According to a new report published by Allied Market Research, titled, “Flavored Water Market by Type, Flavor, Packaging, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global flavored water market size was valued at $17.788.9 million in 2020, and is projected reach $31,264.2 million by 2030, registering a CAGR of 5.5% from 2021 to 2030.
Flavored water is non-alcoholic bottled drinking water that is rich in minerals and has improved flavor. It is available in as still, sparkling, and functional water infused with natural flavors. Sparkling flavored water combines carbonation with additional minerals, whereas functional flavored water has additional ingredients such as protein, vitamins, herbs, botanicals, and alkaloids that are beneficial for health. The supplemental elements in flavored water help to boost the immune system, balance the pH, and rejuvenate the body. Flavored water has a distinctly clear and crisp flavor that gives customers an enhanced experience.
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Manufacturing companies are bringing innovative flavored water products to cater to the requirements of the consumers and its helping to increase the flavored water market size. With the advancement of technology, companies are opting for new types of machineries to reduce the time of operation and increase production. For instance, Zhangjiagang King Machine Co. Ltd launched a new product, the aluminum bottle beverage filling product that has the unique feature of filling 15,000 bottles per hour. The product is designed to reduce the time of operation and increase the units of production. Advanced machinery provides numerous opportunities for flavored water companies to increase the bottling process and reduce the operational time. This fast-production process will help achieve the demand for the products in the market. The automation process in the machine will further help to reduce the need for manpower. The introduction of such innovation is expected to bring flavored water market opportunities for growth.
Dietary sugar is used for the preparation of flavored water. It adds taste to the product, ensuring that the water maintains its distinct taste and increases the shelf life. Sugar in the diet, particularly in liquid form, increases the risk of dental cavities, obesity, and type 2 diabetes. In 2016 Soft Drinks Industry Levy, introduced sugar tax, and in 2018 it was implemented and was adopted by 39 countries from different regions.
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The tax was issued to encourage healthy habits and overcome obesity-related aliment in consumers. The concept was that if the sugar content of a beverage exceeded 5g per 100 mL, tax would be charged. This law posed a challenge for manufacturers, particularly small-scale industries that had no other option than sugar. The sugar tax compelled the manufacturers to increase the prices of the goods to benefit from sales. Large-scale manufacturers, on the other hand, have turned to using sugar alternatives to avoid paying taxes. Sugar tax is acting as a restraint for the flavored water market growth.
Major flavored water companies use artificial flavors in the flavored water products due to their easy availability and cost-effectiveness. Artificial flavors provide taste and color. The harmful component present in the artificial flavors gives rise to dental caries in consumers. Customers stopped from purchasing flavored water products as artificial flavors are used in flavored water products. The minimal acceptance of flavored water made with artificial tastes is hindering the market growth. Due to the low market acceptance of flavored water, companies might include natural flavoring into flavored water products. Natural flavorings provide an authentic taste without the use of chemicals while also providing natural health benefits that customers will appreciate. Sound Brands, LLC, for example, developed flavored sparkling water infused with a variety of organic teas, herbs, and fruit extracts. The flavored sparkling water has no artificial flavors, sweets, or calories.
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The flavored water market is segmented into type, flavor, packaging, sales channel, and region. On the basis of type, the market is categorized into sparkling water, functional water, and still water. On the basis of flavor, it is segregated into lemon, watermelon, strawberry, orange, and others. On the basis of packaging, it is bifurcated into PET bottles and cans. On the basis of sales channel, it is divided into hypermarkets/supermarkets, convenience stores, online channels, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, LAMEA.
Key Findings Of The Study
On the basis of flavored water market analysis for type, the sparkling water segment is projected to witness the highest CAGR of 5.3%, in revenue terms, during the forecast period.
On the basis of flavor, the lemon segment is expected to dominate the market from 2021 to 2030.
On the basis of flavored water market trends for packaging, the PET bottles segment is projected to witness the highest CAGR of 5.8%, in revenue terms, during the forecast period.
On the basis of sales channel, the hypermarkets/supermarkets segment is expected to grow at a significant CAGR during the flavored water market forecast period.
On the basis of region, U.S. was the largest country, in terms of revenue generation for flavored water market in 2020.
On the basis of region, Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 7.4% from 2021 to 2030.
The key players profiled in this report include Danone SA, Disruptive Beverages, Inc., Harvest Hill Holdings, LLC, Hint, Inc., Keurig Dr. Pepper, Inc., Miami Bay Beverage Company, LLC, Nestle SA., Pepsico, Inc., The Coca Cola Company, Unique Foods (Canada), Inc., National Beverage Corporation, New York Spring Beverage, Inc. Frozen Garden, LLC., Drink Simple, Inc., Spindrift Beverage Co., Inc, Just Goods, Inc., Vitamin Well AB, Functional Beverage Company, AcquaMinerale San Benedetto S.p.A., and Waterloo Sparkling Water Corp.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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