Flavored and functional water contains natural and artificial ingredients such as herbs, sweeteners, fruit extracts. Functional water is prepared by fortified nutrients such as minerals, vitamins, and proteins. Flavored and functional water is beneficial for boosting immunity and improving the performance of the body. They are a healthy alternative to carbonated drinks.
The global Flavored and functional water market is estimated to account for US$ 36,708 Mn in terms of value by the end of 2019.
Growth in the geriatric population is expected to drive the market growth of the flavored and functional water. This age group people are more inclined to consume such as healthy products for boosting immunity. In 2018, around 125 million people were aged 80 years or older. Between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Thus, growth in the geriatric population is projected to propel the market growth of the flavored and functional water.
Increasing international trade of such beverages coupled with the expansion of the food and beverage industry is projected to serve major growth opportunities over the forecast period. Growing awareness regarding the health benefits of such healthy drinks is propelling demand for flavored and functional water. Moreover, the rising prevalence of vitamin deficiency disease among consumers is further expected to augment the market growth of flavored and functional water.
Use of plastic materials for packaging of flavored and functional water is acting as a major barrier for the industry. Growing concern over environmental as plastic possess various hazards to the environment as well as the health of the human are projected to negatively affect the market of the flavored and functional water.
On the basis of region, Asia Pacific region dominated the global flavored and functional water market in 2019 with a 44.5% of market share in terms of value.
On the basis of product, flavoured water segment dominated the global flavoured and functional water market in 2019 with a 62.2% of market share in terms of value, followed by functional water.
The increasing popularity of flavored and functional water with natural zero-calorie sweetener among health-conscious consumer will positively impact the market growth. This functional water reduces the cholesterol level and decreases the risk of heart disease. Moreover, its consumption also boosts the immunity and energy required during physical activities such as running and trekking. Thus, the growing popularity of flavored and functional water with zero-calorie sweetener is augmenting the market growth.
Advertising strategy by major manufacturers to reach the target consumer is a growing trend in the market. For instance, in July 2017, Perrier® Sparkling Natural Mineral Water introduced a new campaign to promote its new product range to its sparkling water which includes Strawberry and Watermelon. The new creative campaign features original work by emerging artist AKACORLEONE.
Global flavored and functional Water Market - Impact of Coronavirus (Covid-19) Pandemic
The sudden occurrence of the novel coronavirus is expected to have a positive impact on the bottled water industry as consumers across the globe are becoming more inclined towards consuming the packed food products and the demand for packed food products is rising due to increase awareness during the pandemic period. Thus, the rising consumption of packed drinking water is expected to boost the market growth over the forecast period.
Few Recent Developments
In April 2019, Coca-Cola has announced the launch of Aquarius, described as "a low-calorie range of water-based functional drinks containing essential minerals to help people perform at their best while staying hydrated