|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The global functional water market is projected to witness a CAGR of 7.06% during the forecast period (2021 - 2026).
As the consumer focus was centered toward proper nutritional intake initially during the pandemic, they are likely to switch toward healthier beverage options and depict their preference for vitamin and mineral-infused functional waters. Thus, the COVID-19 pandemic offered wider opportunities for the functional water market during the forecast period. Moreover, online retail channels may attain a higher growth rate than conventional channels of distribution, such as supermarkets and specialty stores, in terms of sales of functional water during the forecast period.
Functional water is recognized as aquaceutical, 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, which help improve immunity and boost energy. The shift in preference from carbonated and high sugar beverages may drive the demand for the functional water market.
The convenience of consumption and its effect on human nutrition are the factors that increase the demand of the market studied. The growing popularity of functional water among the working class and millennial populations is expected to improve the development of the market.
Scope of the Report
Functional water, which belongs to the non-alcoholic beverage category, offers additional health and other functional benefits. It is enhanced by supplemental ingredients, which are also known as aquaceuticals, such as vitamins, minerals, acids, herbs, raw fruits, or vegetables. The market studied is segmented by product type, distribution channel, and geography. By product type, the market studied is segmented into protein water, vitamin water, and other product types. By distribution channel, the market is segmented into hypermarkets/supermarkets, specialist retail stores, online retail channels, and other distribution channels. By geography, the study provides key insights within the major regions, including North America, Europe, Asia-Pacific, and the Rest of the World (South America, and the Middle-East and Africa). For each segment, the market sizing and forecasting have been done in value terms of USD million.
|By Product Type|
|Other Product Types|
|By Distribution Channel|
|Other Distribution Channels|
Key Market Trends
Value Added Hydration Evolving Consumer Preferences in Functional Water Market
The rapid demand for fortified beverages is attributed to the inclusion of essential ingredients, such as protein, amino acids, vitamins, and minerals, in various functional beverages. The introduction of new and innovative types of functional water from the beverage manufacturing companies engaged in the production of water from the modified blends of protein and minerals is likely to fuel the growth of the market.
The rise in obese and diabetic populations in the United States, China, India, Australia, and the United Kingdom, among others, has shifted the focus from carbonated soft drinks to bottled water in the recent past. Research by the International Food Information Council Foundation on Food and Health revealed that 47% of the total consumers prefer food with additional nutrients. Therefore, this factor is expected to increase the growth of the market studied.
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Prominence of Functional Water Market in the North American Market
The consumption pattern in the North American region is shifting toward healthy and weight management ingredients infused food and beverage products. As functional water contributes to the same, the region stands at a prominent position. Consumers in the United States have started to develop an interest in beverages that deliver benefits above and beyond simple refreshments, which are also contributing to the expansion of the functional water market. Moreover, due to rising health concerns in the Canadian provinces, many domestic and international players are getting attracted to the opportunistic market, and consumers are getting an ample range of products to choose from, which is driving the North American market.
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Danone SA, The Coca-Cola Company, PepsiCo Inc., and Dr. Pepper Snapple are some of the prominent players in the functional water market. Some of the other players include Vitamin Well AB, Triamino Brands LLC, and New York Spring, among others. Balance Water and Herbal Water have marked their position in the market with their unique product portfolio, i.e., water enhanced with wildflowers and organic herbs, respectively. Moreover, regional or domestic companies have been marketing their products with strategies, such as sponsorship and significant investment in advertisements.
In February 2018, PepsiCo Inc. introduced a new brand of sparkling water. The new PepsiCo line, Bubly, comes in eight flavors, including grapefruitbubly, mangobubly, and limebubly. The cans feature a mix of pastel and bright colors to represent each flavor, along with fun quotes on the can or greetings on the pull tabs.
In November 2017, Danone Manifesto Ventures announced that it had taken a minority stake in the Hawaii-based company, Kona Deep. Kona Deep is creating a new category of premium water with its unique deep ocean water, sourced 3,000 feet below the ocean surface in Kona, Hawaii, from a pure source containing natural minerals.
In January 2017, Dr. Pepper Snapple Group Inc. Company acquired Bai Brand, a maker of trendy antioxidant-infused beverages, thus, expanding its presence by introducing enhanced water, carbonated flavored water, coconut water, and premium ready-to-drink teas. Its Bai and Bai Bubbles lines offer fresh fruit flavor and antioxidants with no artificial sweeteners and only five calories and 1 gram of sugar per serving. Bai also offers Antiwater, an antioxidant-infused, super-purified bottled water.
Table of Contents
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.3 Other Product Types
5.2 By Distribution Channel
5.2.2 Speciality Stores
5.2.3 Online Stores
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.3 Asia Pacific
18.104.22.168 Rest of Asia Pacific
5.3.4 Rest of the World
22.214.171.124 South America
126.96.36.199 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Share Analysis
6.2 Most Adopted Strategies
6.3 Most Active Companies
6.4 Company Profiles
6.4.1 The Coca-Cola Co.
6.4.2 PepsiCo Inc.
6.4.3 Balance Water Company
6.4.4 Danone SA
6.4.5 Dr. Pepper Snapple Group Inc.
6.4.6 Function Drinks
6.4.7 Trimino Brands Company LLC
6.4.8 Herbal Water
6.4.9 San Benedetto
6.4.10 Unique Foods (Canada)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Functional Water Market market is studied from 2016 - 2026.
What is the growth rate of Functional Water Market?
The Functional Water Market is growing at a CAGR of 7.06% over the next 5 years.
Which region has highest growth rate in Functional Water Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Functional Water Market?
North America holds highest share in 2020.
Who are the key players in Functional Water Market?
The Coca-Cola Co., Herbal Water, Danone SA, PepsiCo Inc., Keurig Dr Pepper Inc are the major companies operating in Functional Water Market.