- Addition of new flavors and product varieties to flavored water, fortifying flavored water with minerals, alkaloids, and antioxidants, and robust branding and advertising by market players have boosted the growth of the global flavored water market.
PORTLAND, Ore., Feb. 2, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Flavored Water Market by Type(Sparkling Water, Functional Water, and Still Water), Flavor (Lemon, Watermelon, Strawberry, Orange, and Others), Packaging (PET Bottles and Cans),and Sales Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Channels and Others): Global Opportunity Analysis and Industry Forecast 2021-2030."As per the report, the global flavored water industry was accounted for $17.78 billion in 2020, and is expected to reach $31.26 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
Major determinants of the market growth
Addition of new flavors and product varieties to flavored water, fortifying flavored water with minerals, alkaloids, and antioxidants, and robust branding and advertising by market playershave boosted the growth of the global flavored water market. However, rise in availability of alternatives anddental problems due to the usage ofadditives and sweeteners in flavored waterhinder the market growth. On the contrary, emergence of online shopping and eco-friendly packaging of flavored water are expected to open new opportunities in the future.
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Covid-19 scenario:
- Rise in health awareness due to outbreak of Covid-19 has changed the food and beverage consumption pattern of the consumers. The demand for healthy food and beverages products increased in the market.
- The fear of shortage of potential food and beverage products among consumers has improved the hoarding trend. Due to disrupted supply chains, the market players were not able to fulfill the growing market demand.
- However, the global vaccination campaign and lockdown techniques to limit the virus's transmission are anticipated to help the market recover and reclaim its place in the beverage industry.
The sparkling water segment to dominate by 2030-
By product type, the sparkling water segment accounted for more thanthree-fourths of the global flavored water market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to the wide availability of flavored water in the market, high market penetration, and refreshing taste offered to the consumers. The functional water segment, however, would showcase the fastest CAGR of 6.2% by 2030.
The lemon segment held the highest share in 2020-
By flavor, the lemon segment contributed to nearly one-fourth of the global flavored water market revenue in 2020, owing to its refreshing tangy taste and its wide availability. At the same time, the watermelon segment would cite the fastest CAGR of 5.7% by the end of 2030. The report also includes strawberry and orange segments.
North America to lead the trail in terms of revenue-
By geography, North America garnered the major share in 2020, contributing to more thantwo-fifths of the global flavored water market. This is due to the rising awareness and increase in marketing activities in developing nations such as U.S., Mexico, and Canada. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 7.4% throughout the estimated period.
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Leading market players
- Danone SA
- New York Spring Beverage, Inc.
- Harvest Hill Holdings, LLC
- Nestle SA.
- Disruptive Beverages, Inc.
- Keurig Dr. Pepper, Inc.
- Hint, Inc.
- National Beverage Corporation
- Miami Bay Beverage Company, LLC
- The Coca Cola Company
- Frozen Garden, LLC.
- Spindrift Beverage Co., Inc
- Pepsico, Inc.
- Unique Foods (Canada), Inc.
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