Global functional water market

Global Functional Water Market Size, Share, Growth Analysis, By Distribution Channel(Supermarkets/Hypermarkets, Convenience Stores), By Ingredient(Micronutrient, Botanical Extract), By Product(Flavoured and Unflavoured), By Packaging(Pet Bottles, Can) - Industry Forecast 2024-2031


Report ID: SQMIG30F2036 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 116 | Figures: 76

Global Functional Water Market Insights

Functional Water Market size was valued at USD 14.11 billion in 2019 and is poised to grow from USD 15.1 billion in 2023 to USD 27.76 billion by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).

The COVID-19 pandemic has had a tremendous influence on the world, with functional water products experiencing rising demand in every location. According to our data, the market grew by 8.33 percent more in 2019 than it did on average between 2017 and 2019. When the pandemic is finished, this market's demand and growth will resume to pre-pandemic levels, which will explain the increase in CAGR.

Functional ingredient enhanced water's benefits for healthy hydration, affordable nutrition, and refreshing thirst quenching are some of the key growth drivers in the international industry. Water for the body's detoxification and water to ensure good sleep quality are two interesting ideas in this category that have emerged quickly. Due to their decreased sugar level and lack of artificial additives including colours, flavours, and preservatives, functional beverages have firmly established themselves as preferred beverages over soft drinks include preservatives and flavours. Functional ingredients enhanced sales of water are thus benefited by the general trend among consumers to switch to healthier alternatives such artificial and high-sugar beverages. The primary consideration impacting all functional consumers' purchasing decisions is still price. Drinks, including improved water, but manufacturers defending their pricey options with the diversity of considered, larger sales margins are anticipated. The breakthrough in technology for bottling (packing), along with an improving retail distribution environment increases the market for enhanced water with beneficial elements

US Functional Water Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 14.11 billion

Largest Segment

Micronutrient

Fastest Growth

Micronutrient

Growth Rate

7% CAGR

Global Functional Water Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Functional Water Market Size by Ingredients 2021-2028 ($ Mn)
Global Functional Water Market by Ingredients 2021-2028 (%)

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Global Functional Water Market Segmental Analysis

Global functional water market has been segmented based on distribution channel, ingredient, product, packaging, and region. Based on distribution channel, the functional water market is segmented into supermarkets/hypermarkets, convenience stores, online retail, and others. Based on product, the mafunctional water market ket is segmented into flavoured and unflavoured. Based on packaging, the functional water market is segmented into pet bottles, can, and others. Based on the ingredient, the functional water market is segmented into micronutrient, botanical extract, and others. Based on region, the functional water market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Functional Water Market Analysis by Distribution Channel

Supermarkets and hypermarkets dominate the distribution channels for product sales, Impulsive purchases of food and drink are becoming more common among consumers. Supermarkets make it easier for people to acquire food in bulk and other supplies. This element significantly encourages the expansion of this market segment. Due to the variety, accessibility, and availability of improved water. In addition, the bundling approach and affordable pricing are to blame for supermarkets' increased sales of functional ingredients with additional water. Due to penetration and tailored shopping experiences, convenience stores are anticipated to gain more sales in the near future. Convenience stores assist people on the go stay hydrated, and since people are looking for healthier options more and more, there are many opportunities to advertise and boost the sales of functional ingredients that are combined with water.

Functional Water Market Analysis by Ingredients

The micronutrients segment dominated the global market. Nonetheless, the use of novel ingredients is gaining popularity. Because of their widely recognized health benefits, the global marketplace has seen a growing preference for all-natural and plant-based ingredients that are easily recognizable and accepted. Active principles derived from a wide range of super fruits, herbal extracts, and other plant-based ingredients are known to not only serve the functional role of synthetic additives but also significantly improve the nutritional profiles of specialty water.

Global Functional Water Market by Ingredients, 2021 (%), 2023 (%)

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Global Functional Water Market Regional Insights

Due to their growing preference for functional beverages, North America dominated the global functional drinks market in 2021. This is a result of the widespread obesity in this region's population as well as the significant demand for functional water among those involved in sports and fitness. Due to its strong growth in the U.S., the developed market of North America is by far the top region for sales of functional additives added water. In the United States, sales of bottled water recently surpassed those of soft drinks. Thus, the bottled water industry is a stronghold that encourages businesses to make investments and broaden their functional offerings. Functional ingredients added water had surpassed soft drinks to become the most popular beverage in the US by volume even before the COVID-19 pandemic. The product's benefits for health and wellbeing, convenience, and the availability of more low-calorie carbonated beverages than ever before are other trends that are driving greater usage.

