Functional Water Market - Global Industry Analysis, Size and Forecast 2024
Added: (Thu Mar 28 2019)
Pressbox (Press Release) -
The report “Functional Water Market – Share, Outlook, Trends, Size and Forecasts (2018 – 2024)”, the functional water market is expected to reach USD XX Million by the year 2024, at a CAGR of 8.5% during the forecast period. Due to increasing number of health conscious consumer’s, functional water market is anticipated to grow higher during the forecast period.
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Functional water is a non alcoholic beverage, which is reformed by adding extra ingredients to provide health and functional benefits. Most commonly used ingredients are vitamins, minerals, acids and vegetables. Functional water is formed by adding these ingredients to water. Functional water contains additives which provide extra nutritional values and functional water can also be referred to as aquaceutical. Due to its high vitamin and extra-oxygen properties, functional water has become a major non alcoholic beverage. It offers healthy hydration and refreshment to the consumers. Major brands are also looking forward to offer functional water with additional skin benefits, which is expected to promote the growth of functional water market. The size of functional water market is directly proportional to the market growth of non-alcoholic beverages.
Functional water market is extensively increasing accountable to change in beverage consumption habits; carbonated beverages to functional and flavored water; preference has shifted from high sugar. Non-alcoholic beverages are available in different specialty stores, which provide healthy food and beverages, but there are no separate stores for functional water.
Functional glass bottle water accounted for significant share in total market value.
Functional water mostly comes in PET bottles due to the recycling property and also PET bottles are preferred by manufacturers. With advancements in packaging technology, and increasing usage of recyclable packaging, PET bottles are used by manufacturers to supply functional water products to consumers.
West Europe shows the dominance over other regions in functional water market
Among all the regions, Western European market is anticipated to dominate the functional water market, in terms of revenue, and is also expected to expand at highest CAGR followed by North America. Asia-Pacific and South America functional water market is at promising stage, but the region has potential to grow at higher pace as compared to other developed regions due to growing urban population, change in eating habits and increasing expendable income of the middle class population.
The prominent players of functional water market are Nestle Waters North America, New York Spring Water, PepsiCo Inc, Sunny Delight Beverages Co, Eklo Water, Danone, Agua Via Natural to new a few.
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