Published Date: 2019-07-24 | Pages: Ongoing | Tables: Ongoing | Report ID: 7324
Industry: Electronics & Semiconductor
The global functional water market is foreseen to exhibit growth on the back of the increasing demand for nutrient-rich beverages. Manufacturers are launching new and innovative products in the global market to appeal to a large number of consumers. Demand from diabetic and obese populations is foretold to increase due to the availability of sugar-free functional water and functional water with additional nutrients. In July 2019, US-based innovative beverages company Good Day introduced a line of premium CBD-infused beverages, including chamomile herbal tea, citrus sparkling water, and cold brew coffee. The company is mainly involved in offering quality functional beverages.
Shifting Preference from Sugary and Carbonated Drinks to Drive Demand
Decreasing preference for sugary and carbonated beverages because of health issues is predicted to work in the favor of the global functional water market. Functional water with low to zero calorie content could gain high demand in the coming years. Natural sweetener-based or sugar-free functional water is anticipated to create a rising trend in the global market. The non-alcoholic, aquaceutical nature of functional water and its number of health benefits are expected to strengthen the growth of the global market through increased sales. Rising demand for fortified beverages with essential nutrients could be an effective factor augmenting the demand for functional water.
Product Uniqueness to Play Major Role in Growing Market Competition
Some of the leading players of the global functional water market are Danone, Coca-Cola, PepsiCo, Dr. Pepper Snapple, Nestle, Groupe Danone, Hint Water, New York Spring Water, Balance Water Company, Sunny Delight Beverages Company, Vitamin Well AB, Trimino Brands LLC, Herbal Water, Vichy Catalan Corporation, San Benedetto, and Unique Foods. Among these, Danone, Coca-Cola, and PepsiCo are anticipated to showcase their prominence in the global market. Players could increase the uniqueness of their product portfolio to strengthen their market presence.
In April 2019, American multinational beverages company, Coca-Cola introduced its new lime and lemon-flavored functional water drink Aquarius in the UK. In July 2019, the company invested $20 million in Health-Ade Kombucha, one of the fastest growing US functional drink brands.
● PET Bottle
● Glass Bottle
By Sales Channel
● Convenience Stores
● Specialty Stores
The report offers deep insights into antioxidants, minerals, proteins, vitamins, and other ingredient segments of the global functional water market. Among packaging types, PET bottle is projected to show remarkable market growth due to its various advantages such as lower weight, ease in transportation, and recyclability. Technological development of PET bottle allowing reduction in production cost of functional water is expected to further increase the market growth of this segment. Among sales channels, supermarket/hypermarket is forecast to collect a significant market share because of key factors such as higher preference from customers and availability of a wide range of products.
Europe is prognosticated to take command of the global functional water market in terms of market share. This could be due to the growing market penetration of functional water in the region because of high health consciousness among people. According to researchers, Europe could be trailed by North America on the basis of market share. On the other hand, Asia Pacific is said to show potential for growth, considering the rapid rate of urbanization and increasing focus on maintaining health and wellness.
The global functional water market usually witnesses continuous launch of new products, which could make it difficult for manufacturers to keep track of competitor prices. QYR Consulting offers exhaustive pricing analysis where the analysts not only provide competitor pricing analysis but also give detailed information on price changes, cross-selling practices, and other important aspects. Furthermore, the pricing analysis helps functional water manufacturers to increase their sales potential, expand their profit margin, and set the right prices for their products.
NOTE - The analysis, thoughts, views, facts, and opinions expressed in this report are of the respective research analysts. QYR Consulting does not necessarily endorse it or it is also not essentially formal views of QYR Consulting.
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