Functional Water Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Global Flavored & Functional Water Market is segmented by product type (vitamin, protein, and other product types); distribution channel (hypermarkets/supermarkets, specialty stores, online stores, and other distribution channels); and geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The market size is provided in terms of (USD) during the forecasted years for the above segments.

Functional Water Market Size

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Functional Water Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 4.97 %
Fastest Growing Market Europe
Largest Market North America
Market Concentration Low

Major Players

Functional Water Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Functional Water Market Analysis

The functional water market size is expected to grow from USD 9.16 billion in 2023 to USD 11.68 billion by 2028, at a CAGR of 4.97% during the forecast period (2023-2028).

  • Functional water is fortified with vitamins, minerals, acids, herbs, and raw fruit or vegetables. It also contains additives that offer extra nutritional value, known as aquaceuticals. Its consumption is associated with health benefits, such as boosting the immune system, cognitive function, and gut health. Due to the increasing focus on health and wellness, functional water with blended flavors is readily available in retail markets. 
  • Moreover, consumer inclination toward non-alcoholic beverages is another significant factor sustaining the global functional water market. The demand for functional drinks is massive compared to fruit juices and carbonated beverages. Furthermore, the increasing trend of sugar-free or natural-sweetener-based drinks with zero calories contributes to market growth. Besides this, many companies are launching functional water to cater to changing consumer tastes and preferences. 
  • For instance, in 2022, Flow Beverages Corp. launched vitamin-infused water in three different flavors. It has zero sugar, calories, or preservatives and is made with certified organic ingredients. Moreover, the expansion of retail industries and easy availability of functional drinks through e-commerce, retail, and grocery stores are anticipated to drive market growth during the forecast period. For instance, according to Walmart, by the end of 2022, Walmart plans to have 10,500 stores and clubs under 46 banners in 24 countries and e-commerce websites.

Functional Water Market Trends

Consumer Preferences Toward Value-added Beverages

  • Consumers are nowadays more inclined toward maintaining a healthy lifestyle that aids in sustaining fitness while reducing the incidence of diseases. This and other factors, such as rising healthcare expenditure and increasing urbanization rates, drive the demand for healthy hydration products, such as functional water.
  • Moreover, the rise in obese and diabetic populations in the United States, China, India, Australia, and the United Kingdom has shifted consumers' focus from carbonated soft drinks to bottled water fortified with vitamins, minerals, and other functional ingredients.
  • Research by the International Food Information Council Foundation in the year 2021 revealed that nearly 72% of consumers consider the presence of vitamins at least sometimes, and 22% consider it always when deciding what to eat and drink. Thus, key players are investing in R&D and advertisements/promotions to influence consumer purchasing decisions and increase the popularity of products in the retail landscape.
Functional Water Market: Per Capita Consumption of Enhanced Water (in liters), Canada, 2019-2021

North America Holds the Largest Market Share

  • North America holds a prominent market share as the consumption pattern in the region is shifting toward beverages infused with healthy and functional ingredients. Consumers in the United States have started to develop an interest in beverages that deliver benefits above and beyond simple refreshments, contributing to the expansion of the functional water market.
  • Functional water is cheaper than other ready-to-drink (RTD) beverages and readily available in various packaging options, including containers and single-serve bottles. Moreover, many domestic and international players are attracted to the opportunistic market and launch a variety of products, offering consumers an ample range of products to choose from.
  • For instance, in 2021, to expand its product portfolio toward functional water, Nestle SA acquired Essentia Water, Bothell, and Wash in the United States as part of its strategic shift toward fuanctional water.
Functional Water Market: Market Size (%), By Geography, Global, 2021

Functional Water Industry Overview

The functional water market is competitive and growing due to products varying across packaging formats, flavors, and sizes. The market vendors are developing new products emphasizing organic and taste variants to increase their market shares and gain traction in the global marketplace. Flow Beverage Corp., The Coca-Cola Company, PepsiCo Inc., Vitamin Well, and Nirvana Water Sciences Corp are prominent players in the functional water market. These players have marked their position in the market with a unique product portfolio, such as water enhanced with wildflowers and organic herbs. Moreover, regional or domestic companies have been marketing their products with strategies such as sponsorships and significant advertising investments.

