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 primary drivers of the functional water market include growing consumer awareness of plastics as non-biodegradable pollutants harming the environment, rising demand for functional water due to its sustainability, and technological developments in product packaging.
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Foods that mix flavour with health in a holistic way are highly preferred by millennials, and functional water now includes important nutrients like protein, amino acids, vitamins, and minerals. The market for functional water is expanding as a result.
The functional water sector is impacted by tighter regulations regarding the use of plastic, public preference for functional water due to the packaging used by many large companies, and rising consumer demand for fortified goods and beverages.
Government initiatives, a growth in the number of diabetic and obese patients, increased investment in research and development activities, and an increase in disposable money are the factors that help the functional water business. Additionally, enterprises in the functional water industry will have attractive prospects throughout the projected period due to technical breakthroughs, the introduction of new products, and product enhancements in packaging materials.
The functional water market is on a trajectory of significant expansion, forecasted to grow from its 2023 valuation of US$ 15,234.39 million to an estimated US$ 27,281.72 million by 2033. This robust growth is fueled by several factors, including heightened consumer awareness of plastic pollution, a surge in demand for sustainable beverage options, and advancements in product packaging technologies.
As health-conscious millennials increasingly prefer foods that combine flavor with holistic well-being, functional water has evolved to incorporate essential nutrients such as protein, amino acids, vitamins, and minerals. The market is witnessing notable growth, driven by stringent regulations on plastic use, consumer preference for functional water packaging, and an increasing demand for fortified beverages.
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Key Takeaways:
- The functional water market anticipates a robust CAGR of 6.2% during the forecast period from 2023 to 2033.
- The market’s growth is propelled by the rising popularity of functional water among the working class and millennials, coupled with innovative product developments. North America currently leads the functional water market, showcasing dominance in this thriving sector.
Key Developments:
- October 2022: CENTR Brands Corporation introduces CENTR Enhanced, a non-CBD functional sparkling water, expanding its health and wellness product portfolio.
- July 2022: Flow Beverage Corp. launches the Flow Vitamin-Infused Water range with three new organic flavors – Cherry, Citrus, and Elderberry.
- March 2022: Nirvana Water Sciences Corp. unveils Nirvana HMB + Vitamin D3 spring water, offering muscular rehabilitation and immunological support.
- May 2021: PepsiCo Inc. launches Soul Boost, an improved sparkling water enriched with beneficial additives to support mental stamina and relaxation.
- March 2021: Nestlé S.A. acquires Essentia Water, a premium functional water brand, expanding its portfolio to include global mineral and premium water brands.
Key Market Segments:
- Type:
- Vitamin
- Protein
- Others
- Distribution Channel:
- Specialty Stores
- Supermarket/Hypermarket
- Online Stores
- Others
- Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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