Flavored & Functional Water Market Analysis by Demand Share Analysis, 2023

Posted by Pradeep Zende on March 26th, 2020

Flavored water is termed as purified, spring, and bottled mineral water with added flavors. It is a combination of fruit juices concentrations like blackberry, pineapple, apple, mango, orange, strawberry, etc., mineral water, artificial sweeteners or natural sweeteners. On the other hand, functional water is derived from flavored water and is made using ingredients like vitamins, minerals, herbs, botanicals, oxygen, and raw fruit and vegetables. These antioxidants and additives offer an extra dose of nutritional values and benefits to the functional water. Commonly available flavored and functional water products have mixed, guava, cherry, peach, lemon, and apple flavors.

The global Flavored & Functional Water Market Analysis is projected to demonstrate an exceptional CAGR during the forecast period (2018-2023) owing to the growing prevalence of vitamin deficiency, asserts Market Research Future (MRFR).

Drivers and Constraints Impacting the Market

The increasing awareness associated with health plays a major role in the buying decision of the consumers. In recent days, adverse effects associated with consumption of carbonated soft drinks has made consumers aware of their drinking choices. Beverage companies are picking up these trends and are introducing choices for consumers which comprise water fortified with essential nutrients. Additionally, with the rising prevalence of vitamin deficiency diseases, the market for flavored & functional water is considered to expand considerably during the assessment period.

Functional water offers health benefits of fortified nutrients, which include herb extracts, vitamins & minerals, electrolytes, amino acids, and others. With the increasing number of obesity cases in the developed economies, consumers are shifting from soft drinks to healthy drinks, which is further estimated to accelerate the market growth during the appraisal period. The growing tap water contamination is also driving people to adopt bottled water.

On the flip side, several protest campaigns initiated against packaging bottles are considered to dampen the market to a great extent. Moreover, the threat of substitutes is a longstanding challenge which will continue to hamper the market growth during the estimated period.

Industry Updates:
December 17, 2018: The premium and naturally alkaline spring water brand from Canada, Flow Alkaline Spring Water has recently announced the launch of their functional beverage line; powerful botanical and antioxidant ingredients, Flow Glow infused with CBD, and Flow 100% naturally alkaline spring water.

Competitive Dashboard:
The prominent players operating in the flavored & functional water market are Protein-water. Co (U.K), Eklo Water (Brazil), Nestle S.A. (Switzerland), The Coca-Cola Company (U.S.), Suntory (Japan), Vieve Protein Water (U.K), Hint. Inc. (U.S.), PepsiCo Inc (U.S.), and Danone S.A. (France).

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Segment Analysis:
The global flavored & functional water market has been segmented on the basis of ingredient type, type, packaging type, distribution channel, and region.

By mode of type, the global flavored & functional water market has been segmented into functional and flavored. Among these, the functional water segment is considered to gain more popularity owing to its health benefitting properties.

By mode of ingredient type, the global flavored & functional water market has been segmented into herbal extracts, vitamins & minerals, amino acids, and others. Among these, the vitamins & minerals segment is predicted to dominate owing to the increasing prevalence of deficiency diseases among the people.

By mode of distribution channel, the global flavored & functional water market has been segmented into store and non-store based. The store-based channel is likely to hold the major share owing to the convenience of the consumers.