Seattle, Jan. 23, 2019 (GLOBE NEWSWIRE) -- The global flavored and functional water market was valued at US$ 29.12 billion in 2017 and is projected to exhibit a CAGR of 11.5% during the forecast period (2018–2026).
Key Trends and Analysis of the Flavored and Functional Water Market:
Increasing consumption of bottled and packaged water is fueling growth of the flavored and functional water market. For instance, according to the International Bottled Water Association, consumption of bottled water increased by 7.9% in 2015, as compared to previous year in the U.S. Also, according to Statistics Canada survey in 2015, around 19% of the households in Canada drink primarily bottled water.
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Furthermore, health benefits of functional and flavored water is propelling growth of the flavored and functional water market. Flavored water is purified or mineral water infused with different flavors, fruit extracts, and sweeteners. Functional water is fortified with vitamins, minerals, amino acids, herbal extracts such as licorice extracts, and others, in order to make it healthier for consumption.
Players operating in the flavored and functional water market are developing and launching functional and flavored water in innovative flavors to cater to growing consumer demand. For instance, in January 2018, JUST Beverage Company launched a line of flavored water including organic apple cinnamon, organic lemon, and organic tangerine.
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Key Market Takeaways:
- North America held significant market share in the global flavored and functional water market in 2017, owing to rising consumer awareness about health and increasing consumption of bottled water. Favorable conditions in North America market due to strong economic growth has bolstered growth of the beverages market in the region. Although, carbonated and bottled drinking water are the major beverage segments, flavored and functional water has exhibited high growth during the forecast period.
- Some of the major players operating in the global flavored and functional water market include Nestle S.A., Danone S.A., Kraft Foods Inc., The Coca-Cola Company, PepsiCo, Inc., New York Spring Water, Hint Inc., Sunny Delight Beverages Company, Herbal Water, Inc., and Talking Rain Beverage Co.
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