Flavoredand Functional Water Enjoying Spotlight: TMR
Theglobal functional andflavored water market isexpected to report impressive growth as consumers show higher inclinationtowards adoption of healthier lifestyle. Prevalence of various health maladiesdue to unhealthy choices in food and drinks has compelled people from aroundthe world to opt for healthy diet. Consumers are thus swaying away fromcarbonated 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.
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Competitionto Get Fiercer with Entry of New Players
The reportuncovers hidden opportunities and analyzes investment feasibility across keysegments. According to the report, the flavored and functional water market hasa highly fragmented vendor landscape, which is attributable for the fiercecompetition among key players. While behemoths account for substantial marketshare, they are constantly reeling under the threat of the entry of new playersand product launches.
As a result,TMR observes high focus on innovation within the market. Because the marketexhibits 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.
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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RisingFocus on Health and Fitness Creates Growth Opportunities
The focus onfitness 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.
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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.
The reportsegments the global flavored and functional water market as:
Geography
· Europe
· North America
· Asia-Pacific
· Rest of the World
Product
· Flavored Water
· Functional Water
