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Flavored Water Market Size is Projected To Reach USD 40510 Million By 2027 At A CAGR of 7.8% - Valuates Reports
The popularity of zero-calorie and low-carb soft drinks among millennials is increasing. Growing awareness of a healthy lifestyle, rising obesity rates, and an aging population in metropolitan areas are all driving the demand for flavored water, thereby increasing the flavored water market size.
Due to rising health concerns during the COVID-19 pandemic, demand for flavored hydration products enhanced with the benefits of minerals and vitamins grew rapidly, particularly among health-conscious consumers with mid-to-high income levels.
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The rising prevalence of obesity and growing awareness about healthy lifestyles among the urban population is expected to remain the key drivers governing the growth of the global flavored and functional water market. As customers' health concerns keep them away from artificially flavored beverages and fizzy drinks, flavored water is becoming more popular. This trend is expected to drive the growth of the flavored market during the forecast period.
Furthermore, flavored water is particularly appealing due to its health benefits. The availability of a variety of flavors and possibilities in flavored and functional water will also help to increase the flavored water market, as consumers prefer to test new flavors and stick to the best of them.
Although flavored water is a bit pricey, rising income levels presently allow individuals, particularly in developing countries, to consume premium products like this water. This is expected to be a primary element influencing market expansion positively.
Furthermore, the constant introduction of novel tastes, innovative packaging, and the addition of functional ingredients have all contributed to the shaping and growth of the flavored water market. To appeal to modern consumers, companies are adding vitamins and minerals to their drinks. As consumer awareness of sustainability and the environment grows, industry participants are increasingly selling flavored waters in environmentally friendly packaging. To cater to ecologically aware consumers, several manufacturers sell their drinks in aluminum cans. Furthermore, customers want drinks that are responsibly sourced and produced. This trend has provided industry participants with prospects for expansion.
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Based on end-user, the supermarkets & hypermarkets segment is expected to be the most lucrative. Because of the shopping experience, many people choose to buy bottled water from supermarkets and hypermarkets. However, as a result of the pandemic, online portals have emerged as one of the most important distribution channels for manufacturers, distributors, retailers, and consumers.
Based on region, the North America region is the most lucrative. The region's supremacy can be linked to the individuals' high disposable income and high urbanization. North American consumers prefer flavored water to calorie-dense beverages, boosting market demand.
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