The global flavored and functional water market is estimated to witness high fragmentation and competitive landscape, owing to the advent of substantial number of local and regional players The essential concentration of market players is getting into product differentiation using creative innovations and packaging, says Transparency Market Research (TMR) in a recent report. Some of the noticeable players working in the market are The Coca-Cola Company, Hint Water, Nestle SA, Groupe Danone, PepsiCo, and New York Spring Water.
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The global flavored and functional market is estimated to achieve a valuation of US$36.7 bn by the end of 2019 from value worth US$23.8 bn back in 2015, expanding at a critical CAGR of 11.50% within the forecast period from 2013 to 2019. Countless players are going into associations with local players to improve their product mastery and advancement. This technique additionally causes them in expanding their global outreach.
Based on product, the segment of flavored water is likely to show a more noteworthy CAGR than functional water, attributable to the expanding preference towards products that offer both medical advantages and taste. As per the geography, Asia Pacific region is expected to be leading the development until 2019, comprising of 44% of the general market. The rise in disposable income and fast urbanization have increased the awareness with respect to flavored and functional water in the mentioned region.
Increase in Obese Population to Help Market Growth
Because of the rising concerns in regards to obesity and other related illnesses, the tendency towards low-calorie drinks has risen considerably since past couple of years. This, thus, has an inescapable positive effect on the global market for flavored and functional water.
Fast urbanization, increase in disposable income, and evolving ways of life, are inciting individuals around the globe to become more health-conscious, which is converting into the more prominent take-up of flavored and functional water. Players are additionally taking extra efforts to create more beneficial beverages that better adjust to the demands of consumers, which is working for the market. Other than that, the surge in overall geriatric population is additionally feeding the development of the flavored and functional market.
Ban on Plastic Packaging to Hamper Market Growth
The global flavored and functional water market is generally affected by the flow of the global bottled water sector. The expanding restriction to the utilization of plastics in packaging alongside the rising awareness relating to environmental preservation is unfavorably influencing the utilization of plastic jars. As a result, it is repressing the development of the global flavored and functional water market.
Regardless of the expanding shift towards more beneficial ways of life, the accessibility of affordable carbonated beverages is adversely affecting the development of the market. Also, the presence of high sugar content in different flavored and functional water is hampering the basic reason for developing these products. Be that as it may, lucrative development scopes offered by developing nations are foreseen to urge players to tap on these regions, in this way permitting the global flavored and functional water market to grow rapidly in the forthcoming years.