LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global flavored water market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global flavored water market will be growing both in terms of revenue and volume during the forecast period. The growth is expected to be primarily due to changing consumer lifestyle and preferences and growing health awareness among the consumers. These factors have resulted in the development of different varieties of flavors which are fueling the growth of the global flavored water market. Flavored water has emerged as a ready-to-drink (RTD) health beverage. It is a better substitute for carbonated drinks owing to its nutritional benefits.
Atul Kumar, a lead analyst from Technavio, specializing in research on non-alcoholic beverages sector, says, “The Americas is the leading region in the global flavored water market, and is expected to witness a high growth rate during the forecast period. Since flavored water is enriched with minerals, vitamins, and natural flavors, the product attracts many health-conscious consumers.”
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The top three emerging trends driving the global flavored water market according to Technavio research analysts are:
- Introduction of new flavors
- Innovation in packaging
- Expansion of flavored water market in emerging economies
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Introduction of new flavors
The global flavored water market is witnessing an increasing demand for new flavors and consumers are demanding innovative and exotic flavors. Therefore, players are responding by adding new flavors to their product lines. The competition is becoming intense in the market and players are coming up with various new flavors to stay ahead of the competitors.
“Flavored water products with raspberry, strawberry, pineapple, cucumber, and watermelon have been introduced in the market. Considering this trend among consumers, flavored water manufacturers are introducing many new flavors. H2ROSE uses rose water to create a sweet and fragrant drink, and H2ROSE water comes in four different flavors such as mango, peach, wild berry, and apple,” according to Atul.
Innovation in packaging
Manufacturers are coming up with innovative packaging that is convenient to carry and enable consumption directly from the package while on-the-go. Consumers are now demanding transparent, labeled, and smaller pack size and that are environment-friendly.
Coca-Cola has come up with the plant-based packaging bottle, which is a bio-based plant bottle packaging. Companies such as PepsiCo, Coca-Cola, Danone, and Nestlé are taking the initiative to support for 100 % sustainable packaging and increase packaging recovery and recycling rates.
Expansion of flavored water market in emerging economies
The markets of flavored water in countries like the US are becoming saturated for flavored water. To survive in the market and continue making profits, the vendors of flavored water need to tap new market and customer base. Flavored water, being a functional beverage and having several alternatives, was not that popular in emerging economies.
Soft drinks and caffeine-rich drinks like tea and coffee are already in high demand in these nations. Although flavored water by key vendors like Coca-Cola, PepsiCo are present in certain countries but are generally consumed by the upper strata of the society and affluent customers.
The key vendors are as follows:
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