Functional Water Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Functional Water Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global functional water market size reached US$ 15.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7% during 2023-2028.

Functional water is a water-based beverage that is altered at the molecular level through mechanical, electrical, or optical processes to provide health and other functional benefits. Some of the commonly available product varieties include protein water, botanical water, oxygen water, etc. Functional water aids in strengthening the immune response, enhancing mood, and boosting the energy levels of the body. It also offers both refreshment and taste, enhanced by supplemental ingredients, including acids, herbs, raw fruits, vegetables, vitamins, minerals, etc.

Functional Water Market Trends:
The shifting consumer preferences from high-sugar and carbonated drinks towards healthier alternatives are primarily driving the global functional water market. The inclusion of essential nutrients in the product, such as protein, vitamins, minerals, etc., provides several added benefits like enhanced energy, regulated stress, reduced fatigue, and improved mental focus. Additionally, the increasing health concerns towards the high prevalence of gut-related disorders, including Gastroesophageal Reflux Disease (GERD), gastroenteritis, ulcers, etc., are stimulating the consumption of functional water that promote gut health. Apart from this, the growing consumer awareness regarding the presence of synthetic additives and preservatives in conventional beverages is also augmenting the demand for organic functional drinks. Furthermore, the launch of novel functional water variants specifically for the healthcare sector is catalyzing the market growth. Besides this, the emerging trend of mindful drinking is also creating a positive outlook for the market as consumers are reducing alcohol consumption and opting for healthy alternatives like functional water. Moreover, significant investments in the launch of artistic and easy-to-see bottle designs, along with attractive labels and stylish shapes that set them apart from the usual ones, are further propelling the market growth. In addition to this, the introduction of several diversified and unique product variants, such as CBD-infused spring water and amino acid–enriched water, is expected to drive the global functional market in the coming years.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global functional water market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, ingredient, type, packaging types and distribution channel.

Breakup by Product:

Flavored Functional Water
Unflavored Functional Water

Breakup by Ingredient:

Micronutrients
Botanical Extracts
Others

Breakup by Type:

Vitamins
Proteins
Others

Breakup by Packaging Types:

PET Bottles
Cans
Others

Breakup by Distribution Channel:

Supermarkets and Hypermarkets
Convenience Stores
Specialty Stores
Online Stores

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Ayala's Herbal Water, Balance Water Company, Danone S.A., Function Drinks, Hint Inc., Keurig Dr Pepper Inc., Nestlé S.A., PepsiCo Inc., The Coca-Cola Company, Trimino Protein Infused Water, Unique Foods (Canada) Inc. and Vichy Catalan Corporation.

Key Questions Answered in This Report:
How has the global functional water market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global functional water market?
What are the key regional markets?
What is the breakup of the market based on the product?
What is the breakup of the market based on the ingredient?
What is the breakup of the market based on the type?
What is the breakup of the market based on the packaging types?
What is the breakup of the market based on the distribution channel?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global functional water market and who are the key players?
What is the degree of competition in the industry?