GlobalFunctional Water Market: Overview
Functional water products are beverages – non-alcoholic,aquaceutical. Often infused with additional ingredients that provide healthbenefits, the products are witnessing an increase in demand. As perTransparency Market Research, from 2020 to 2030, the globalfunctional water market would grow at a steady rate, creating a number of interestingopportunities.
It is pertinent to note here that there are broadly two main‘families’ of functional water - that based on mineral water which has a herbor fruit extract added to it to give certain health benefits, such as animmunity boost, added electrolytes, improved pH balance, antioxidants etc, andthat based on water, which is altered at the molecular level with the help ofelectrochemical processes to give it extra health benefits, such as betterhydration, better oxygenation, quicker regeneration of muscle tissue, etc.
Functional water is witnessing increase in demand in anincreasingly health conscious world that tries to extract maximum benefits fromits scarcely available resources. Since the world population has steadily movedaway from rural, natural environments to an urban setting, growing demand forfortified beverages is only a natural outcome.
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GlobalFunctional Water Market: Notable Development
The Functional Water market is moderately concentrated with anumber of major players holding a high share of the market, along with a slewof domestic players offering these services in the local market.
These companies are opting for new and more effective marketingstrategies to stay ahead in the functional water market. Some notabledevelopments seen recently which 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.
Leading players 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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GlobalFunctional Water Market: Key Drivers and Trends
The notable increase in demand for fortified beveragesanticipated over the forecast period is set to be an outcome of various trendsand 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
The escalating demand for bottled water in the U.S. iscontributing massively to growth in functional water market in the NorthAmerican region. The sales of bottled water have recently surpassed those ofsoft drinks in the United States and the bottled water sector is thus a leadinghorse prompting companies to invest and expand their functional offerings.
The functional water market in Asia Pacific is also set toexperience significant growth rate as consumers are becoming increasingly awareof the benefits of functional, bottled water. Consumers look for alternativesto carbonated soft drinks (CSDs) and the innovation in flavor is driving thebottled water category’s success.
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