Flavoredand Functional Water Enjoying Spotlight: TMR
The global functional andflavored water market is expected to report impressivegrowth as consumers show higher inclination towards adoption of healthierlifestyle. Prevalence of various health maladies due to unhealthy choices infood and drinks has compelled people from around the world to opt for healthydiet. Consumers are thus swaying away from carbonated drinks to“better-for-you” alternatives.
TransparencyMarket Research (TMR) highlights this as a chief factor fuelling the demand forfunctional and flavored water. Product launches witnessed over the last fewyears besides influx of new entrants will drive the flavored and functionalwater market. In its recent study, TMR offers exclusive insights into themarket, detailing various factors enabling growth as well as keyrestraints.
Competition to Get Fiercer withEntry of New Players
The reportuncovers hidden opportunities and analyzes investment feasibility across key segments.According to the report, the flavored and functional water market has a highlyfragmented vendor landscape, which is attributable for the fierce competitionamong key players. While behemoths account for substantial market share, theyare constantly reeling under the threat of the entry of new players and productlaunches.
As aresult, TMR observes high focus on innovation within the market. Because themarket exhibits limited scope for differentiation, key players are looking toincorporate advanced packaging and exotic flavors for luring consumers. Some ofthe leading companies operating in the market are Hint Water, Groupe Danone,The Coca-Cola Company, PepsiCo, and New York Spring Water.
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Some ofthese companies are partnering with other brands to enhance their innovationcapability and product portfolio. For instance, Nestle has an agreement withYinlu Food Group based in China. The association has helped Nestle tocapitalize on Yinlu’s consumer knowledge and entrepreneurship. It has alsohelped Nestle to offer affordable products to consumers across China.
In the Restof the World, the market will continue witnessing increasing demand especiallyon account of the rising prevalence of obesity, diabetes, and other diseases.Obesity is associated with various health hazards. It is also linked to heartailments. The rising cases of chronic illnesses have compelled consumers to optfor healthy living.
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Rising Focus on Health and FitnessCreates Growth Opportunities
The focuson fitness is higher than ever before. This, coupled with better access toinformation, has rendered consumers cautious about their food choices. They areadopting various changes in lifestyle, which also is reflecting on their choiceof beverages. The demand for exotic flavors is on a rise and so is the sales offunctional and flavored water.
Publiccampaigns targeting the indiscriminate use of plastic also will have immenseimpact on the market. As a result of rising focus on environmentalsustainability, manufacturers are likely to experiment with various packagingmaterials. Those still using plastic and PET bottles could however ne at aloss.
Nonetheless,the market will soon witness overhaul as companies aim at keeping pace withdynamic consumer preferences. On the downside though low cost carbonated drinkswill continue posing threat to the market. The presence of sugar in somefunctional beverages too will act as a hindrance to growth.
To counterpotential threats, companies are expected to shift their focus towardsexpansion across high potential markets in Asia Pacific, Latin America, and theMiddle East and Africa. Consumers across these regions are exhibitingwillingness to spend on exotic flavors, which will augur well for the flavoredand functional water market.
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TransparencyMarket Research is a global market intelligence company, providing globalbusiness information reports and services. Our exclusive blend of quantitativeforecasting and trends analysis provides forward-looking insight for thousandsof decision makers. Our experienced team of Analysts, Researchers, and Consultants,use proprietary data sources and various tools and techniques to gather, andanalyze information.
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