Flavored and Functional Water Market - Global Industry Analysis 2019

Flavored and functional water are emerging as healthy alternatives in the ready-to-drink market for consumers who refrain from consuming carbonated or artificial flavored drinks due to growing health concerns. Increasing obesity rate, rising aging population and increasing urbanization are the major growth drivers for the flavored and functional water market. Flavored water is a category of bottled mineral, spring or purified water containing flavors. Functional water is a derivative of flavored water with added functional ingredients such as botanicals, vitamins, minerals and oxygen. Common flavors in the flavored and functional water market are orange, apple, cherry, lemon and peach. Major growth challenges for the industry include threat of substitutes and increasing campaign against packaging bottles. Emerging markets such as countries in Asia, Latin America and the Middle East are witnessing rising urbanization and increasing disposable income, which act as an opportunity for the flavored and functional water. Increasing urbanization has increased the awareness levels of the consumer regarding the products that help in their wellbeing. The increasing income levels have also enabled the consumers to spend on premium products thus providing great opportunity for the market players to focus in these markets. The U.S., Germany, France, Italy and Japan were the top markets for flavored and functional water in 2012. Asia Pacific is emerging as a strong market registering double-digit growth in 2012.

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Overview of the flavored and functional water market

According to the research report, the global flavored and functional water market is expected to rise at a CAGR of 11.5% from 2013 to 2019. The overall market value is projected to reach US$36.7 billion towards the end of 2019. The market’s growth is attributed mainly to rising obesity rates, increasing global population, and change in consumer perception towards healthier drinks. More and more consumers are beginning to be attracted towards functional drinks that are high in vitamins, minerals, herbs, and amino acids. Functional drinks are being preferred over conventional aerated drinks due to the former being priced at a more competitive level. Common flavors in the global flavored and functional water market are peach, apple, cherry, lemon, and orange, along with mixed fruit flavor. One of the key marketing and manufacturing factors that promote the functional drinks market is the fact that they do not use preservatives or caffeine and are prepared without carbonation.

Other factors contributing towards the growth of the global flavored and functional water market are rapid urbanization and increasing disposable incomes. The former holds true especially for countries in Asia, the Middle East, and Latin America. One of the direct reactions of heavy urbanization is growing health awareness, which has caused many to be averse to aerated drinks and partial towards functional beverages. The market receives an additional boost in China due to poor water management that results in polluted water supply in agricultural and industrial areas. Key players have been quite proactive in promoting their functional drinks to a consumer base that is growing largely out of health concerns.

Providing a balanced evaluation of the flavored and functional water market, the report also presents several restraints in the market. Mounting protests against the problems caused by packaging bottles, competition brought forth by substitute drinks, and the challenge of balancing sugar quantity, function, and flavor are some of the factors that pose to threaten the growth of the market. However, the potential in emerging markets is expected to help overcome these hurdles.

Companies mentioned in the research report

The top players that operate in the global flavored and functional water market are Kraft Foods, Hint Water, PepsiCo, The Coca-Cola Company, Nestle, Group Danone, Sunny Delight Beverages, and Balance Water Company.

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