- Inclination of many consumers toward adopting a healthy lifestyle boosts demand for functional and flavored water
- Consumers are preferring functional and flavored water to mineral water, thus contributing to the growth of the global market
ALBANY, N.Y., Sept. 17, 2021 /PRNewswire/ -- The Flavored and Functional Water Market is projected to grow at a steady rate during the forecast period of 2020-2030. The benefits associated with the consumption of functional and flavored water are expected to boost the growth prospects of the market to a considerable extent.
Functional water is enhanced by supplemental ingredients such as minerals, vitamins, vegetables, raw fruits, and others, while flavored water comprises artificial or natural flavors. The associated advantages of consuming these water types and innovations in bottling technologies present an array of opportunities for the Flavored and Functional Water Market players.
Transparency Market Research has conducted a comprehensive analysis on various factors associated with the growth of the Flavored and Functional Water Market. As per the analysts at TMR, the Flavored and Functional Water Market is projected to expand at a CAGR of 11.6% during the forecast period.
Rapid urbanization and rising disposable income of consumers around the globe have resulted in an increase in the consumption of functional and flavored water. Furthermore, the awareness about the benefits of a healthy lifestyle has increased exponentially. Well-established manufacturers of beverages are entering the Flavored and Functional Water Market with novel infusions and formulations. Post-workout fitness and recovery protein-infused drinks are also gaining considerable traction. Thus, all these factors are driving the Flavored and Functional Water Market.
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Key Findings of Report
'Better-for-You' Alternatives Attracting Consumers
Consumers in various countries are drifting away from carbonated drinks and preferring 'better-for-you' alternatives. This category has food products and beverages that offer good sources of vitamins and minerals instead of high fats and sugar content. As functional and flavored water include these vital vitamins and minerals, the demand for this beverage is expected to increase. All these factors are likely to fuel the growth of the Flavored and Functional Water Market.
Asia Pacific Offers Promising Growth Prospects
The rising awareness about the benefits of functional and flavored water in the Asia Pacific region is anticipated to prove to be a prominent market growth booster. The willingness of consumers in the Asia Pacific region to spend on these beverages will present a plethora of growth opportunities for the Flavored and Functional Water Market players.
North America and Europe are mature markets in terms of adoption of functional and flavored water. Thus, market players are innovating extensively to increase their prominence in these regions.
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Mass Merchandizing, Introductory Prices Gain Traction
The use of different marketing strategies to promote functional and flavored waters has increased considerably over the years. One of the prominent strategies is mass merchandizing, and the players are gaining significantly from this strategy. Furthermore, building a robust distribution network is the main focus area of market players to increase revenue. Some new entrants in the Flavored and Functional Water Market are also introducing their products at low prices to attract consumers. Such strategies will help in strengthening the overall growth structure of the Flavored and Functional Water Market.
Flavored and Functional Water Market: Growth Drivers
Growing focus on adoption of exotic ingredients and bold flavors to offer considerable growth prospects to the market players
Use of advanced packaging methods and focus on expansion initiatives to invite profitable growth opportunities for the Flavored and Functional Water Market
The COVID-19 pandemic has increased awareness about maintaining fitness levels and hence, people are gravitating toward functional and flavored water to stay healthy
Some well-entrenched players in the Flavored and Functional Water Market are Sunny Delight Beverage, Hint Water, The Coca-Cola Company, Herbal Water, Kraft Foods, and Balance Water Company.
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