The global functional water market size was USD 12.86 billion in 2020. The market is likely to grow from USD 13.80 billion in 2021 to USD 22.97 billion in 2028 at a CAGR of 7.55% in the 2021-2028 period. This information is published by Fortune Business Insights, in its report, titled, “Functional Water Market, 2021-2028.”
According to our researchers, the invention in bottle packaging technology, pooled with a firming retail distribution situation, enables the market for functional ingredients supplemented water. This is expected to bolster the demand for this market in the foreseeable future.
The research report concentrates on evaluating functional water by taking into deliberation all the contributions, projections, and growth trends. It offers comprehensive summaries of key players present in the market in order to regulate their proficiencies in each segment. Moreover, it guarantees to assist our clients with an upgraded understanding of the competitive landscape, such as mergers & acquisitions, novel product promotions, joint ventures, as well as tactical collaborations.
Furthermore, COVID-19 impacts have been added to the report in order for the clients to get a clear picture of the global scenario and how the pandemic has affected each dimension of the market segments.
Drivers and Restraints:
Thriving Demand for Refreshed Beverages to Sustain Market Growth
The rising demand for refreshed drinks with the involvement of vital ingredients such as vitamins, minerals, amino acids, as well as proteins is projected to drive functional water market growth. As the awareness of people regarding obesity and diet-associated ailments rises, the food and beverage industry is progressively emphasizing on adding more fiber to beverages in order to receive profits such as calorie reduction, weight control, as well as endorsing digestive health.
Regional Insights:
North America being a developed region is clearly the leading region for functional water sales owing to its sturdy growth in the U.S. North America holds the maximum functional water market share and is projected to dominate the global market.
Europe is the second-largest market for functional beverages. The market is rising, owing to all the ground-breaking product presentations by corporations and growing consumer disposition towards the product.
Asia Pacific market for the product is all set to experience a substantial growth rate as consumers are becoming gradually attentive regarding the profits of specialty offerings.
Key Segmentation:
By Ingredient, the global market is segregated into, Micronutrient, Botanical Extract, Others
Based on Distribution Channel, the market is divided into, Supermarkets/Hypermarkets, Convenience Stores, Online Retails, Others
On the basis of Region, the global market is classified into, North America, Europe, Asia Pacific, Rest of the World
Competitive Landscape:
Vital Players Emphasize on Acquisitions to Reinforce Market Position
The global market contains a huge number of noticeable companies that are incessantly striving to develop exclusive devices to satisfy the demand from customers across the globe. In order to do so, they are collaborating with regional or renowned companies, promoting novel solutions, engaging in procurements, and merging to fortify their portfolio in the market.
Key Industry Developments:
May 2021 - PepsiCo Inc., which is a dominating global food & beverage company, presented Soulboost, which is an augmented sparkling water made with functional ingredients. There are two types of the drink: Lift and Ease. Lift comprises about 200 mg of ginseng to assist in maintaining mental stamina, whereas, Ease consists of 200 mg of theanine, which aids in relaxation and calming.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/industry-reports/functional-water-market-100279