Flavored Functional Water Market

The global flavored and functional water market is estimated to reach $29 billion by the year 2018 growing at a CAGR of 12% between the years 2013 and 2018. Flavored water is a derivative of bottled purified, mineral or spring water with flavoring agents. It mostly consists of natural flavors, natural mineral water, artificial or natural sweeteners and fruit juice concentrates.

Functional water, on the other hand, is a form of flavored water which is simply fortified with minerals, vitamins, oxygen and botanicals. Lemon, orange, peach, strawberry, apple and cherry are the flavors dominating the global flavored and functional water market.

This market is segmented on the basis of product and geography. The two main products dominating the market include flavored water and functional water. Geographically, the flavored and functional water market is categorized into the markets of Europe, North America and the Asia Pacific.

Global Flavored and Functional Water Market - Driving Factors and Consumption Patterns

The global flavored and functional water market is driven by growing health awareness all across the globe. Functional and flavored water are healthier and better alternatives for people who refrain from consuming carbonated and synthetic flavored drinks and beverages that contain excessive quantities of sugar and additives. The other factors that determine the rising demand for flavored and functional water include increasing urbanization, excessive obesity, changes in consumer tastes and preferences and rising geriatric population.

Urbanization is a significant factor that is held responsible for increasing consumer awareness about the wellbeing enhancing products in the global flavored and functional water market. Due to greater awareness pertaining to obesity and its ill effects, people these days opt for low calorie drinks and beverages. As a result, substantial demand for flavored and functional water is generated from that segment of the consumer population that is highly health conscious.

Rising consumer disposable incomes also drive consumers to spend on premium products like flavored and functional water that are launched in the market. Product switching costs are quite low for consumers when they opt for flavored and functional water in place of the conventional carbonated drinks because of the price similarity between flavored and functional water and carbonated drinks.

Some of the challenges facing the global flavored and functional water market include increasing worldwide campaigns against the use of packaged bottles and threat of substitute products.

Asia Pacific - Key Player in the Global Flavored and Functional Water Market

In the year 2012, the leading markets in the flavored and functional water market were Japan, US, Italy, France and Germany. In the same year, the Asia Pacific emerged a strong market with a double-digit growth rate. There is high demand for flavored and functional water in countries of the Middle East, Asia and Latin America due to rising income levels and widespread urbanization.

There are emerging markets wherein due to scarcity of clean drinking water, people demand for bottled flavored and functional water apart from just plain bottled water.

Expansion of the agricultural and industrial sectors in China has led to water supply getting polluted which as a result has given a major boost to the demand for flavored and functional water. Manufacturers of flavored and functional water are making the most of the prevailing trend of higher health awareness amongst consumers.

Some of the popular and prominent companies that dominate the global flavored and functional water market include Kraft Foods, Nestle Water, PepsiCo, Balance Water Company, Hint Water, New York Spring Water, Herbal Water, the Coca Cola Company, Sunny Delight Beverage Company and Groupe Danone. Ayala’s Herbal Water, Mizone, Aquafina FlavorSplash, Nestle Pure Life and Dasani Drops are some of the markets wherein these companies mentioned above offer their multiple brands.

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