USD 13.80 billion
Report ID: SQSG30F2005 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 116 | Figures: 67
Functional Water Market size was valued at USD 13.80 billion in 2021, and it is expected to reach a value of USD 22.97 billion by 2028, at a CAGR of 7.55% over the forecast period (2022-2028).
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 2020 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.
Global Market Size
USD 13.80 billion
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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.
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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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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
Functional Water Market Recent Development
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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.
|Market size value in 2021||USD 13.80 billion|
|Market size value in 2028||USD 22.97 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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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.
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Product ID: SQSG30F2005