Global Flavored and Functional Water Market to Rise at 11.50% CAGR, Fuelled by Rapid Urbanization in Emerging Economies

2024-11-04 02:42:48 Lifestyle

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Flavored and functional water belongs to the market segment of beverages, but it is marketed as water. The product contains added elements such as natural or artificial flavors, sweeteners, and vitamins. The global flavored and functional water market benefits from the healthy image often associated with the functional and perceived benefits of water. Flavored and functional water is rapidly emerging as a healthier alternative in the ready-to-drink beverages market. This contemporary beverage alternative is already making its mark among consumers who refrain from satiating their thirst with artificial flavored or carbonated drinks owing to the increasing health concerns associated with the latter. As reported by Transparency Market Research in its latest report, the global flavored and functional water market, which in 2012 was estimated at US$17.2 bn, is anticipated to reach US$36.7 bn in 2019. The market will therefore rise at an impressive CAGR of 11.50% between 2013 and 2019.

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Rapid Urbanization and Rising Health Concerns Boost Global Flavored and Functional Water Market

Behind the exponential growth of the flavored and functional water market on a global front, increasing obesity rates and rapid urbanization plays a major role. Furthermore, the demand for functional water has also gained a significant impetus from the rising aging population worldwide. Whilst flavored water falls under the category of bottled mineral, purified, or spring water containing a certain percentage of flavors, functional water is best defined as a derivative of flavored water containing functional ingredients such as vitamins, botanicals, oxygen, and minerals. The most common flavors in which flavored and functional water is available are orange, cherry, apple, peach, and lemon.

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Asia Pacific and Latin America and the Middle East are emerging as Lucrative Regional Markets for Flavored and Functional Water

Despite challenges, including the threat of substitutes, that the industry may face, the flavored and functional water market is likely to capitalize on the increasing opportunities in emerging markets such as Latin America and the Middle East and Asia Pacific. The market is also anticipated to be hindered by ongoing campaigns against packaging bottles. Nevertheless, increasing disposable income of the population located in emerging economies and rapid urbanization of these regions will give a significant momentum to the market. In 2012, Italy, Japan, Germany, and the U.S. were identified as the leading markets for flavored and functional water. However, it is the Asia Pacific market that is anticipated to exhibit a double-digit CAGR in the forthcoming years.

One of the direct outcomes of rapid urbanization is growing awareness about health, which has impelled many to be averse to aerated drinks while being partial to functional beverages. According to research surveys, the global flavored and functional water market is also boosted by demand from China due to the presence of poor water management in the country, resulting in polluted water supply in industrial and agricultural sectors alike. The prominent companies in the market, therefore, have been proactively promoting functional drinks in China to an expanding consumer base due to rising health concerns.

Competition from Substitute Drinks to Hamper Market Growth

Despite progressing positively, the global market for flavored and functional water witnesses competition from substitute drinks. The challenge of balancing flavor, function, and sugar quantity in the drinks is also a significant factor hampering the growth of the market to an extent.

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