The functional water market is anticipated to expand from USD 15,234.39 million in 2023 to USD 27,281.72 million in 2033.
Increased Consumption by Health-conscious Population to Drive Functional Water Market Growth
The rise in demand for functional water due to its sustainability, rising consumer awareness of plastics as non-biodegradable pollutants harming the environment, and technological developments in the product packaging are the primary factors driving the functional water market.
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The increasing demand for functional foods, the popularity of a holistic mix of health and taste among millennials, and the growing demand for functional water due to the inclusion of essential ingredients such as amino acids, vitamins, minerals, and protein all contribute to the growth of the functional water market. Moreover, the adoption of severe plastic-use rules, public preference for functional water due to packaging utilized by several leading companies, and rising consumer demand for fortified food and beverages all have an impact on the functional water industry.
Government initiatives, a growing population of diabetes and obese patients, increased investment in research and development activities, and a rise in disposable income are the factors which have a beneficial impact on the functional water industry. Furthermore, technical advances, new product launches, and packaging material product innovations provide profitable chances to functional water market players during the projection period.
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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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