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Flavored Water Market Growth & Competitive Insights 2024-2033
Flavored Water Market Growth
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According to The Business Research Company's, The flavored water market size has grown strongly in recent years. It will grow from $27.83 billion in 2023 to $30.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to consumer preference for low-calorie options, rising awareness of hydration benefits, innovations in flavor profiles, convenience and on-the-go lifestyles, marketing and branding strategies.
The flavored water market size is expected to see strong growth in the next few years. It will grow to $44.38 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to continuous innovation in flavors, rise in functional and enhanced waters, preference for natural and organic ingredients, expansion of distribution channels, health-conscious millennial and Gen Z consumers. Major trends in the forecast period include functional flavored water, rise in natural and organic flavors, innovative flavor combinations, sustainable packaging solutions, expanding market for sparkling flavored water.
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Market Drivers and Trends:
The rising consumer orientation towards a healthy lifestyle is expected to propel the growth of the flavored water market. People who are turning towards a healthy lifestyle are trying to incorporate liquid diets into their food habits because a clear liquid diet such as water, juices, and other beverages is quickly digested and leaves no undigested residue in the intestine. Fruit-infused water or flavored water contains all the hydration of a cool glass of water and the bright, sweet, and tangy flavors of your chosen ingredients. By infusing tasty flavors, many people tend to drink more water. Infusion of flavors in water can thus be a way to make water more appealing and can even add nutrients to the beverage. According to the International Food Information Council, a US-based nonprofit organization, in 2022, the adoption of specific diets or eating patterns saw a significant increase, with 52% of individuals compared to 39% in 2021. Furthermore, a higher percentage of consumers in the age group of 18-49 are embracing specific diets and eating patterns in 2022, accounting for 74%, a notable rise from 52% in 2021. Therefore, rising consumer orientation towards a healthy lifestyle drives the growth of flavored water.
Major companies operating in the flavored water market are prioritizing nutrient-rich solutions such as vitamin-infused flavored water to gain a competitive advantage. Vitamin-infused flavored water refers to a beverage that combines water with added vitamins and natural flavors. This type of flavored water is enhanced with essential vitamins to provide additional nutritional benefits beyond simple hydration. For instance, in July 2022, Flow Beverage Corp., a Canada-based beverage company, launched the 'Flow Vitamin-Infused Water' product line. This latest flavored water is available in three organic flavors, such as cherry, citrus, and elderberry. Flow Vitamin-Infused Water delivers 120% of the recommended daily value of Vitamin C and serves as an outstanding source of zinc. With no sugar, calories, or preservatives, this beverage is crafted from organically certified ingredients.
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Major Key Players of the Market:
Cargill Incorporated, Nestlé S.A., PepsiCo Inc., DS Group, The Coca-Cola Company, Mondelez International Inc., The Kraft Heinz Company, Hangzhou Wahaha Group Co. Ltd., Keurig Dr Pepper Inc., Red Bull GmbH, National Beverage Corp., National Beverage Corp., Aquafina FlavorSplash, Sanpellegrino S.p.A., Talking Rain Beverage Company Inc., Polar Beverages (Polar Seltzer), Propel Water, Hint Inc., Waterloo Sparkling Water, Nanone Corporation, Talking Rain Beverage Company Inc. (Sparkling Ice), Balance Water Company Pty Ltd., Blue Keld Springs Ltd., Spindrift Beverage Co., Daily Drinks Co. Ltd., Saratoga Spring Water Company, Xalta Food & Beverages Pvt Ltd, Neviot Global Ltd., Sunny Delight Beverages Co., JUST Goods Inc.
Flavored Water Market 2024 Key Insights:
• The flavored water market size is expected to see strong growth in the next few years. It will grow to $44.38 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Health-Conscious Consumers Fuel Flavored Water Market Growth
• Vitamin-Infused Flavored Water Sparks Innovation
• North America was the largest region in the flavored water market in 2023 and is expected to be the fastest-growing region in the forecast period
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