The Functional Water Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Functional Water Global Market Report 2024, The functional water market size has grown strongly in recent years. It will grow from $8.57 billion in 2023 to $9.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to increased awareness of hydration, fitness and sports enthusiast market, shift towards sugar-free beverages, rise in lifestyle-related health issues, urbanization and busy lifestyles, innovative packaging solution, increased consumer education, environmental sustainability..
The functional water market size is expected to see strong growth in the next few years. It will grow to $12.33 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rising demand for functional ingredients, growing focus on immune health, expansion of online retail channels, advancements in nutraceutical research, integration of adaptogens and botanicals, expansion of specialty retailers, focus on hydration in sports nutrition.. Major trends in the forecast period include hydration with added benefits, low-calorie and sugar-free options, electrolyte-enhanced waters, collaborations and limited editions, cbd-infused functional water, digital marketing and e-commerce..
The increasing prevalence of obesity is driving the growth of the functional water market. Obesity is a complex disease characterized by an excess of body fat that raises the risk of developing other diseases and health issues, such as heart disease, diabetes, high blood pressure, and certain cancers. Because of the widespread prevalence of obesity, functional water is being used as a dietary means for weight loss and overweight or obesity prevention. For instance, according to the World Health Organization (WHO), an international public health agency, over 1 billion people globally are obese currently (2022), of that, 650 million are adults, 340 million are youth and 39 million are children. By 2025, around 167 million people; adults and children will become less healthy as they will be overweight or obese. Therefore, the increasing prevalence of obesity is expected to propel the growth of the functional water market in the forecast period.
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The functional water market covered in this report is segmented –
1) By Product Type: Vitamin, Protein, Other Product Types
2) By Packaging: Pet Bottles, Can, Other Packaging
3) By Distribution Channel: Hypermarkets Or Supermarkets, Specialty Stores, Online Stores, Other Distribution Channels
Top Major Players
Danone
The Coca-Cola Company
PepsiCo Inc.
Dr. Pepper Snapple Vitamin Well AB
Trimino Brands LLC.
Product innovation is a key trend gaining popularity in the functional water market. Major market players are developing innovative functional water products such as water with science-backed benefits to sustain their position in the functional water market. For instance, in March 2022, Nirvana Water Sciences Corp, a US-based company engaged in developing life-enhancing beverages by combining pure water, innovations of science, and care for the environment introduced a new innovative functional water ‘Nirvana HMB + Vitamin D3’ spring water. Nirvana HMB + Vitamin D3 spring water is a functional beverage with combined science-backed benefits. Nirvana HMB + Vitamin D3 boasts powerful benefits by combining muscle recovery and immunity. The new product combined with HMB, and Vitamin D3 improves its effectiveness, resulting in a powerful synergistic effect. A winning combination can be achieved when consumers integrate the immunity-boosting benefits of Vitamin D3 with the optimization of delivery in water. It is innovative functional water for all types of consumers.
The functional water market report table of contents includes:
1. Executive Summary
2. Functional Water Market Characteristics
3. Functional Water Market Trends And Strategies
4. Functional Water Market – Macro Economic Scenario
5. Global Functional Water Market Size and Growth
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31. Global Functional Water Market Competitive Benchmarking
32. Global Functional Water Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Functional Water Market
34. Functional Water Market Future Outlook and Potential Analysis
35. Appendix
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