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.
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-
Leading players in the functional water market are-
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:
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.