Functional Water Market – Value Added Hydration Evolving Consumer Preferences

Functional water is recognized as aquaceutical, a non-alcoholic beverage similar to water having additional ingredients that increase functional benefits. It provides both refreshment and taste. The increasing trend of sugar-free or natural sweetener-based functional water that has no or low-calorie content.

The functional water market accounted for US$ 11.7 billion in 2019 and is estimated to be US$ 23.9 billion by 2029 and is anticipated to register a CAGR of 7.50%.

The report "Global Functional Water Market, By Ingredients (Micronutrients, Botanical Extracts, and Other Functional Ingredients), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others),and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029”.

Key Highlights:

• In June 2019, All Market Inc (AMI) through its brand Vita Coco launched a new canned water line, Ever & Ever. The product is reverse osmosis water with added electrolytes for balance.
• In February 2019, Middle Eastern mineral water giant Agthia Group launched AI Ain Zero Bromate drinking water, suitable for pregnant women and patients with kidney issues.
• Rising health awareness, the regional tastes of consumers, and substantial lifestyle changes in developing and developed nations are providing the platform for new product developments

Analyst View:

Increasing research and development in functional water

Sustainability is one of the most vital properties of functional water anticipated to drive the industry’s growth. Functional water consumers are conscious of their environment’s safety as reports have shown that plastics are non-biodegradable pollutants whose presence has a detrimental effect on the environment. With governments’ stringent regulations regarding plastics, manufacturers in the industry are prompted to develop new and innovative materials to package their products.