Functional Water Market Leaders

  1. The Coca-Cola Co.

  2. PepsiCo Inc.

  3. Vitamin Well

  4. Nirvana Water Sciences Corp.

  5. Flow Beverage Corp.

*Disclaimer: Major Players sorted in no particular order

Functional Water Market Concentration
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Functional Water Market News

  • September 2023: UC Berkeley and PepsiCo renewed their partnership, confirming PepsiCo as the official beverage partner of the campus for the next decade. This extended collaboration with PepsiCo is anticipated to enhance the company's support for Berkeley's sustainability, equity, and health and wellness initiatives. Under the agreement and in alignment with PepsiCo's pep+ (PepsiCo Positive) business model, the company will provide energy-efficient beverage distribution and cooling equipment to Berkeley, along with financial support for campus sustainability priorities.
  • October 2022: CENTR Brands Corporation expanded its portfolio of health and wellness products with the introduction of CENTR Enhanced, a non-CBD functional sparkling water.
  • July 2022: Flow Beverage Corp. launched its Flow Vitamin-Infused Water line in three new organic flavors: Cherry, Citrus, and Elderberry, offering consumers a variety of healthy beverage options.

Functional Water Market Report - Table of Contents


    1. 1.1 Study Deliverables and Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

      1. 4.1.1 Consumer Preferences Toward Value-added Beverages

      2. 4.1.2 Expenditure on Advertisement and Promotional Activities

    2. 4.2 Market Restraints

      1. 4.2.1 Inclination Toward Other Functional Beverages

      2. 4.2.2 High Cost Associated With Functional Water Hampering Growth in Developing Countries

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Buyers/Consumers

      2. 4.3.2 Bargaining Power of Suppliers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products and Services

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Product Type

      1. 5.1.1 Vitamin

      2. 5.1.2 Protein

      3. 5.1.3 Other Product Types

    2. 5.2 Distribution Channel

      1. 5.2.1 Hypermarkets/Supermarkets

      2. 5.2.2 Convenience/Grocery Stores

      3. 5.2.3 Online Retail Stores

      4. 5.2.4 Other Distribution Channels

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      2. 5.3.2 Europe

        1. United Kingdom

        2. Germany

        3. Spain

        4. France

        5. Italy

        6. Russia

        7. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Australia

        5. Rest of Asia-Pacific

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East and Africa

        1. United Arab Emirates

        2. South Africa

        3. Rest of Middle East and Africa


    1. 6.1 Most Adopted Strategies

    2. 6.2 Most Active Companies

    3. 6.3 Company Profiles

      1. 6.3.1 The Coca-Cola Co. (Glaceau Smartwater)

      2. 6.3.2 PepsiCo Inc. (Soulboost)

      3. 6.3.3 Balance Water Company (Balance Water)

      4. 6.3.4 Danone SA (Salus, Żywiec Zdrój, Volvic, Aqua, Font Vella, Mizone)

      5. 6.3.5 Dr. Pepper Snapple Group Inc. (Canada Dry, Schweppes, Core Hydration, bai)

      6. 6.3.6 Function Drinks (function)

      7. 6.3.7 CENTR Brands Corporation (Centr)

      8. 6.3.8 Flow Beverage Corp. (Flow)

      9. 6.3.9 Disruptive Beverages Inc. (Ayala's Herbal Water)

      10. 6.3.10 Hint Inc.

    4. *List Not Exhaustive

**Subject to Availability
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Functional Water Industry Segmentation

Functional water, which belongs to the non-alcoholic beverage category, is fortified with additional ingredients that offer various health benefits.

The market studied is segmented by product type, distribution channel, and geography. By product type, the market analyzed is segmented into protein water, vitamin water, and other product types. The distribution channel segments the market into hypermarkets/supermarkets, convenience/grocery stores, online retail stores, and other distribution channels. By geography, the study provides critical insights into the major regions, including North America, Europe, Asia-Pacific, South America, and Middle-East & Africa.

The market sizing and forecasts have been done for each segment based on value (in USD).

Product Type
Other Product Types
Distribution Channel
Convenience/Grocery Stores
Online Retail Stores
Other Distribution Channels
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
South America
Rest of South America
Middle East and Africa
United Arab Emirates
South Africa
Rest of Middle East and Africa
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Functional Water Market Research FAQs

The Functional Water Market is projected to register a CAGR of 4.97% during the forecast period (2024-2029)

The Coca-Cola Co., PepsiCo Inc., Vitamin Well, Nirvana Water Sciences Corp. and Flow Beverage Corp. are the major companies operating in the Functional Water Market.

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Functional Water Market.

The report covers the Functional Water Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Functional Water Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Functional Water Industry Report

Statistics for the 2024 Functional Water market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Functional Water analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Functional Water Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)