Flavored and Functional Water Market to Increase at Steady Growth Rate by 2016-2024
Flavored water can be defined as the type of drink with various enhancing ingredients added such as mineral water, spring water, sweeteners, and natural or artificial flavors, but represented in the market as water. Similarly, functional water types with some similar ingredients of flavored water which additionally includes nutritional values such minerals, herbs, protein, vitamins, raw fruit, and vegetable flavors that are fruitful for body growth and performance. Flavored, as well as functional water, are derived as a healthy consumable alternative to carbonated drinks.
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The global flavored and functional water market is segmented based on product types, distributions medium, and packaging type. Based on product type, the market is segmented as sports drinks, nutraceutical drinks, energy drinks, ready to drink, and others. Based on the packaging standards and the preference of consumers to carry the functional water, the global market is segmented as PET bottles, glass bottled cans, and pouches. Of which, the PET bottle type is highly preferred by manufacturers due to its recyclable ability. However, flavored and functional water packed in glass bottles is highly demanded in the market. The end-users of the functional water are not specific to the desired sector, as it can be consumed by any individual. On the basis of distribution medium, the global market is segmented as a hyper market, grocery and provisional stores, drug stores, and vending machines in clubs. The grocery and provisional stores are the sources majorly used to purchase these drinks.
Growing population increased disposable income, and drastic change in consumer preferences towards premium products are the factors boosting the flavored and functional water market growth. Consumer preference towards consuming healthy foods and beverages as a preventive measure to be fit and avoid diseases is kind of awareness factor. Young generation focusing on their fitness is another key reason boosting the global market growth. Growing interest, growing healthcare expenditure, and awareness of how appropriate diet can advance immune power are some important factors driving the flavored and functional water market globally. Flavored water and functional water came out to be the best alternative to the aerated drinks containing acids; this is the major reason for growing demand of these healthy drinks. The functional water increases immunity and boosts stamina after consuming; hence this makes it widely applicable for the sports person, travelers, hikers, mountaineers, and athletes which lead to the high demand of these drinks in the market.
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Geographically, Asia Pacific dominates the global flavored and functional water market and is expected to sustain its influence in coming years owing to rising urbanization and adoption of the sophisticated lifestyle. Moreover, the Middle East and Africa are anticipated to grow significantly in future.
Some of the major competitors of flavored and functional water market include Cargill Inc., Groupe Danone, Balance Water Company, PepsiCo Inc., New York Spring Water, and Nestle SA. Other key players influencing the global market are Sunny Delight Beverages Company, Kraft Foods, Aquafina Flavor Splash, and The Coca-Cola Company.
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Flavored and Functional Water Market: Regional Segment Analysis
Middle East and Africa
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