Global Functional Water Market: Overview
Functional water products are beverages – non-alcoholic, aquaceutical. Often infused with additional ingredients that provide health benefits, the products are witnessing an increase in demand. As per Transparency Market Research, from 2024 to 2030, the global functional water market would grow at a steady rate, creating a number of interesting opportunities.
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It is pertinent to note here that there are broadly two main ‘families’ of functional water – that based on mineral water which has a herb or fruit extract added to it to give certain health benefits, such as an immunity boost, added electrolytes, improved pH balance, antioxidants etc, and that based on water, which is altered at the molecular level with the help of electrochemical processes to give it extra health benefits, such as better hydration, better oxygenation, quicker regeneration of muscle tissue, etc.
Functional water is witnessing increase in demand in an increasingly health conscious world that tries to extract maximum benefits from its scarcely available resources. Since the world population has steadily moved away from rural, natural environments to an urban setting, growing demand for fortified beverages is only a natural outcome.
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Global Functional Water Market: Notable Development
The Functional Water market is moderately concentrated with a number of major players holding a high share of the market, along with a slew of domestic players offering these services in the local market.
These companies are opting for new and more effective marketing strategies to stay ahead in the functional water market. Some notable developments seen recently which point in this direction are-
- In February 2019, The Coca-Cola Co. added two new additions (Smartwater alkaline and Smartwater antioxidant) to its Smartwater brand, to increase awareness and demand for functional water.
Leading players in the functional water market are-
- Dr Pepper Snapple Group Inc.
- Nestle S.A.
- PepsiCo
- The Coca-Cola Company
- Groupe Danone
- Hint Water
- New York Spring Water
- Balance Water Company
- Sunny Delight Beverages Company.
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