North America Functional Water Market is projected to grow at a CAGR of 6.49% during the forecast period.
- The market studied is primarily driven by health and wellness trends, along with the exquisite product offerings from various global and regional players. Growing consumer demand for functional beverages has been the crucial factor that is driving the growth of the market studied over the forecast period.
- Convenience of consumption and its effect on human nutrition are the factors that are increasing the demand of the market. The growing popularity of functional water among the working class and millennial populations is expected to improve the development of the market.
Key Market Trends
Growing Preference for Functional Water with Protein
Fortification is the process of adding one or more essential nutrients to foods, whether or not they are normally contained in the food, for the purpose of preventing or correcting demonstrated deficiency of one or more nutrients. Protein is among the top trends in the food and beverage industry all across the world. Flavoured functional waters infused with protein are specifically developed by manufacturers to help consumers meet their exercise, diet, and lifestyle goals. Protein-rich functional water is essential for lean muscle growth and repair, and can also promote the feeling of satiety. This is expected to drive the growth of the flavoured protein functional water segment over the forecast period.
United States Dominates the Market
Functional water is vitamin-enriched waters that have gained consumer popularity for convenience, perceived health benefits, and improved flavor over tap water. Multiple qualities of functional water contribute to the evident attraction evinced among US consumers for the product. The versatility of functional water makes it suitable for consumption at any time of the day and in just about any setting or situation. Compared to other RTD beverages, functional waters are comparatively inexpensive and various packaging options, like containers and single-serve bottles, are making it more popular among consumers, thereby driving the growth of the functional water market. Consumers in the United States have started to develop an interest in beverages that deliver benefits above and beyond simple refreshments, who are also contributing to the expansion of the functional water market.
North America's functional water market is fragmented due to the presence of various players in the market. The key players are focusing on several strategies such as new product development, expansion, mergers and acquisitions, and partnerships to meet the demand of growing consumers. The major players are The Coca-Cola Company, PepsiCo, Dr. Pepper Snapple Group Inc., Trimino Brands Company LLC, and Function Drinks among others.
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