Functional Water Market Size

Statistics for the 2023 & 2024 Functional Water market size, created by Mordor Intelligence™ Industry Reports. Functional Water size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Functional Water Industry

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