Functional Water Market Global Growth, Size, Trends, Industry Analysis, Key Players by 2030

The global functional water industry was estimated at $5.22 billion in 2020 and is expected to hit $10.95 billion by 2030, registering a CAGR of 7.8% from 2021 to 2030.

Consumer inclination toward proper nutritional intake based water and increase in obese and diabetic populations across the globe drive the growth of the global functional water market. On the other hand, availability of numerous health drink alternatives restrains the growth to some extent. However, surge in adoption in developing and developed economies and eco-friendly packaging of functional water are expected to create lucrative opportunities in the industry.

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The increase in obese and diabetic population, rising e-commerce sales, increasing adoption of functional water in developing countries, and rising trends of flavored functional water enriched with vitamins and proteins are some of the factors driving the growth of the global functional water market.

Functional water is manufactured by combining various ingredients, flavors, and sweeteners. It is gaining popularity among gym going population owing to various health benefits offered by functional water.

Functional water market is booming owing to increase in adoption of healthy diet across the globe due to rising consumers' disposable income. The major factors driving the global functional water market are rising trend of consuming flavored functional water, rise in obese and diabetic population, increasing awareness about health consciousness. However, high price of functional water and availability of health drink alternatives are expected to hinder the market growth to a certain extent over the forecast period 2021-2030.

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The global functional water market is driven by rapid utilization of functional water, rise in number of sportsperson and athletes, and demand for therapeutic foods & beverages. Healthy diet is a recent trend and has resulted in an increased focus on health, weight, and overall fitness of consumers. Therefore, the demand for premium and super premium functional water products have witnessed a significant growth as a result of growing consumer awareness regarding benefits of functional water.

The functional water market is classified on the basis of product, type, packaging, distribution channel, and region. By product, the market is segmented into flavored functional water and unflavored functional water. Rising trend of consuming functional water with variety of flavors have resulted into highest revenue generation in 2020. Based on type, the market is segregated into vitamins, proteins, and others (minerals, botanicals, and oxygen). Vitamin was the highest revenue generating type because it is one of the most vital and nutritional beverages that can be consumed by any age group.

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Based on region, the market across North America held the lion's share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, however, is expected to cite the fastest CAGR of 10.1% by the end of 2030. The other provinces studied in the report include Europe and LAMEA.

The key market players analyzed in the global functional water market report include Coca Cola, Dr Pepper Snapple, Nestle, Group Danone, Hind, Sunny Delight Beverages, Kraft Foods., Tata Global Beverages, Sunsweet Growers Inc., Bridgepoint Group plc., PepsiCo, Suntory Holdings Ltd., Trimino Brands, Disruptive Beverages Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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