Global Functional Water market share 2024, Forecast To 2033
4 Mar, 2024
The functional water market size has grown strongly in recent years. It will grow from $8.57 billion in 2023 to$9.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to increased awareness of hydration, fitness and sports enthusiast market, shift towards sugar-free beverages, rise in lifestyle-related health issues, urbanization and busy lifestyles, innovative packaging solution, increased consumer education, environmental sustainability. The functional water market size is expected to see strong growth in the next few years. It will grow to $12.33 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rising demand for functional ingredients, growing focus on immune health, expansion of online retail channels, advancements in nutraceutical research, integration of adaptogens and botanicals, expansion of specialty retailers, focus on hydration in sports nutrition. Major trends in the forecast period include hydration with added benefits, low-calorie and sugar-free options, electrolyte-enhanced waters, collaborations and limited editions, CBD-infused functional water, digital marketing and e-commerce.
Global Functional Water Market Key Driver
The increasing prevalence of obesity is driving the growth of the functional water market. Obesity is a complex disease characterized by an excess of body fat that raises the risk of developing other diseases and health issues, such as heart disease, diabetes, high blood pressure, and certain cancers. Because of the widespread prevalence of obesity, functional water is being used as a dietary means for weight loss and overweight or obesity prevention. For instance, according to the World Health Organization (WHO), an international public health agency, over 1 billion people globally are obese currently (2022), of that, 650 million are adults, 340 million are youth and 39 million are children. By 2025, around 167 million people; adults and children will become less healthy as they will be overweight or obese. Therefore, the increasing prevalence of obesity is expected to propel the growth of the functional water market in the forecast period. The functional water market witnessed significant growth in 2023, reaching a value of $XX billion, and this growth momentum is anticipated to continue through 2024 and extend into 2028.
Get A Free Sample Of The Global Functional Water Market ReportGlobal Functional Water Market Segments
The global functional water market covered in this report is segmented –
1) By Product Type: Vitamin, Protein, Other Product Types
2) By Packaging: Pet Bottles, Can, Other Packaging
3) By Distribution Channel: Hypermarkets Or Supermarkets, Specialty Stores, Online Stores, Other Distribution Channels
By Geography: The regions covered in the functional water market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the functional water market share in 2023. The regions covered in the functional water market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Functional Water Industry Players
Danone, The Coca-Cola Company, Pepsico Inc., Dr. Pepper Snapple Vitamin Well AB, Trimino Brands LLC., NYSW Beverage Brands Inc., Herbal Water, Vichy Catalan Corporation, San Benedetto, Unique Foods, Nestle SA, Hint Water, Balance Water Company, Sunny Delight Beverages Company, Hind Water, Kraft Foods, Function Drinks, Bridgepoint Group plc., Disruptive Beverages Inc., Keurig Dr Pepper Inc., CENTR Brands Corporation, Flow Beverage Corp, Ayala's Herbal Water, Nirvana Water Sciences Corp, Talking Rain Beverage Company, The Alkaline Water Company Inc., Wtrmln Wtr, HFactor, Penta Water Company, AquaHydrate Inc, Propel Water, Gatorade
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Functional Water Market Overview
Functional water refers to a category of non-alcoholic beverages that provides additional health and functional benefits. It is enriched with supplemental ingredients known as aquaceuticals.
Functional Water Global Market Report 2023 provides data on the global functional water market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The functional water market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.