Global Functional Water Market By Geography, 2021 - 2028, 2024-2031
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Global Functional Water Market Dynamics

Functional Water Market Driver

  • Public's increased knowledge of health issues brought on by the appearance of several diseases. This was primarily sparked by the Covid-19 pandemic, which made people all over the world aware of the value and advantages of these functional fluids and encouraged them to start drinking them. Additionally, as consumers become more aware of the negative effects of carbonated beverages and realise that functional drinks are better alternatives, the market for these beverages is growing. This is the main factor that will improve the market throughout the forecast time.
  • Since the pandemic, there have been more investments supporting the growth of the immune and physical health sectors, which has led to greater improvements in research & development and will ultimately support market growth throughout the forecast period.

Functional Water Market Restraint

  • High price margin of the functional drinks as compared to the carbonated and other conventionally sold drinks is hampering the growth of the market and is making people more reluctant to buy the drinks.
  • Development of energy drinks, sports drinks, and health drinks paved the way for the overall movement toward beverages with specific functions. They also have extra health advantages, which can include boosted energy, hydration, and probiotic energy. The proliferation of alternatives, such as plant-based fluids, which offer the same health advantages as functional ingredient-enriched water, is predicted to restrain the development of this market.

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Global Functional Water Market Competitive Landscape

As major competitors roll out new models in an effort to diversify their product lines and broaden their customer bases, competition in the fragmented global functional water market is fierce and intensifying. Leading market players are utilizing a wide range of growth strategies. The majority of businesses have concentrated on introducing new products and growing their production facilities in developing nations. Innovation, partnerships, strategic alliances, working with key actors, and boosting local and international distribution networks are all examples of strategies.For instance, in July 2021, National Beverage Corporation, an American beverage manufacturer, released a trio of new flavors of the sparkling water under its LaCroix brand.

Top Players in the Global Functional Water Market

  • PepsiCo, Inc. (Propel Fitness Water)
  • The Coca-Cola Company (smartwater)
  • Nestlé Waters (Acqua Panna)
  • Talking Rain Beverage Company (Sparkling Ice)
  • Karma Culture LLC (Karma Wellness Water)
  • New Age Beverages Corporation (Coco-Libre)
  • Agua Enerviva LLC (Enerviva)
  • The Alkaline Water Company Inc. (Alkaline88)
  • Phure Water LLC (Phure Water)
  • Kona Deep Corporation (Kona Deep)
  • Pervida Inc. (Pervida Immune)
  • Fonterra Co-operative Group (Anchor Blue)
  • Unique Foods Canada Inc. (Vit-Hit)
  • FÏNLEY (The Coca-Cola Company)
  • Asahi Group Holdings, Ltd. (Asahi inryo)
  • Superbee Network Inc. (Superbee Honey Water)
  • Aqua ViTea LLC (Aqua ViTea Kombucha)
  • Hint Inc. (Hint Water)
  • Lucozade Ribena Suntory Limited (Lucozade Sport Lite)

Functional Water Market Recent Development

  • In August 2022, PepsiCo and Arizona State University launched Global Water Academy. The Academy is designed to help professionals gain a basic understanding of water resources and how water stewardship practices can be implemented..
  • In May 2021, Nuun joined Nestle’s Health science portfolio and will produce its functional hydration products which include nutritional drink boosts.

Global Functional Water Key Market Trends

  • The consumer market is looking for nutritional remedies for fatigue, lethargy, and weakened due to their stressful lifestyles, they have immunity. These remedies take the form of Functional foods are those that serve both a nutritional and health benefits. Additionally to eating healthfully, customers are becoming more conscious of the the significance of drinking responsibly. As evidence, consider the growing demand for beverages that contain components that are beneficial to health and fitness. Consumers are still looking for functional beverages, comprehensive solutions that can address their demands in terms of health and fitness especially those that have immune-boosting components, may still be given attention.

Global Functional Water Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, and distribution channel, supermarket dominated the global functional water market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, North America dominated the globe, the functional water market owing to the region's population as well as the significant demand for functional water among those involved in sports and fitness.

