The global functional water market is expected to exhibit a considerable CAGR during the forecast period. The considerable increase in the adoption of non-alcoholic beverages across the globe is anticipated to drive for the growth of the functional water market across the globe. The rising harmful effects of alcohol consumption and the increasing preference towards healthy and non-alcoholic beverage products in the market are the key factors promoting the market growth. Some long-term effects of alcohol consumption include liver disease, nerve damage, cancer of the mouth and throat and heart-related problems. Therefore, an inclination towards consuming a low amount of carbonated sugary drinks and a requirement for non-alcoholic cold refreshment across the countries.
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The rising inclination of consumers towards high nutritional drinks is driving the market for functional drinks across the globe. The functional water is having immense potential to become one of the highly accepted non-alcoholic beverages owing to the health benefits that it offers. The functional water is composed of high vitamin, protein, minerals, and is having extra-oxygen properties which make it suitable to be taken as a healthy drink. Looking forward to the high intake of the functional water major market players are offering functional water with added skin benefits. Market players are also offering products that are natural, contain botanicals and antioxidants, vitamin C, and so on to attract a large pool of consumers.
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Recent Developments in Market
- In January 2020, Voss USA Inc. had launched VOSS Plus, a one-of-a-kind functional water enhanced with Aquamin. Aquamin is a unique, marine-sourced multi-mineral complex, including Calcium, Magnesium & Potassium. The bottle is made with 100% recycled PET and features a recyclable food-grade cap.
- In April 2019, Nestle S.A. launched San Pellegrino Essenza, a new line of fruit-flavored sparkling water in three flavors namely Lemon & Lemon Zest, Dark Morello Cherry & Pomegranate, and Tangerine & Wild Strawberry. With this launch, the company intends to enhance its functional water product line.
- In May 2019, Voss USA Inc. launched raspberry rose and strawberry ginger sparkling water. Packaged in 27.1-oz bottles, the waters contain zero sugar and zero calories and are flavored with natural flavors.
- In May 2019, PepsiCo, Inc. launched Propel Vitamin Boost, fitness water enhanced with 100% of the recommended daily value of vitamins B3, B5, B6, and C as well as electrolytes. The 20-oz bottles contain 10 calories each and come in three flavors: strawberry raspberry, apple pear and peach-mango.
Global Functional Water Market Segmentation
By Product Type
- Vitamin
- Protein
- Others
By Distribution Channel
- Supermarket
- Specialty Store
- Online Store
- Others
