GlobalFunctional Water Market: Overview
Functionalwater products are beverages – non-alcoholic, aquaceutical. Often infused withadditional ingredients that provide health benefits, the products arewitnessing an increase in demand. As per Transparency Market Research, from2020 to 2030, the globalfunctional water market would grow at a steady rate, creating a numberof interesting opportunities.
It ispertinent to note here that there are broadly two main ‘families’ of functionalwater - that based on mineral water which has a herb or fruit extract added toit to give certain health benefits, such as an immunity boost, addedelectrolytes, improved pH balance, antioxidants etc, and that based on water,which is altered at the molecular level with the help of electrochemicalprocesses to give it extra health benefits, such as better hydration, betteroxygenation, quicker regeneration of muscle tissue, etc.
Functionalwater is witnessing increase in demand in an increasingly health consciousworld that tries to extract maximum benefits from its scarcely availableresources. Since the world population has steadily moved away from rural,natural environments to an urban setting, growing demand for fortifiedbeverages is only a natural outcome.
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Global Functional Water Market: Notable Development
TheFunctional Water market is moderately concentrated with a number of majorplayers holding a high share of the market, along with a slew of domesticplayers offering these services in the local market.
Thesecompanies are opting for new and more effective marketing strategies to stayahead in the functional water market. Some notable developments seen recentlywhich point in this direction are-
· In February 2019, The Coca-Cola Co. added two new additions(Smartwater alkaline and Smartwater antioxidant) to its Smartwater brand, toincrease awareness and demand for functional water.
Leadingplayers in the functional water market are-
· Dr Pepper Snapple Group Inc.
· Nestle S.A.
· PepsiCo
· The Coca-Cola Company
· Groupe Danone
· Hint Water
· New York Spring Water
· Balance Water Company
· Sunny Delight Beverages Company.
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Global Functional Water Market: Key Drivers and Trends
Thenotable increase in demand for fortified beverages anticipated over theforecast period is set to be an outcome of various trends and drivers such as:
· Growing demand for function foods. Millennial populacewants a holistic mix of halth and taste. Inclusion of essential ingredients,such as protein, amino acids, vitamins, and minerals in functional waterproducts is therefore luring this demographic to functional water.
· The increase in obese and diabetic populations in the UnitedStates, China, India, Australia, and the United Kingdom, among others, hasshifted the focus from carbonated soft drinks to fortified, bottled water inthe recent past.
· As per a study by Container Recycling Institute, Americansbought huge volumes of plastic water bottles in 2010 - 42.6 billion plastic. Itis a steep rise from 35.5 billion in 200. Understandably, the functional watermarket is already seeing a steady growth in the future.
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GlobalFunctional Water Market: Regional Analysis
Theescalating demand for bottled water in the U.S. is contributing massively togrowth in functional water market in the North American region. The sales ofbottled water have recently surpassed those of soft drinks in the United Statesand the bottled water sector is thus a leading horse prompting companies toinvest and expand their functional offerings.
Thefunctional water market in Asia Pacific is also set to experience significantgrowth rate as consumers are becoming increasingly aware of the benefits offunctional, bottled water. Consumers look for alternatives to carbonated softdrinks (CSDs) and the innovation in flavor is driving the bottled watercategory’s success.
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