Report Metric Details
Market size value in 2023 USD 14.11 billion
Market size value in 2031 USD 27.76 billion
Growth Rate 7%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Distribution Channel
    • Supermarkets/Hypermarkets, Convenience Stores, Online Retail, Others.
  • Ingredient
    • Micronutrient, Botanical Extract, Others
  • Product
    • Flavoured and Unflavoured
  • Packaging
    • Pet Bottles, Can, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • PepsiCo, Inc. (Propel Fitness Water)
  • The Coca-Cola Company (smartwater)
  • Nestlé Waters (Acqua Panna)
  • Talking Rain Beverage Company (Sparkling Ice)
  • Karma Culture LLC (Karma Wellness Water)
  • New Age Beverages Corporation (Coco-Libre)
  • Agua Enerviva LLC (Enerviva)
  • The Alkaline Water Company Inc. (Alkaline88)
  • Phure Water LLC (Phure Water)
  • Kona Deep Corporation (Kona Deep)
  • Pervida Inc. (Pervida Immune)
  • Fonterra Co-operative Group (Anchor Blue)
  • Unique Foods Canada Inc. (Vit-Hit)
  • FÏNLEY (The Coca-Cola Company)
  • Asahi Group Holdings, Ltd. (Asahi inryo)
  • Superbee Network Inc. (Superbee Honey Water)
  • Aqua ViTea LLC (Aqua ViTea Kombucha)
  • Hint Inc. (Hint Water)
  • Lucozade Ribena Suntory Limited (Lucozade Sport Lite)
Customization scope

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  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Functional Water Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Functional Water Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Functional Water Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Functional Water Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Functional Water Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Functional Water Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Functional Water Market size was valued at USD 14.11 billion in 2019 and is poised to grow from USD 15.1 billion in 2023 to USD 27.76 billion by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).

As major competitors roll out new models in an effort to diversify their product lines and broaden their customer bases, competition in the fragmented global functional water market is fierce and intensifying. Leading market players are utilizing a wide range of growth strategies. The majority of businesses have concentrated on introducing new products and growing their production facilities in developing nations. Innovation, partnerships, strategic alliances, working with key actors, and boosting local and international distribution networks are all examples of strategies.For instance, in July 2021, National Beverage Corporation, an American beverage manufacturer, released a trio of new flavors of the sparkling water under its LaCroix brand. 'PepsiCo, Inc. (Propel Fitness Water)', 'The Coca-Cola Company (smartwater)', 'Nestlé Waters (Acqua Panna)', 'Talking Rain Beverage Company (Sparkling Ice)', 'Karma Culture LLC (Karma Wellness Water)', 'New Age Beverages Corporation (Coco-Libre)', 'Agua Enerviva LLC (Enerviva)', 'The Alkaline Water Company Inc. (Alkaline88)', 'Phure Water LLC (Phure Water)', 'Kona Deep Corporation (Kona Deep)', 'Pervida Inc. (Pervida Immune)', 'Fonterra Co-operative Group (Anchor Blue)', 'Unique Foods Canada Inc. (Vit-Hit)', 'FÏNLEY (The Coca-Cola Company)', 'Asahi Group Holdings, Ltd. (Asahi inryo)', 'Superbee Network Inc. (Superbee Honey Water)', 'Aqua ViTea LLC (Aqua ViTea Kombucha)', 'Hint Inc. (Hint Water)', 'Lucozade Ribena Suntory Limited (Lucozade Sport Lite)'

Public's increased knowledge of health issues brought on by the appearance of several diseases. This was primarily sparked by the Covid-19 pandemic, which made people all over the world aware of the value and advantages of these functional fluids and encouraged them to start drinking them. Additionally, as consumers become more aware of the negative effects of carbonated beverages and realise that functional drinks are better alternatives, the market for these beverages is growing. This is the main factor that will improve the market throughout the forecast time.

The consumer market is looking for nutritional remedies for fatigue, lethargy, and weakened due to their stressful lifestyles, they have immunity. These remedies take the form of Functional foods are those that serve both a nutritional and health benefits. Additionally to eating healthfully, customers are becoming more conscious of the the significance of drinking responsibly. As evidence, consider the growing demand for beverages that contain components that are beneficial to health and fitness. Consumers are still looking for functional beverages, comprehensive solutions that can address their demands in terms of health and fitness especially those that have immune-boosting components, may still be given attention.

Due to their growing preference for functional beverages, North America dominated the global functional drinks market in 2021. This is a result of the widespread obesity in this region's population as well as the significant demand for functional water among those involved in sports and fitness. Due to its strong growth in the U.S., the developed market of North America is by far the top region for sales of functional additives added water. In the United States, sales of bottled water recently surpassed those of soft drinks. Thus, the bottled water industry is a stronghold that encourages businesses to make investments and broaden their functional offerings. Functional ingredients added water had surpassed soft drinks to become the most popular beverage in the US by volume even before the COVID-19 pandemic. The product's benefits for health and wellbeing, convenience, and the availability of more low-calorie carbonated beverages than ever before are other trends that are driving greater usage.

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Global functional water market

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