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Functional Water Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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    Report

  • 100 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4602384

FEATURED COMPANIES

  • Balance Water Company
  • Danone SA
  • Function Drinks
  • Herbal Water
  • PepsiCo Inc.
  • San Benedetto
The global functional water market is projected to witness a CAGR of 7.06% during the forecast period 2022- 2027.

The functional water market was stable and growing during the COVID-19 outbreak as well as before. The product is witnessing high market growth as it contains healthy additives, such as vitamins, acids, minerals, herbs, and fruits or vegetables. During the COVID-19 pandemic, consumers’ focus was centered on proper nutritional intake, and a majority of consumers switched toward healthier beverage options, which included vitamin- and mineral-infused functional waters. Thus, the COVID-19 pandemic is expected to offer more opportunities for the functional water market during the forecast period. Moreover, online retail channels may attain higher growth than conventional distribution channels, such as supermarkets and specialty stores, in terms of sales of functional water during the forecast period.

Functional water is recognized as a non-alcoholic beverage similar to water with additional ingredients that increase functional benefits. It provides both refreshment and taste, enhanced by supplemental ingredients, also known as aquaceuticals, such as vitamins, minerals, acids, herbs, raw fruits, or vegetables, which improve immunity and boost energy.

The shift in preferences from carbonated and high sugar beverages may drive demand for the functional water market. The convenience of consumption and its effects on human nutrition are the factors boosting demand in the functional water market. However, with the growing popularity of functional water among the working class and millennial populations, innovative product developments are expected to enhance the market and accelerate its growth over the forecast period.

Key Market Trends


Consumer Preferences Evolving Toward Value-added Hydration Propelling Market Growth


The rapid demand for fortified beverages is attributed to the inclusion of essential ingredients, such as protein, amino acids, vitamins, and minerals, in various functional beverages. The introduction of new and innovative types of functional water by beverage manufacturing companies engaged in the production of water using modified blends of protein and minerals is likely to fuel the market’s growth.

The rise in obese and diabetic populations in the United States, Canada, China, India, Australia, and the United Kingdom, among others, has shifted the focus from carbonated soft drinks to bottled water in the recent past. Research by the International Food Information Council Foundation on Food and Health revealed that 47% of their total consumers prefer food with additional nutrients. Therefore, this factor is expected to boost the growth of the market studied.



North America Holds Largest Market Share


The consumption pattern in the North American region is shifting toward food and beverage products infused with healthy and weight management ingredients. As functional water is such a product, the region holds a prominent market share. Consumers in the United States have started to develop an interest in beverages that deliver benefits above and beyond simple refreshments, which is also contributing to the expansion of the functional water market.​ Moreover, due to increasing health concerns in the Canadian provinces, many domestic and international players are getting attracted to the opportunistic market, and consumers are getting an ample range of products to choose from, which is driving the overall North American market.



Competitive Landscape


The functional water market is competitive and is still growing owing to products varying across packaging formats, flavors, and sizes. The market vendors are developing new products with an emphasis on organic and taste variants to increase their market shares and gain traction in the global marketplace. Danone SA, The Coca-Cola Company, Herbal Water, PepsiCo Inc., and Dr. Pepper Snapple are some of the prominent players in the functional water market. Some of the other players include Vitamin Well AB, Triamino Brands LLC, and New York Spring, among others. Balance Water and Herbal Water have marked their position in the market with their unique product portfolio, i.e., water enhanced with wildflowers and organic herbs, respectively. Moreover, regional or domestic companies have been marketing their products with strategies, such as sponsorships and significant investments in advertisements.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


This product will be delivered within 2 business days.

FEATURED COMPANIES

  • Balance Water Company
  • Danone SA
  • Function Drinks
  • Herbal Water
  • PepsiCo Inc.
  • San Benedetto

1 INTRODUCTION
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Vitamin
5.1.2 Protein
5.1.3 Other Product Types
5.2 By Distribution Channel
5.2.1 Hypermarkets/Supermarkets
5.2.2 Specialty Stores
5.2.3 Online Stores
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Australia
5.3.3.4 Japan
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Most Adopted Strategies
6.3 Most Active Companies
6.4 Company Profiles
6.4.1 The Coca-Cola Co.
6.4.2 PepsiCo Inc.
6.4.3 Balance Water Company
6.4.4 Danone SA
6.4.5 Dr. Pepper Snapple Group Inc.
6.4.6 Function Drinks
6.4.7 Trimino Brands Company LLC
6.4.8 Herbal Water
6.4.9 San Benedetto
6.4.10 Unique Foods (Canada)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS8 IMPACT OF COVID-19 ON THE MARKET

A selection of companies mentioned in this report includes:

  • The Coca-Cola Co.
  • PepsiCo Inc.
  • Balance Water Company
  • Danone SA
  • Dr. Pepper Snapple Group Inc.
  • Function Drinks
  • Trimino Brands Company LLC
  • Herbal Water
  • San Benedetto
  • Unique Foods (Canada)

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