With 7.10% CAGR, Functional Water Market Size to Reach US$ 21.55 Billion 2022-2027
Functional water is a non-alcoholic water-based beverage with additional substances, such as minerals, vitamins, acids, herbs, and other additives, to improve the flavor of regular water. It is altered at the molecular level through mechanical, electrical, or optical processes to provide health and other functional benefits. It aids in increasing energy levels, regulating stress, reducing fatigue, and improving mental health. It also strengthens the immune response, enhances mood, and minimizes the risk of developing cognitive disorders. Functional water is commonly available in protein, botanical, and oxygen water variants to meet different nutritional requirements of the customer. At present, the emerging trend of mindful drinking is catalyzing the demand for functional water as consumers are trying to reduce alcohol consumption and opting for healthy alternatives like functional water across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Functional Water Market Trends:
The increasing health consciousness and rising awareness among individuals about the nutritional benefits of consuming functional water represent the major factors strengthening the market growth around the world. The growing prevalence of gut-related disorders, such as gastroesophageal reflux disease (GERD), gastroenteritis, and ulcers, are also driving the market. Additionally, the increasing participation of individuals in recreational sports, fitness, and athletic activities is catalyzing the need for functional water. Moreover, there is an increase in the consumer awareness about the presence of synthetic additives and preservatives in traditional beverages, which is contributing to the market growth.
In addition, the rising consumption of ready-to-drink (RTD) beverages on account of the expanding working population and hectic lifestyles and increasing purchasing power of consumers are creating a positive outlook for the market. As these products are readily available through online retail channels, which offer a wide range of variants with shipping facilities and secured payment methods, the market is experiencing steady growth. Apart from this, key players are introducing unique product variants, such as canabidiol infused spring water and amino acid-enriched water.
They are also focusing on launching artistic and easy-to-see bottle designs in attractive labels and stylish shapes that set them apart from the usual ones. Market players are coming up with novel functional water variants specifically for the healthcare sector. This, in turn, is propelling the market growth. Besides this, several marketing strategies, such as celebrity endorsements and social media campaigns to expand the market reach, are influencing the market positively. Furthermore, the changing inclination of individuals from carbonated beverages toward their nutritional alternatives is offering lucrative growth opportunities to industry investors.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global functional water market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on source type and application.
Breakup by Product:
Flavored Functional Water
Unflavored Functional Water
Breakup by Ingredient:
Breakup by Type:
Breakup by Packaging Types:
Breakup by Distribution Channel:
Supermarkets and Hypermarkets
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
Ayala's Herbal Water
Balance Water Company
Keurig Dr Pepper Inc.
The Coca-Cola Company
Trimino Protein Infused Water
Unique Foods (Canada) Inc.
Vichy Catalan Corporation.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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