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Increased Focus on Wellness and Wellbeing Among Health-conscious Millennials has Led to a Significant Increase in the Consumption of Flavoured and Functional Drinks
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The global flavoured and functional water hydration market was worth $44.28 billion in 2018 and is expected to grow at a CAGR of 8.4% from 2018 to 2025. It is forecast to reach $77.72 billion by 2025. Rising health awareness, the regional tastes of consumers, and substantial lifestyle changes in developing and developed nations are providing the platform for new product developments. Flavoured and functional water hydration companies leverage on the strategy of highlighting the key ingredients of their products and link them to health, wellness, and wellbeing to increase the value proposition of their offering by emphasising how their product is different from tap water. The flavoured segment generated a revenue of $15.17 billion in 2018 which is expected to reach $23.24 billion by 2025, recording a CAGR of 6.3%. As prices of functional and flavoured water are close to that of carbonated drinks, it becomes easier for consumers to afford better quality, healthy products than the highly sugared alternatives. The functional water segment, on the other hand, generated a revenue of $29.11 billion in 2018 which is expected to reach $54.48 billion by 2025, recording a CAGR of 9.4%. Development has been held back to some extent by the premium pricing of these products; in the current economic climate many consumers are unwilling to spend more for the additional value.The US, Germany, France, Italy, and Japan are the top markets for flavoured and functional water. The urban population is more conscious about their appearance and staying fit. By linking water to health and beauty regimes, flavoured and functional water manufacturers are increasingly positioning their products to take advantage of this. Countries in Asia-Pacific, the Middle East and Africa, and Latin America are considered emerging markets mainly due to factors such as increasing disposable incomes and urbanisation. This paves way for flavoured and functional water hydration companies to offer innovative products to leverage on their space against other beverages such as carbonated and sweetened drinks.New start-ups are coming up with sustainable solutions to provide flavoured and functional water with the help of water dispensers to reduce the consumption of single-use plastics. Bevi, a Boston-based start-up, has invented a smart water dispenser that provides customisable flavours using filtered tap water and natural ingredients to reduce plastic waste. Personalisation and customisation of drinks is an important opportunity that companies have to leverage on to become attractive in the market. The Indianapolis-based uFlavor is an online soft-drink company that lets customers design their beverages. Users can craft drinks with specifications, such as sweeteners, acids, and flavouring agents. Start-up companies are looking to leverage on the opportunities offered by eCommerce and online sales, as it is becoming increasingly difficult to procure shelf space at leading grocery stores. Hint Water, in its recent press release, stated that 40% of its overall sales is from online portals. Probiotic-rich and probiotic-fortified beverages like kombucha, juices, and enhanced waters have been popular for the last few years and will not lose momentum in 2019. Shrub is another gut-friendly beverage category made with fruit and vinegar which is said to alkalize the gut. Millennials are already some of the most avid buyers of sustainable and organic products; they will wield greater influence as their spending power continues to rise. As they buy more from online platforms, Amazon and other eRetailers will gain market share for sustainable products. Light commercial sites and facilities management companies are collaborating and partnering with those firms that offer sustainable flavoured and functional water dispensers to deploy at their work sites. Google, Apple, AT&T, Fidelity, Netflix, and so on recently partnered with Bevi which makes a beverage kiosk that dispenses flavoured drinks.Introduction of new and innovative types of functional water from beverage manufacturing companies that are engaged in the production of modified blends of protein and minerals is likely to fuel the growth of the market.
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