The flavored water market is experiencing impressive growth, escalating from $27.83 billion in 2023 to $30.38 billion in 2024, with a robust compound annual growth rate (CAGR) of 9.2%. This surge is driven by increasing consumer demand for low-calorie options, heightened awareness of hydration benefits, continuous innovations in flavor profiles, and effective marketing strategies. By 2028, the market is projected to reach $44.38 billion, with a CAGR of 9.9%. Key trends include the rise of functional flavored water, natural and organic flavors, sustainable packaging solutions, and sparkling flavored water.
Major Driver In The Flavored Water Market
The increasing inclination towards a healthy lifestyle is set to propel the flavored water market forward. Individuals embracing a healthy lifestyle are incorporating liquid diets, such as flavored water, into their dietary habits. Flavored water, enriched with the bright, sweet, and tangy flavors of various ingredients, provides the hydration of water with added appeal. The infusion of flavors not only makes water more enjoyable but also serves as a means to add nutrients to the beverage. In 2022, the International Food Information Council reported a substantial increase in the adoption of specific diets or eating patterns, with 52% of individuals compared to 39% in 2021. Notably, 74% of consumers in the age group of 18–49 embraced specific diets and eating patterns in 2022, representing a significant rise from 52% in the previous year. Hence, the growing consumer orientation towards a healthy lifestyle is a driving force for the flavored water market, a trend expected to persist in 2023, 2024, and beyond.
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Flavored Water Market Competitive Landscape
Cargill Incorporated, Nestlé S.A., PepsiCo Inc., DS Group, The Coca-Cola Company, Mondelez International Inc., The Kraft Heinz Company, Hangzhou Wahaha Group Co. Ltd., Keurig Dr Pepper Inc., Red Bull GmbH, National Beverage Corp., National Beverage Corp., Aquafina FlavorSplash, Sanpellegrino S.p.A., Talking Rain Beverage Company Inc., Polar Beverages (Polar Seltzer), Propel Water, Hint Inc., Waterloo Sparkling Water, Nanone Corporation, Talking Rain Beverage Company Inc. (Sparkling Ice), Balance Water Company Pty Ltd., Blue Keld Springs Ltd., Spindrift Beverage Co., Daily Drinks Co. Ltd., Saratoga Spring Water Company, Xalta Food & Beverages Pvt Ltd, Neviot Global Ltd., Sunny Delight Beverages Co., JUST Goods Inc.
Key Flavored Water Market Trend
Major players in the flavored water market are focusing on nutrient-rich options, such as vitamin-infused flavored water, to gain a competitive advantage. For instance, in July 2022, Flow Beverage Corp., a Canadian beverage company, launched ‘Flow Vitamin-Infused Water,’ available in organic flavors like cherry, citrus, and elderberry. This product provides 120% of the recommended daily value of Vitamin C and serves as a source of zinc, with no added sugars, calories, or preservatives.
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Flavored Water Market Segmentation
The flavored water market covered in this report is segmented –
1) By Type: Carbonated, Still
2) By Distribution Channel: Store-based, Supermarkets And Hypermarkets, Convenience Store
3) By Packing: Bottle, Can, Box, Pouch
4) By Industrial Application: Beverage Industry, Brewery Industry, Health And Wellness Industry, Other Industry Applications
5) By Flavor: Blueberry, Watermelon, Cola, Coconut, Citrus, Unflavored
By Geography:The regions covered in the flavored water market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the flavored water market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the flavored water market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Flavored Water Global Market Report 2024 furnishes information about the global flavored water market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
