Functional Water Market – Industry Background , Forecast to 2024

Functional Water Market size shall witness a significant growth owing to its increasing usage in food & beverages industry. Increase in aging population and obesity rate is major driving force for the product. Shift in customer preference from aerated & alcoholic beverages to healthy drinks will support industry development. It has extra oxygen and rich in vitamins, botanicals and minerals. It offers refreshment along with health and hydration. It provides several skin benefits too. Availability in various flavours and options has enhanced its demand. Urbanisation, increase in income level and pollution has increased the requirement of packaged drinking product. These factors are expected to propel the functional water market growth.

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As per WHO, the number of obese children are expected to rise to 70 million in 2025. Along with increasing concern for obesity and diseases associated with it, consumer preference has changed towards low calorie drinks. In present scenario, health and wellness is a new trend.

Consumers are inclining towards natural, clean and organic food. Aerated drinks contain phosphoric acid and caffeine that causes digestive problems and leads to weight gain. Companies in order to increase demand have linked it to health and beauty. These factors are anticipated to boost functional water market.

Functional water is even recognized as aquaceutical, is a non-alcoholic beverage similar to water having additional ingredients that increase functional benefits. It provides both refreshment and taste. Some common additives are vitamins, acids, minerals, herbs and fruits or vegetables. It helps in improving immunity and boost energy. Shift in preference from carbonated and high sugar beverages, will drive demand for functional water market.

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Major restraint for functional water market is its variation in cost. Generally, consumers prefer simple packaged or plain liquid and further, availability of numerous health drink alternatives and less demand in niche soft drink sector reduces demand of the product. Customer’s bargaining power has increased due to availability of abundant alternatives and low switching costs. Increasing protests against packaged bottles along with rise in environmental conservation will negatively impact the functional water market growth.

On the basis of packaging, functional water market is classified as PET bottle, glass bottle and others including cans & pouches. PET bottle is major shareholder owing to its versatility, attractiveness, light weight, recyclable nature and ease in transportation. Advancement in technology is expected to reduce overall production cost, bringing flexibility for different shapes. Glass bottles are heavy weight and non-recyclable and its use glass increases the cost of product. Cans and pouches are used for small quantity of product.

Based on distribution channel, functional water market is classified into supermarket stores, department stores, grocery and online retailers. Super or hypermarkets are having major share owing to growing customer’s comfortability to visits stores. Increase in online sale up to 10% with presence of a better online platform, discount offers and ease in delivery will drive industry demand. Department and grocery stores have substantial share owing to their local presence.

Europe is major shareholder due to healthy eating habits. Germany, Italy and France have substantial penetration in functional water market due to improved living standards. North America, led by the U.S. has significant share that can be attributed to rising obesity in children and young generation in the region.

Asia Pacific functional water market is projected to grow at substantial rate owing to increase in disposable income, rising urban population and changing eating habits. Latin America and Middle East have significant share with sophisticated lifestyle and rapid urbanisation.

Key players of functional water market are PepsiCo, Coca Cola, Dr Pepper Snapple, Nestle, Group Danone, Hind, Sunny Delight Beverages and Kraft Foods. Companies are adding vitamins and natural sweeteners to enhance the quality of product. Nestle has signed an agreement with Yinlu Foods to increase its industry in China. This agreement would help Nestle to integrate Yinlu’s customer understanding and entrepreneurship with its innovation capability.

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