The
presence of a large number of regional and local players and the low
degree of product differentiation renders the global flavored and
functional water market highly fragmented and competitive in nature.
The primary focus of market participants is product differentiation
through the use of innovative ingredients and packaging, finds
Transparency Market Research (TMR) in a new study. Some of the
prominent players operating in the market are Hint Water, The
Coca-Cola Company, Nestle SA, PepsiCo, Groupe Danone, and New York
Spring Water.
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“A
large number of key players are entering into partnerships with
regional players to enhance their product expertise and innovation.
This strategy also helps them in increasing their geographical
outreach,” says the author of the study. The global flavored and
functional market is expected to reach a valuation of US$36.7 bn by
2019 from US$23.8 bn in 2015, expanding at a significant CAGR of
11.50% between 2013 and 2019.
Asia
Pacific to Remain Dominant through 2019
On
the basis of product, the flavored water segment will exhibit a
greater CAGR than functional water, owing to the increasing
inclination towards products that offer both health benefits and
taste. Geographically, Asia Pacific will be at the forefront of
growth until 2019, representing 44% of the overall market. The rapid
urbanization and rising disposable income have heightened awareness
regarding flavored and functional water in the region.
Rising
Health Consciousness among People Owing to Changing Lifestyles to
Bolster Demand
The
World Health Organization states that the number of obese children
below the age of five is expected to reach 70 million by 2025 from 42
million in 2013. Due to the rising concerns regarding obesity and
numerous diseases related to obesity, the inclination towards
low-calorie drinks has increased substantially over the past few
years. This, in turn, has an inevitable positive impact on the global
market for flavored and functional drinks.
“Rapid
urbanization, changing lifestyles, and rising disposable income are
prompting people around the world to become more health conscious,
which is translating into the greater uptake of flavored
and functional water,” says a TMR analyst. Manufacturers
are also taking increasing efforts to develop healthier drinks that
better adapt to the demands of customers, which is working in favor
of the market. Besides that, the growing global population of
geriatrics is also stoking the growth of the flavored and functional
market.
Increasing
Aversion towards Use of Plastic Bottles to Hamper Growth Prospects
The
global flavored and functional water market is largely influenced by
the dynamics of the global bottled water industry. The increasing
opposition to the use of plastics in packaging along with the growing
awareness pertaining to environmental conservation is adversely
affecting the use of plastic bottles. This, in turn, is inhibiting
the growth of the global flavored and functional water market.
Despite
the increasing shift towards healthier lifestyles, the availability
of low-cost carbonated drinks is negatively impacting the growth of
the market. In addition, the presence of high concentration of sugar
in various flavored and functional water products is hampering the
very purpose of consuming these products. However, lucrative growth
opportunities offered by emerging countries are likely to encourage
manufacturers to tap on these regions, thereby allowing the global
flavored and functional water market to gain significant momentum in
the near future.
This
information is based on the findings of a report published by
Transparency Market Research titled “Flavored and Functional Water
Market (Product - Flavored Water and Functional Water) - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 -
2019.”
The
global flavored and functional water market is segmented as follows:
Global
Flavored and Functional Water Market, by Product
- Flavored Water
- Functional Water
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