Market Size of Functional Water Industry
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*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.