Flavored and Functional Water Market: Increasing Prevalence of Obesity Boosts Demand for Market

According to a recent market research report published by Transparency Market Research, the global flavored and functional water market is estimated to expand at a CAGR of 11.50% during the period from 2013 to 2019. The report, titled “Flavored and Functional Water Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019,” projects the global flavored and functional water market to be worth US$36.7 bn by 2019. The overall market was worth US$17.2 bn in 2012.

Key players are partnering with other brands to combine innovation and renovation capabilities with product expertise. Case in point: Nestle signed an agreement with Yinlu Foods Group in China. This has helped Nestle to integrate its innovation capability with Yinlu’s entrepreneurship and consumer understanding, enabling the production of affordable products for the consumers in China.

According to the research report, the global flavored and functional water market is expected to rise at a CAGR of 11.5% from 2013 to 2019. The overall market value is projected to reach US$36.7 billion towards the end of 2019. The market’s growth is attributed mainly to rising obesity rates, increasing global population, and change in consumer perception towards healthier drinks. More and more consumers are beginning to be attracted towards functional drinks that are high in vitamins, minerals, herbs, and amino acids. Functional drinks are being preferred over conventional aerated drinks due to the former being priced at a more competitive level. Common flavors in the global flavored and functional water market are peach, apple, cherry, lemon, and orange, along with mixed fruit flavor. One of the key marketing and manufacturing factors that promote the functional drinks market is the fact that they do not use preservatives or caffeine and are prepared without carbonation.

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Other factors contributing towards the growth of the global flavored and functional water market are rapid urbanization and increasing disposable incomes. The former holds true especially for countries in Asia, the Middle East, and Latin America. One of the direct reactions of heavy urbanization is growing health awareness, which has caused many to be averse to aerated drinks and partial towards functional beverages. The market receives an additional boost in China due to poor water management that results in polluted water supply in agricultural and industrial areas. Key players have been quite proactive in promoting their functional drinks to a consumer base that is growing largely out of health concerns.

Emerging economies in Asia Pacific, the Middle East, and Latin America are witnessing rapid urbanization and increasing disposable income. This is working in favor for the global flavored and functional water market. Urbanization and the rising disposable income have led to a heightened awareness among consumers regarding benefits of consuming products intended for their well-being. Thus, market players can focus on these emerging economies and grow in the market.

Healthy living has become one of the important objectives of a consumer, as there is a heightened consciousness regarding fitness and appearance. Banking on this, manufacturers are developing flavored and functional water products that are developed targeting the wellbeing market. These products include appetite suppressants and anti-aging beverages.