ 15,234.39 million in 2023 to US$ 27,281.72 million in 2033.

Increased Consumption by Health-conscious Population to Drive Functional Water Market Growth

The market for functional water is primarily being driven by the following factors: growing consumer awareness of plastics as non-biodegradable pollutants affecting the environment, growing demand for functional water due to its sustainability, and technological developments in product packaging.

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Millennials have a strong preference for foods that combine flavour with health in a holistic way, and functional water now comes with essential nutrients including protein, amino acids, vitamins, and minerals. As a result, the market for functional water is growing.

The functional water sector is further impacted by the implementation of strict plastic use regulations, public preference for functional water due to packaging used by many top corporations, and rising consumer demand for fortified foods and beverages.

The causes that benefit the functional water business include government initiatives, an increase in the number of diabetic and obese patients, increasing investment in research and development activities, and a rise in disposable income. Additionally, throughout the projected period, technological advancements, the introduction of new products, and product improvements in packaging materials offer lucrative opportunities to companies in the functional water industry

Key Takeaways

• The functional water market is expected to capture a CAGR of 6.2% during the forecast period 2023 to 2033.
• Growing popularity of functional water among the working class and millennial population, as well as creative product advancements, are likely to improve and accelerate the market growth over the projection period.
• North America dominated the functional water market.

Key Developments

• October 2022 – CENTR Brands Corporation announced the addition of CENTR Enhanced, a non-CBD functional sparkling water, to its growing array of health and wellness products.
• July 2022 – As a part of Flow Beverage Corp.’s most recent product launch, the Flow Vitamin-Infused Water range of products was offered to consumers in three new organic flavors: Cherry, Citrus, and Elderberry.
• March 2022 – Nirvana Water Sciences Corp. introduced their Nirvana HMB + Vitamin D3 spring water as part of Expo West in Anaheim, California. Nirvana HMB + Vitamin D3 is one of the most recent additions to the repertoire. It provides both muscular rehabilitation and immunological support.
• May 2021 – PepsiCo Inc., a renowned worldwide food and beverage business, introduced Soul boost, improved sparkling water produced with beneficial additives. The drink comes in two flavors: Lift and Ease. The Lift has 200 mg of ginseng, which aids in mental stamina, and Ease contains 200 mg of theanine, which aids in relaxation.
• March 2021 – Nestlé S.A. announced the acquisition of Essentia Water, a premium functional water brand located in Washington. The company’s portfolio is being expanded to include international mineral and premium water brands, as well as healthy hydration products such as functional water.

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Key Segments Profiled in the Market :

By Type:

• Vitamin
• Protein
• Others

By Distribution Channel:

• Specialty Stores
• Supermarket/Hypermarket
• Online Stores
• Others

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East and Africa

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