A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “Flavored and Functional water Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2020 to 2028.
Flavored and Functional water Market Analysis
According to cognizance market research, the Flavored and Functional water Market was valued at USD 17.2 Billion in 2020 and expected to register a CAGR of 11.5% from 2021 to 2028.
What is Flavored and Functional water?
Flavored and functional water is a kind of beverage that is made up of adding additional flavor to water. The additional flavor is composed of natural flavors, minerals, fruit juice, etc. It is a non-alcoholic beverage that provides health benefits as well as other functional benefits. Flavored water boosts the immune system of the body because it contains vitamins, minerals, and other essential elements. The flavored water consists of packaged water or purified water but the functional water is a derivative with functional added like minerals, vitamins, herbs in water. The market is projected to grow at a continuous rate. The nature of the market is competitive. It is observed that there are lesser barriers to entrants in the market.
Flavored and Functional water Market Outlook
In the Flavored and Functional water report, the market outlook segment mainly includes important dynamics of the market which include drivers, restraints, opportunities and challenges tackled by the industry. Opportunities and challenges are extrinsic factors whereas, drivers and restraints are intrinsic factors of the market.
Water is very important for a person to live and the added flavors in water motivate people to consume it. Flavored water working as an alternative to soda. People are very much concerned about their health and due to the health benefits of flavored water, people will prefer having flavored and functional water. The health benefit of flavored and functional water includes appetite control, hydration, immune defense, heartburn prevention, blood sugar regulation, and weight management. The numerous health benefits are ultimately boosting the growth of flavored and functional water. Hence, health benefits are one of those key drivers of the market.
Increasing obesity with health and lifestyle. Over the past couple of decades, people have been dealing with issues of obesity and diseases. The potential consumer base for the market is the consumers which are highly concerned and particular with respect to their health. The countries like India, Canada, Germany, and Sweden are observed to have a higher working-age population. It has been observed that obesity has been highly founded in the working-age population. Henceforth, the above-mentioned countries can be perceived as an opportunity.
Lack of awareness about the health benefits of flavored and functional water in developing countries can be posed as a threat. Market competition with perfect substitutes and with similar prices like energy drinks can be treated as a threat to the market. Considering a certain image exist in consumer’s mind regarding energy drink that can create an obstacle for the market. Several protests like the plastic ban, campaign will affect the flavored water market demand.
Nowadays, consumers are becoming aware of the side effects of unhealthy lifestyles which can be evidently seen by the shift in the preferences of the consumers towards healthy commodities. In the upcoming days, consumers are focussing on their health and wellness that will result in an increase in demand shifting from artificial water to healthy products including flavored and functional water. The market is expected to grow at a steady rate.
The report offers the revenue of the Flavored and Functional water market for the period 2018-2028, considering 2018 and 2019 as a historical year, 2020 as the base year and 2021 to 2028 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the Flavored and Functional water market for the forecast period. The Flavored and Functional water market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the Flavored and Functional water market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the Flavored and Functional water market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global Flavored and Functional water market. Secondary research involved a detailed analysis of significant players’ product portfolio. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the global Flavored and Functional water market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segmented included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Flavored and Functional water market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the Flavored and Functional water market. The subsequent section of the Flavored and Functional water report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
The Asia Pacific, North America, and Europe have a strong existing market. The United States having largest share of flavoured water market. Developing countries like China and India will face a significant increase in demand of flavoured and functional markets because of rapid urbanization, lifestyle changes. The increase in awareness about flavored water will bring a change and it will lead to a fast-growing market of flavored water in the upcoming years.
In Asia, rising urbanization is also playing an important role in increasing the demand for flavored and functional water. Furthermore, countries such as Latin America and the Middle East are also likely to observe a significant rising in economies. Globally, CAGR is expected to grow at a double-digit rate.
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Flavored and Functional water Market Competitive Landscape
The “Flavored and Functional water Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Spindrift, Just water, Drink, Simple sparkling maple water, Sound sparkling water, Polar seltzer, Waterloo, Ugly, Sparkling ice, La croix and among others.
The report explores the competitive scenario of the Flavored and Functional water market. Major players operating in the Flavored and Functional water market have been identified and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the Flavored and Functional water market report.
Key Questions Answered in Flavored and Functional water Market Report
- What are the major players operating in the Flavored and Functional water market?
- What are trends, drivers, opportunities, and challenges in the Flavored and Functional water market?
- Which is the leading country in the Flavored and Functional water market?
- What are the revenue share forecasts of key sections of the Flavored and Functional water during the estimated timeframe?
- Which segment is expected to lead the Flavored and Functional water market in terms of revenue by 2030?
- How partnerships & alliances among companies operating in the market are broadening the scope of the Flavored and Functional water market?
- Who are the top 5 leaders of Flavored and Functional water market?
- Which unmet needs will remain unaddressed over the projected period?
The Flavored and Functional water Market has been segmented as below:
Flavored and Functional water Market, by raw Material
Flavored and Functional water Market, by distribution Channel
- Offline (Stores, Supermarts and Others)
Flavored and Functional water Market, by packaging types
Flavored and Functional water Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa