LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global functional water market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global functional water market will grow at a CAGR of close to 9% during the forecast period. The increasing demand for functional beverages is a major factor driving the market’s growth.
The growing population of health-conscious consumers across the globe prefers functional beverages over other bottled drinks. The presence of minerals, vitamins, herbs and other essential elements constitute the health benefits of consuming functional water. High consumption of functional beverages is due to the fact that it contains quality ingredients that provide additional health benefits, which is positively affecting the growth of the global functional water market. Increasing rate of tap water contamination is significantly driving the consumer population in adopting bottled water.
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The emerging market trends driving the global functional water market according to Technavio research analysts are:
- Consumption per person of functional water is increasing in North America, Asia-Pacific, and Western Europe
- Rising interest in functional water with herbal ingredients
Consumption per person of functional water is increasing in North America, Asia-Pacific, and Western Europe
The increase in health-consciousness among consumers across the globe is driving the demand for functional water. The fact that functional water contains added minerals, vitamins and electrolytes like sodium, potassium and amino acids is the reason consumers are readily embracing functional water products. The availability of functional water in various flavors is another prominent reason for its widespread appeal to the consumers across the world.
As consumers look for a product that offers more in terms of value than just regular refreshment, the perception of drinking water products is changing and influencing the market. There is an increasing demand for bottled drinking water products that provide a comprehensive package of both flavor and functionality. The functional water segment is gaining attention in the global bottled water market by satisfying the need for both taste and nutrition among consumers.
“The functional water beverage can be vitamin-enriched and contain other functional elements such as a calming relaxant or multi-vitamin reviver. The consumers across East and West Europe, North and South America and Japan, China and South Korea are increasingly buying functional water, and this will contribute towards the market growth. In September 2016, THE COCA-COLA COMPANY launched Glaceau Fruit Drop Water in the Australian market, which is a low-calorie premium water product and contains about 4% fruit juice, vitamin B6, magnesium, and zinc,” says a senior analyst at Technavio for research on non-alcoholic beverage.
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Global functional water market segmentation
This market research report segments the global functional water market into the following two major products (flavored functional water and unflavored functional water) and three major regions (the Americas, APAC, and EMEA).
The flavored functional water segment held the largest market share in 2017, accounting for nearly 80% of the market. However, the market share for this application is expected to decrease nearly 4% by 2022.
The Americas was the leading region for the global functional water market in 2017, accounting for a market share of 38%. The market share of the Americas is expected to decrease by nearly 4%. On the contrary, APAC is expected to witness a positive growth during the forecast period.
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