The functional water market is anticipated to expand from US$ 15,234.39 million in 2023 to US$ 27,281.72 million in 2033.
Increased Consumption by Health-conscious Population to Drive Functional Water Market Growth
The primary drivers of the functional water market include growing consumer awareness of plastics as non-biodegradable pollutants harming the environment, rising demand for functional water due to its sustainability, and technological developments in product packaging.
Foods that mix taste and healincreased consumer awareness of plastics as non-biodegradable pollutants affecting the environment, increased demand for functional water due to its sustainability, and technological advancements in product packaging are the main factors driving the functional water market. and minerals. As a result, the market for functional water is growing.
The functional water sector is impacted by stricter regulations on the use of plastic, public desire for functional water as a result of the packaging used by large corporations, and rising consumer demand for fortified foods and beverages.
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Government initiatives, a growth in the number of diabetic and obese patients, increased investment in research and development activities, and an increase in disposable money are the factors that help the functional water business. Additionally, enterprises in the functional water industry will have attractive prospects throughout the projected period due to technical breakthroughs, the introduction of new products, and product enhancements in packaging materials.
The global functional water market is poised for substantial growth, projected to increase from US$ 15,234.39 million in 2023 to a remarkable US$ 27,281.72 million by 2033. Key factors driving this growth include heightened consumer awareness of plastic pollution, leading to increased demand for sustainable functional water options, and advancements in product packaging technologies.
The rising preference for health-conscious beverage choices, particularly among millennials, has fueled the demand for functional water. With essential nutrients such as protein, amino acids, vitamins, and minerals, functional water aligns with the growing trend of seeking flavorful yet health-enhancing options. This surge in demand is further propelled by stringent regulations on plastic use, public preference for functional water from major companies adopting sustainable packaging, and a consumer inclination towards fortified food and beverages.
Key Takeaways:
- Market Growth: The functional water market is anticipated to achieve a commendable CAGR of 6.2% during the forecast period from 2023 to 2033.
- Consumer Appeal: The working class and millennial population’s increasing preference for functional water, coupled with innovative product developments, is expected to drive market growth.
- Regional Dominance: North America stands as the dominant force in the global functional water market.
Key Developments:
- CENTR Brands Corporation: Introduced CENTR Enhanced, a non-CBD functional sparkling water, expanding its health and wellness product portfolio.
- Flow Beverage Corp.: Launched the Flow Vitamin-Infused Water range in three new organic flavors, catering to consumer preferences for organic options.
- Nirvana Water Sciences Corp.: Unveiled Nirvana HMB + Vitamin D3 spring water, providing both muscular rehabilitation and immunological support.
- PepsiCo Inc.: Introduced Soul boost, an enhanced sparkling water with beneficial additives, catering to consumers seeking functional and flavorful hydration.
- Nestlé S.A.: Acquired Essentia Water, a premium functional water brand, expanding its portfolio to include international mineral and premium water brands.
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Key Segments Profiled in the Market :
By Type:
- Vitamin
- Protein
- Others
By Distribution Channel:
- Specialty Stores
- Supermarket/Hypermarket
- Online Stores
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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