Functional Water Market
Growth Factors of Functional Water Market
The Functional Water market size was valued at USD 15.93 billion in 2023, and the market is now projected to grow from USD 17.12 billion in 2024 to USD 30.10 billion by 2032, exhibiting a CAGR of 7.75% during the forecast period of 2024-2032.
The forced lockdown and stay-at-home orders driven individuals to work from home and work out at homes, which at first affected the selling of vitality and sports drink thus amplified the functional water market growth. In any case, with more relaxations on rules, the advertise for the previously mentioned useful fixings included water has begun picking up a traction once more. The demand for the product with execution upgrade, cognitive improvement, safe boosting, and other properties is expanding, which may be a positive calculate for the advertise. The request for characteristic utilitarian drinks is developing as shoppers are presently more slanted towards secure, clean-labeled, and sterile fixings.
Customers are searching for dietary arrangements to unravel stretch, laziness, and debilitated insusceptibility because of their boisterous ways of life. These arrangements show up within the frame of utilitarian nourishments, as they have the extra work of giving dietary and wellbeing benefits. The expanding mindfulness of sound eating and drinking among people is one of the imperative variables emphatically driving the product request. As customers are contributing to invigorated nourishments and refreshments to realize long time economic wellbeing, the refreshments that contain fixings with wellbeing and wellness esteem are evidently getting more prevalent around the world.
The prolonged demand for braced drinks with the consideration of fundamental fixings like vitamins, minerals, amino acids, and proteins is expected to drive the advertise for useful fixings improved water. As people's mindfulness of weight and diet-related illnesses increments, the nourishment and refreshment industry are progressively centering on including more fiber to refreshments to get benefits such as calorie lessening, weight control, and advancing stomach related health.
Comprehensive Analysis of Functional Water Market
On the bifurcation of ingredient type, the market is consolidated with the segments such as micronutrient, botanical extract, and others. Functional waters mainly are considered to be the micronutrients-fortified, thus the micronutrient is considered as a ruling segment. On the foundation of channel of dispersion, the advertise is categorized into supermarkets/hypermarkets, comfort stores, online retail, and others. Customer patterns are moving towards imprudent buys of nourishment and refreshments.
The territorial area of North American continent is ascribed to be the dominant region for functional water market share as water sales owing to its strong development within North American market which is valued at USD 6.77 Billion. The bottled water deals have recently outperformed soft drinks deals within the United States The bottled water division is hence a driving horse inciting companies to contribute and extend their utilitarian offerings.
The market globally is ought to be caught on from its parent/related markets viz. utilitarian refreshments and bottled water – both of these segments display solid dominance of key worldwide brands heightening looking for the solidification of the in general showcase. The utilitarian fixings included water showcase is encountering a solid development of little private-label brands setting out on advertising improved convenience and value-for-money. The advertise is exceedingly concentrated with different assortments of major players as: The Coca Cola Company (U.S.), Balance Water Company LLC. (U.S.), Tata Group (India), Danone S.A. (France), Nestle S.A. (Switzerland), Hint Water Inc. (U.S.), The Alkaline Water Co. (U.S.), Nirvana Water Sciences (U.S.), and many more.
In the month of March 2022, the company Nirvana Water Sciences Corp, a refreshments company, extended its item portfolio by presenting Nirvana HMB + Vitamin D3 spring water at Expo West in California. This modern item underpins muscle recuperation whereas making strides resistance.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate CAGR of 7.75% from 2024 to 2032
Segmentation
By Ingredient
- Micronutrient
- Botanical Extract
- Others
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retails
- Others
By Region
- North America (By Ingredient, Distribution Channel, and By Country)
- U.S. (By Distribution Channel)
- Canada (By Distribution Channel)
- Mexico (By Distribution Channel)
- Europe (By Ingredient, Distribution Channel, and By Country)
- U.K. (By Distribution Channel)
- France (By Distribution Channel)
- Germany (By Distribution Channel)
- Italy (By Distribution Channel)
- Russia (By Distribution Channel)
- Rest of Europe (By Distribution Channel)
- Asia Pacific (By Ingredient, Distribution Channel, and By Country)
- China (By Distribution Channel)
- India (By Distribution Channel)
- Japan (By Distribution Channel)
- Australia (By Distribution Channel)
- Rest of Asia Pacific (By Distribution Channel)
- Rest of the World (By Ingredient, Distribution Channel, and By Country)
- Brazil (By Distribution Channel)
- UAE (By Distribution Channel)
- South Africa (By Distribution Channel)
- Rest of the World (By Distribution Channel)
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