Westford USA, July 20, 2023 (GLOBE NEWSWIRE) -- The global Functional Water market size is expected to reach USD 27.76 billion by 2030 and exhibit a CAGR of 7% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing consumer awareness and interest in health and wellness, rising demand for convenient and functional beverages, growing preference for low-calorie and natural beverages, expanding fitness and sports industry, rising prevalence of lifestyle diseases, such as obesity and diabetes, increasing focus on hydration and electrolyte balance, growing adoption of functional ingredients, such as vitamins, minerals, antioxidants, and probiotics, shifting consumer preferences towards healthier beverage options, are fueling the market's growth.
According to SkyQuest's latest global research of the functional water market, increasing demand for infused and flavoured functional waters, the growing popularity of plant-based and natural functional waters, rising interest in functional waters with added benefits such as immune support, stress relief, and beauty enhancement, expanding product offerings targeting specific consumer segments like athletes, pregnant women, and the elderly, innovation in packaging formats to enhance convenience and portability, the emergence of functional waters with adaptogens and CBD-infused options, increasing focus on sustainable and eco-friendly packaging materials, are the trends that aid in the market's growth.
Browse in-depth TOC on "Functional Water Market"
- Pages - 242
- Tables - 116
- Figures -76
Functional water is water that has been enhanced with vitamins, minerals, or other ingredients that are said to provide health benefits. It is a type of functional beverage, which is a beverage that has been designed to provide additional health benefits beyond basic hydration. Functional water is often marketed as a healthier alternative to sugary soft drinks and energy drinks.
Prominent Players in Functional Water Market
- Hint
- Propel
- Core Hydration
- LaCroix
- Vitaminwater
- Dasani
- Evian
- Gerolsteiner
- San Pellegrino
- Perrier
- Arrowhead
- Icelandic Glacial
- Waiakea
- Hilary's Everyday Water
- Essentia Water
- BodyArmor SuperDrink
- Patagonia Provisions Sparkling Water
- Rejuvenation Beverages
- Renaissance Periodization Hydration
- Hydrate Sparkling Ion Water
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Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 15.1 Billion |
| 2030 Value Projection | 27.76 Billion |
| CAGR | 7% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Vitamin-infused Water Demand to Grow Substantially in the Forecast Period
Vitamin-infused Water dominated the global online market as they provide essential vitamins for overall health and wellness is growing. The convenience of obtaining vitamins through a refreshing drink has contributed to the popularity of vitamin-infused water, making it a potential dominant segment in the market.
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General Consumers are the Leading Application Segment
In terms of application, general consumers are the leading segment due to the increasing number of individuals who consume functional water for everyday hydration and overall wellness. This segment is expected to drive sales as functional water gains popularity as a healthier alternative to sugary beverages. The increasing focus on personal health and wellness, coupled with growing awareness of the benefits of functional ingredients, can contribute to sales growth in this segment.
North America is the leading Market Due to the Well-established Health and Wellness industry
Region-wise, North America is one of the largest growing markets with a well-established health and wellness industry. The region has witnessed a significant shift in consumer preferences towards healthier beverage options, including functional water. With a large population of health-conscious individuals, the North American market is poised for growth. Additionally, the presence of key functional water brands, a robust distribution network, and extensive marketing efforts contribute to the region's potential dominance.
A recent report thoroughly analyzes the major players operating within the Functional Water market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Functional Water.
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Key Developments in Functional Water Market
- In January 2023, PepsiCo announced that it would be acquiring BodyArmor SuperDrink, a leading functional water brand, for $8 billion. The acquisition gave PepsiCo a major foothold in the functional water market and expanded its portfolio of sports drinks.
- In May 2023, Hint Water, a leading flavored water brand, announced that it would be acquiring Sparkling Ice, a leading sparkling water brand, for $500 million. The acquisition gave Hint Water a major presence in the sparkling water market and expanded its portfolio of functional beverages.
Key Questions Answered in Functional Water Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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