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Obesity is expected to drive innovation in functional water manufacturing, thereby driving the market during the forecast period.

The global functional water market is expected to grow from $7.98 billion in 2022 to $8.57 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The functional water market size is expected to grow to $11.19 billion in 2027 at a CAGR of 6.9%.

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Global functional water Market Segments Include:

• By Product Type: Vitamin, Protein, Other Product Types
• By Packaging: Pet Bottles, Can, Other Packaging
• By Distribution Channel: Hypermarkets Or Supermarkets, Specialty Stores, Online Stores, Other Distribution Channels
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global functional water market in 2021.

Major Market Players in the functional water market include Danone, The Coca-Cola Company, Pepsico Inc., Dr. Pepper Snapple Vitamin Well AB, Trimino Brands LLC., NYSW Beverage Brands Inc., Herbal Water.

Product innovation is a popular trend in the functional water market. To maintain their position in the functional water market, major market players are developing innovative functional water products such as water with science-backed benefits. For example, in March 2022, Nirvana Water Sciences Corp, a US-based company dedicated to developing life-enhancing beverages by combining pure water, scientific innovations, and environmental stewardship, introduced a new innovative functional water called ‘Nirvana HMB + Vitamin D3’ spring water. Nirvana HMB + Vitamin D3 spring water is a functional beverage with combined science-backed benefits. Nirvana HMB + Vitamin D3 provides significant advantages by combining muscle recovery and immunity. When combined with HMB and Vitamin D3, the new product improves its effectiveness, resulting in a powerful synergistic effect. When consumers combine the immunity-boosting benefits of Vitamin D3 with the optimization of delivery in water, they can achieve a winning combination. It is functional water that is innovative for all types of consumers.

The Functional Water Global Market Report 2023  provides a functional water market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The functional water market forecast analyzes functional water market size, functional water market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Functional water is a non-alcoholic beverage category that provides additional health and functional benefits. It contains aquaceuticals, which are supplemental ingredients.

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