Global Functional Water Market: Overview

Functional water products are beverages – non-alcoholic, aquaceutical. Often infused with additional ingredients that provide health benefits, the products are witnessing an increase in demand. As per Transparency Market Research, from 2020 to 2030, the global functional water market would grow at a steady rate, creating a number of interesting opportunities.

It is pertinent to note here that there are broadly two main ‘families’ of functional water - that based on mineral water which has a herb or fruit extract added to it to give certain health benefits, such as an immunity boost, added electrolytes, improved pH balance, antioxidants etc, and that based on water, which is altered at the molecular level with the help of electrochemical processes to give it extra health benefits, such as better hydration, better oxygenation, quicker regeneration of muscle tissue, etc.

Functional water is witnessing increase in demand in an increasingly health conscious world that tries to extract maximum benefits from its scarcely available resources. Since the world population has steadily moved away from rural, natural environments to an urban setting, growing demand for fortified beverages is only a natural outcome.

Global Functional Water Market: Notable Development

The Functional Water market is moderately concentrated with a number of major players holding a high share of the market, along with a slew of domestic players offering these services in the local market.

These companies are opting for new and more effective marketing strategies to stay ahead in the functional water market. Some notable developments seen recently which point in this direction are-

  • In February 2019, The Coca-Cola Co. added two new additions (Smartwater alkaline and Smartwater antioxidant) to its Smartwater brand, to increase awareness and demand for functional water.

Leading players in the functional water market are-

  • Dr Pepper Snapple Group Inc.
  • Nestle S.A.
  • PepsiCo
  • The Coca-Cola Company
  • Groupe Danone
  • Hint Water
  • New York Spring Water
  • Balance Water Company
  • Sunny Delight Beverages Company.

Global Functional Water Market: Key Drivers and Trends

The notable increase in demand for fortified beverages anticipated over the forecast period is set to be an outcome of various trends and drivers such as:

  •  Growing demand for function foods. Millennial populace wants a holistic mix of halth and taste. Inclusion of essential ingredients, such as protein, amino acids, vitamins, and minerals in functional water products is therefore luring this demographic to functional water.
  • The increase in obese and diabetic populations in the United States, China, India, Australia, and the United Kingdom, among others, has shifted the focus from carbonated soft drinks to fortified, bottled water in the recent past.
  • As per a study by Container Recycling Institute, Americans bought huge volumes of plastic water bottles in 2010 - 42.6 billion plastic. It is a steep rise from 35.5 billion in 200. Understandably, the functional water market is already seeing a steady growth in the future.

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Global Functional Water Market: Regional Analysis

The escalating demand for bottled water in the U.S. is contributing massively to growth in functional water market in the North American region. The sales of bottled water have recently surpassed those of soft drinks in the United States and the bottled water sector is thus a leading horse prompting companies to invest and expand their functional offerings. 

The functional water market in Asia Pacific is also set to experience significant growth rate as consumers are becoming increasingly aware of the benefits of functional, bottled water. Consumers look for alternatives to carbonated soft drinks (CSDs) and the innovation in flavor is driving the bottled water category’s success.

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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