Functional Water Market to Register CAGR of 7.55% from 2021-2028; Nestlé S.A Acquires Essentia Water to Strengthen Portfolio

The global functional water market size was USD 12.86 billion in 2020. The market is likely to grow from USD 13.80 billion in 2021 to USD 22.97 billion in 2028 at a CAGR of 7.55% in the 2021-2028 period.

This information is published by Fortune Business Insights, in its report, titled, “Functional Water Market Size, Share & COVID-19 Impact Analysis, By Ingredient (Micronutrients, Botanical Extracts, Other Functional Ingredient), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others), and Regional Forecast, 2021-2028.”

According to our expert research analysts, the growth of the market is owing to the factor that the rapid evolution in hydrating experience; water guaranteeing sleep quality and water for the body-detox are few of the fascinating inventions under this grouping.

COVID-19 Impacts:

Growth in Sales amid COVID-19 due to Health Aids Linked with Functional Water          

The unfortunate event of lockdown compelled people to work from home as well as work out at home, which principally influenced the sales of energy and sports drinks. Contrariwise, with more leniency in protocols, the market for the above-mentioned product has begun achieving grip again. The demand for a product with performance amplification, perceptive improvement, immune improving, and other properties is rising, which is a favorable characteristic for the market growth.

Development Example

Cloud Water Unveils Cloud Water + Line; Set to Mark Colossal Progress

Cloud Water launches its Cloud Water + line, which is an immune-backing sparkling beverage. The line-up involves ingredients such as complete of the commended daily grant of vitamin D and zinc coupled with organic wildflower honey. Cloud Water + is obtainable in 12-ounce slim cans for a recommended retail price of USD 2.79 for a can, as well as in 12-packs.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/functional-water-market-100279

Drivers and Restraints:

Product Inventions and Presentations by Manufacturers to Navigate Market Growth

The formation of innovative products and the launch of novel flavors by manufacturers is another factor that is estimated to fuel the growth of this market in the upcoming future. Portfolio development, i.e., novel product development, stays as one of the most favored tactics by market players. This is expected to boost the global functional water market growth.

Competitive Landscape:

Key players in the market are always on a lookout for applying efficient strategies in order to make a noticeable difference in their sales.

For instance, in March 2021, Evian, which is a brand of Danone S.A., a multinational food products corporation, got involved in the flavored functional sparkling water class with the unveiling of its novel variety of evian + products based in the U.S.

Industry Developments:

• March 2021 - Nestlé S.A, one of the world's largest food & beverage companies, declared the procurement of Essentia Water, which is a first-class functional water brand situated in Washington.

List of Key Players Mentioned in the Market Report:

• Danone S.A. (Paris, France)
• The Coca-Cola Company (Georgia, U.S.)
• PepsiCo Inc. (New York, U.S.)
• Nestle S.A. (Vevey, Switzerland)
• Keurig Dr Pepper (Texas, U.S.)
• Hint Water Inc. (California, U.S.)
• Tata Group (Mumbai, India)
• The Alkaline Water Co. (Arizona, U.S.)
• Nirvana Water Sciences (New York, U.S.)
• Balance Water Company LLC. (New York, U.S.)

Further Findings:

• Based on ingredient, the global market is separated into micronutrients and botanical extract, among others.
• The emerged market of North America is a clear leading region for functional ingredients added water sales owing to its robust growth in the U.S. North America held the maximum functional water market share and is projected to dominate the global market.  

Table of Segmentation: