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Functional Water Market 2024-2033 - Growth Potential and Key Players
Functional Water Market
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According to The Business Research Company's, The functional water market size has grown strongly in recent years. It will grow from $8.57 billion in 2023 to $9.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to increased awareness of hydration, fitness and sports enthusiast market, shift towards sugar-free beverages, rise in lifestyle-related health issues, urbanization and busy lifestyles, innovative packaging solution, increased consumer education, environmental sustainability.
The functional water market size is expected to see strong growth in the next few years. It will grow to $12.33 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rising demand for functional ingredients, growing focus on immune health, expansion of online retail channels, advancements in nutraceutical research, integration of adaptogens and botanicals, expansion of specialty retailers, focus on hydration in sports nutrition. Major trends in the forecast period include hydration with added benefits, low-calorie and sugar-free options, electrolyte-enhanced waters, collaborations and limited editions, digital marketing and e-commerce.
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Market Drivers and Trends:
The growing aging population is expected to propel the growth of the functional water market going forward. An aging population refers to a demographic shift characterized by a gradual increase in the proportion of older individuals within a population. As individuals age, total body water (TBW) and intracellular water (ICW) tend to decline, which can impact muscle mass, muscle strength, and functional performance. Functional water products designed to support hydration, muscle health, and overall well-being may offer benefits tailored to the aging demographic. For instance, in October 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations responsible for international public health, 1 in 6 people in the world will be aged 60 years or older by 2030. At this point, there will be 1.4 billion people, up from 1 billion in 2020, who are 60 years of age or older. The number of individuals 60 and older in the world will double (to 2.1 billion) by the year 2050. Therefore, the growing aging population is driving the growth of the functional water market.
Product innovation is a key trend gaining popularity in the functional water market. Major market players are developing innovative functional water products such as water with science-backed benefits to sustain their position in the functional water market. For instance, in March 2022, Nirvana Water Sciences Corp, a US-based company engaged in developing life-enhancing beverages by combining pure water, innovations of science, and care for the environment introduced a new innovative functional water 'Nirvana HMB + Vitamin D3' spring water. Nirvana HMB + Vitamin D3 spring water is a functional beverage with combined science-backed benefits. Nirvana HMB + Vitamin D3 boasts powerful benefits by combining muscle recovery and immunity. The new product combined with HMB, and Vitamin D3 improves its effectiveness, resulting in a powerful synergistic effect. A winning combination can be achieved when consumers integrate the immunity-boosting benefits of Vitamin D3 with the optimization of delivery in water. It is innovative functional water for all types of consumers.
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Major Key Players of the Market:
Danone, The Coca-Cola Company, Pepsico Inc., Dr. Pepper Snapple Vitamin Well AB, Trimino Brands LLC., NYSW Beverage Brands Inc., Herbal Water, Vichy Catalan Corporation, San Benedetto, Unique Foods, Nestle SA, Hint Water, Balance Water Company, Sunny Delight Beverages Company, Hind Water, Kraft Foods, Function Drinks, Bridgepoint Group plc., Disruptive Beverages Inc., Keurig Dr Pepper Inc., CENTR Brands Corporation, Flow Beverage Corp, Ayala's Herbal Water, Nirvana Water Sciences Corp, Talking Rain Beverage Company, The Alkaline Water Company Inc., Wtrmln Wtr, HFactor, Penta Water Company, AquaHydrate Inc, Propel Water, Gatorade
Functional Water Market 2024 Key Insights:
• The functional water market size is expected to see strong growth in the next few years. It will grow to $12.33 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rising Obesity Rates Drive Growth In The Functional Water Market
• Innovative Functional Water Products Revolutionizing The Market
• North America was the largest region in the functional water market share in 2023
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