Flavored
and functional water belongs to the market segment of beverages, but
it is marketed as water. The product contains added elements such as
natural or artificial flavors, sweeteners, and vitamins. The global
flavored and functional water market benefits from the healthy image
often associated with the functional and perceived benefits of water.
Flavored and functional water is rapidly emerging as a healthier
alternative in the ready-to-drink beverages market. This contemporary
beverage alternative is already making its mark among consumers who
refrain from satiating their thirst with artificial flavored or
carbonated drinks owing to the increasing health concerns associated
with the latter. As reported by Transparency Market Research in its
latest report, the global flavored and functional water market, which
in 2012 was estimated at US$17.2 bn, is anticipated to reach US$36.7
bn in 2019. The market will therefore rise at an impressive CAGR of
11.50% between 2013 and 2019.
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Rapid
Urbanization and Rising Health Concerns Boost Global Flavored and
Functional Water Market
Behind
the exponential growth of the flavored and functional water market on
a global front, increasing obesity rates and rapid urbanization plays
a major role. Furthermore, the demand for functional water has also
gained a significant impetus from the rising aging population
worldwide. Whilst flavored water falls under the category of bottled
mineral, purified, or spring water containing a certain percentage of
flavors, functional water is best defined as a derivative of flavored
water containing functional ingredients such as vitamins, botanicals,
oxygen, and minerals. The most common flavors in which flavored and
functional water is available are orange, cherry, apple, peach, and
lemon.
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Asia
Pacific and Latin America and the Middle East are emerging as
Lucrative Regional Markets for Flavored and Functional Water
Despite
challenges, including the threat of substitutes, that the industry
may face, the flavored and functional water market is likely to
capitalize on the increasing opportunities in emerging markets such
as Latin America and the Middle East and Asia Pacific. The market is
also anticipated to be hindered by ongoing campaigns against
packaging bottles. Nevertheless, increasing disposable income of the
population located in emerging economies and rapid urbanization of
these regions will give a significant momentum to the market. In
2012, Italy, Japan, Germany, and the U.S. were identified as the
leading markets for flavored and functional water. However, it is the
Asia Pacific market that is anticipated to exhibit a double-digit
CAGR in the forthcoming years.
One
of the direct outcomes of rapid urbanization is growing awareness
about health, which has impelled many to be averse to aerated drinks
while being partial to functional beverages. According to research
surveys, the global flavored and functional water market is also
boosted by demand from China due to the presence of poor water
management in the country, resulting in polluted water supply in
industrial and agricultural sectors alike. The prominent companies in
the market, therefore, have been proactively promoting functional
drinks in China to an expanding consumer base due to rising health
concerns.
Competition
from Substitute Drinks to Hamper Market Growth
Despite
progressing positively, the global market for flavored and functional
water witnesses competition from substitute drinks. The challenge of
balancing flavor, function, and sugar quantity in the drinks is also
a significant factor hampering the growth of the market to an extent.
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