Newark, Sept. 01, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global functional water market is expected to grow from USD 5.21 billion in 2021 to USD 10.06 billion by 2030, at a CAGR of 7.58% during the forecast period 2022-2030.
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The easy product distribution & storage and the presence of desalination facilities worldwide that serve the need for purified water are anticipated to expand the demand for the functional water industry during the projection period. Moreover, the rapid growth in the population, health-consciousness among customers, and growing demand for sports & performance drinks are also helping to propel market growth. However, the strict government regulations, food safety problems, and a lack of awareness about the benefits of functional beverages are restraining market growth. In addition, the high-cost margin of functional drinks compared to carbonated and other conventionally sold drinks is also hindering market growth. Furthermore, the rise in adoption of functional water post-pandemic and the customer preference for carbonated soft drinks (CSDs) as a healthy alternative, along with innovations in flavors of functional water are opportunities for market growth.
Competitive Strategy
To enhance their market position in the global functional water market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Market Growth & Trends
The growth of the functional water market is driven by the increasing geriatric population along with the high obese population. Moreover, the rising popularity of functional water with herbal ingredients is the market growth trend. Further, functional water products with herbal ingredients are a healthier alternative to sweetened & carbonated beverages. In addition, there is a significant increase in the number of manufacturers with a specific focus on functional water products with herbal ingredients, and they continue to introduce a broad range of variants that cater to health-conscious customers.
Key Findings
• In 2021, the vitamins segment dominated the market with the largest market share of 41.21% and market revenue of 2.14 billion.
The type segment is divided into proteins, vitamins, and others. In 2021, the vitamins segment dominated the market with the largest market share of 41.21% and market revenue of 2.14 billion. This growth is attributed to the increasing adoption of technologies for developing advanced products.
• In 2021, the flavored functional water segment dominated the market with the largest market share of 55.29% and market revenue of 2.88 billion.
The product segment is divided into unflavored functional water and flavored functional water. In 2021, the flavored functional water segment dominated the market with the largest market share of 55.29% and market revenue of 2.88 billion. This growth is attributed to the growing customer preference for healthy drinks and new flavors.
• In 2021, the pet bottles segment dominated the market with the largest market share of 40.26% and market revenue of 2.09 Billion.
The packaging segment is divided into a can, pet bottles, and others. In 2021, the pet bottles segment dominated the market with the largest market share of 40.26% and market revenue of 2.09 billion. This growth is attributed to its lightweight, attractiveness, versatility, recyclable nature, and ease of transportation.
• In 2021, the supermarket/hypermarket segment dominated the market with the largest market share of 22.27% and market revenue of 1.16 billion.
The distribution channel segment is divided into convenience stores, online sales channel, specialty stores, and supermarkets/hypermarkets. In 2021, the supermarket/hypermarket segment dominated the market with the largest market share of 22.27% and market revenue of 1.16 billion. This growth is attributed to the easy availability of high-quality packaged functional water in the supermarket and the reasonable cost. Further, by 2030, the online sales channel segment will likely dominate the market due to the increasing popularity of e-commerce & online food delivery apps worldwide.
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Regional Segment Analysis of the Functional Water Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region occurred as the largest market for the global functional water industry, with a market share of 49.39% and a market value of around 2.57 billion in 2021. North America dominates the functional water market due to the increasing obesity in children and young generation. Moreover, consumers' growing demand for eco-friendly and sustainable packaging solutions are also help to drive the region's market growth. Further, the Asia Pacific region is expected to show the fastest CAGR of 9.04% over the projection period. This growth is attributed to improving living standards. In addition, the changing eating habits and the progressive government policies also propel market growth in this region.
Key players operating in the global functional water market are:
• PepsiCo, Inc.
• The Coca-Cola Co.
• Dr. Pepper Snapple Group Inc.
• Balance Water Company
• Trimino Brands Company LLC
• Danone SA
• Unique Foods (Canada)
• Function Drinks
• San Benedetto
• Herbal Water
• Nestle SA
• Disruptive Beverages Inc.
• NYSW Beverage Brands Inc.
• Bridgepoint Group plc.
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This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global functional water market based on below mentioned segments:
Global Functional Water Market by Type:
• Proteins
• Vitamins
• Others
Global Functional Water Market by Product:
• Unflavored Functional Water
• Flavored Functional Water
Global Functional Water Market by Packaging:
• Can
• Pet Bottles
• Others
Global Functional Water Market by Distribution Channel:
• Convenience Stores
• Online Sales Channel
• Specialty Stores
• Supermarket/Hypermarket
About the report:
The global functional water market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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