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The functional water market share is expected to increase by USD 5.763 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.78%.
This functional water market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers functional water market segmentation by product (flavored functional water and unflavored functional water) and geography (APAC, North America, Europe, South America, and MEA). The functional water market report also offers information on several market vendors, including Bridgepoint Group plc, Danone SA, Disruptive Beverages Inc., Nestle SA, NYSW Beverage Brands Inc., PepsiCo Inc., Sunsweet Growers Inc., Suntory Holdings Ltd., The Coca-Cola Co., and Trimino Brands among others.
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The health-conscious among consumers is notably driving the functional water market growth, although factors such as the availability of low-cost alternative drinks may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the functional water industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Functional Water Market Driver
Health consciousness among consumers is a major factor driving the global functional water market share growth. The health benefits of consuming functional water are attributable to the presence of minerals, vitamins, herbs, and other essential elements. With the consumers being aware of the fact that functional beverages contain quality ingredients that provide additional health benefits, they are more inclined toward functional beverages, which is positively affecting the growth of the global functional water market. There is also a substantial rise in the consumer population that prefers bottled water due to the increasing rate of tap water contamination. Additionally, the growing awareness about the negative impact of sugary and aerated drinks is also supporting the demand for functional beverages. Rising instances of lifestyle diseases are making consumers more aware of the ingredients in the food products and beverages they consume. The increasing incidence of obesity, diabetes and other diseases is compelling them to avoid sugary soft drinks, and this trend is positively influencing the global functional water market.
Key Functional Water Market Trend
The growing popularity of functional water with herbal ingredients is another factor supporting the global functional water market share growth. The increasing demand for functional water with herbal ingredients across the globe is because the consumers are well-aware of the health-promoting benefits of consuming functional water infused with herbs. For instance, the consumption of aloe vera-infused drinking water is gaining recognition in the market for its role in enhancing the immune response of the human body. Additionally, functional water products with herbal ingredients are a healthier alternative to sweetened and carbonated beverages that have a fattening effect on the human body. There is a notable increase in the number of manufacturers with a specific focus on functional water products with herbal ingredients, and they continue to introduce a wide range of variants that cater to health-conscious consumers. Due to such reasons, the demand for functional water will continue to rise during the forecast period.
Key Functional Water Market Challenge
The availability of low-cost alternative drinks will be a major challenge for global functional water market share growth during the forecast period. Consumers who are fond of different flavors are more likely to consider substitutes like juices and soft drinks while looking to purchase bottled drinks. The global soft drink market is experiencing rapid growth due to the rising demand for soft drinks across various countries. Consumers who reside in hot climatic zones purchase soft drinks frequently, which is the main reason behind the availability of an extensive range of products and brands in the soft drink market in these areas. Other strong substitutes that are more likely to hinder the growth of the global functional water market include functional beverages such as sports and performance drinks, energy drinks, ready-to-drink (RTD) teas, enhanced fruit drinks, and soy beverages. Consumers have a perception that these substitute products probably offer similar benefits to functional water. Therefore, consumers are more likely to replace functional water with substitute products that are relatively cheaper than functional water, which will significantly reduce functional water product sales across countries.
This functional water market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global functional water market as part of the global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as expanding the shelf space of functional water products at various retail outlets to increase the visibility of their products to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The functional water market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the functional water market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global packaged foods and meats market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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