Market Research Future (MRFR) suggests that the Flavored Water Market can expect to reach a significant valuation of USD 16,370.4 Million by 2025. MRFR also expects the market size to soar at a rate of CAGR of 7.6% between 2019 and 2025 (evaluation period).
The COVID-19 outbreak has had a detrimental impact on the food and beverage industry, with the temporary shutdown of manufacturing facilities and weakened demand. With the primary focus on curbing the spread of SARS-CoV-2 among the healthcare workers, players in the flavored water industry are fixated on fostering their supply chains and accelerating their operations to curb further revenue losses. Additionally, with the gradual lifting up of the lockdown across countries and the novel coronavirus under control, the global market can recover faster in the coming years.
Lifestyle Changes and Urbanization to be Major Growth Rendering Factors
Soaring health awareness, evolving consumer tastes and preferences, and notable lifestyle changes across developing as well as developed countries contribute significantly to the demand for flavored water. Flavored water products companies use a strategy that involves highlighting popular ingredients in their products that spark the interest of those consumers that focus on their wellness, wellbeing and health. This helps foster the value proposition of the companies’ offerings and improve the overall profit margin, while also bolstering the market growth.
Personalization Trend to Present Lucrative Opportunities
Customisation and personalisation of drinks has emerged as a significant opportunity that vendors are leveraging to enhance their share in the global market. For instance, uFlavor is a US online brand that allows customers to design or create their own beverage. Apart from this, companies are presented with an opportunity by the eCommerce sector, which has become extremely popular among online shoppers.
Weakened Demand for Packaged Bottes to Challenge Market Growth
The market growth will be challenged by the escalating number of campaigns that discourage consumers from buying packaged bottles. The rising availability of alternatives could also be a major threat for the global market in the ensuing years.
Still Flavored Water to Note Better Growth than Carbonated
Still and carbonated are the key types of flavored water available in the market. Revenue-wise, the carbonated segment has stayed at the top since the year 2018. But the still flavored water segment can exhibit a better growth rate of 7.8% as this type is obtained from natural sources like protected springs, public water supply and groundwater from wells, and is therefore, viewed as a better option compared to carbonated water.
Bottles to be the Most Preferred Packaging Style
Cans, bottles, and others are the top distribution channels studied in the MRFR report. The bottles segment has taken the top position as they are far more convenient than cans and are reusable. Cans are generally used for single-time and are easy to carry, which means that the segment could attain the fastest growth rate over the conjectured period.
Store-Based Segment to Dominate the Market
Depending on distribution channel, the global market can be considered for store-based as well as non-store-based. The store-based segment has been split into convenience stores, supermarkets & hypermarkets, and others. Since 2018, the store-based segment has remained in the lead with supermarkets & hypermarkets emerging as the biggest sub-segment. The store-based segment’s growth has been bolstered by the high popularity of the retail sector. The non-store-based segment can project a better growth rate over the review period.
North America to See Highest Progress
Since 2018, the highest revenue generating market has been North America, and the region is expected to touch a whopping USD 10,481.4 Million by 2025. Mounting health consciousness and the resultant increase in consumer demand for healthy alternatives to sugary juices, sodas, and other drinks has fostered the consumption of flavored water in the region. Consumers are increasingly steering clear of carbonated sugary soft drinks and other beverages and are opting for healthier alternatives. A rapidly emerging trend in the us flavored water market is the growing popularity of wine water, in view of which various firms are introducing naturally flavored water that has antioxidants associated with red wine but devoid of any sugar, alcohol or calories.
The Asia Pacific Market to Procure the Fastest CAGR
Asia Pacific is bound to be the fastest gaining market in the coming years, thanks to the surge in health concerns among the people and the declining demand for sugary carbonated soft drinks. New launches in the region promise to enhancement of physical as well as mental well-being, with natural ingredients that do not have extra sugar, are pH balanced, and are in line with prevalent diet trends like paleo, Whole30 and keto. These launches and the rising availability of various options for consumers to choose from can be favorable for the flavored water market in the region during the given period.
Players Concentrate on Product Innovations to Push Global Presence
Major firms are frequently adopting several competitive strategies including collaboration, merger and partnerships to further push their positions in the global market. However, the prime focus is on product innovations as well as new launches to not only foster brand recognition but also gain a wider customer base in the fiercely competitive industry. The latest flavored water market trend is the escalating demand for low sugary and healthy beverages worldwide, which is prompting manufacturers to develop products that cater to the evolving consumer tastes and preferences across various countries.
The report flavored water market overview covers key points such as the flavored water market share across certain regions, current flavored water market trends and the flavored water market forecast for the coming years. The report has primarily assessed the top challenges, barriers and drivers affecting the market size. MRFR outlines the base year, projected period as well as size during the given period. The market study also comprises some of the key developments post the COVID-19 outbreak and the effects of the novel coronavirus and the lockdown on the market. Apart from comprehensive market segmentation, the report also throws light on the latest business scenario covering the expected as well as the historical value, in terms of volume and value, technological developments, and the top factors inducing market growth. Additionally, the reputed flavored water market manufacturers along with the key strategies adopted by them to stay competitive in the industry are also profiled in the MRFR report.
Scope of the Report
The scope of the report covers the expected flavored water market size, the latest flavored water market trend, the US flavored water market growth scope, the leading flavored water market supplier, list of flavored water market manufacturers and the flavored water market growth rate over the evaluation period.
Global Flavoured Water Market, By Type
Global Flavored Water Market, By Packaging Type
Global Flavored Water Market, By Distribution Channel
Frequently Asked Questions (FAQ) :
Flavored water market is projected to grow at a 7.6% CAGR between 2018-2024.
North America is expected to dominate the flavored water market.
Flavored water market is predicted to touch USD 10, 989.0 million by 2024.
The carbonated segment will lead the flavored water market.
Growing retail sector and product innovation are the key factors driving the flavored water market.