Albany, NY -- (SBWIRE) -- 09/22/2014 -- According to a new market report published by Transparency Market Research "Global Flavored and Functional Water Market - Global Industry Analysis, Size, Share, Growth and Forecast, 2013 - 2019," the demand for eyewear products was over 2,600 million units in 2011, and is expected to grow at a CAGR of 3.7% from 2013 to 2019. In terms of revenue, the market was valued at approximately USD 81 billion in 2011 and is expected to reach USD 130 billion by 2018.
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In its latest research report published recently, Transparency Market Research states, the global flavored and functional water market is likely to reach USD 15.90 billion by 2019. The report, titled “Flavored and Functional Water Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019” says that the market will witness a CAGR of 5.2%.
The flavored and functional water market has expanded and grown by leaps and bounds due to increasing rate of obesity, shift in perception towards healthier drinks, and rising aging population. Flavored and functional drinks, which are high in vitamins, herbs, minerals, and amino acids, are steadily gaining popularity over aerated drinks as these are competitively priced.
The most commonly seen flavored and functional water items are orange, cherry, lemon, apple, peach, and mixed flavors. These drinks do not contain any preservatives, carbonation, color, or caffeine. The increasing amount of health concerns and health issues caused by aerated drinks is leading to people opting for flavored and functional water.
Rapid urbanization in Asia, Latin America, and the Middle East has led to rise in disposable incomes of the population. Urbanization also leads to increased consumer awareness about better lifestyle options with regards to products. These two factors are speedily driving the market of flavored and functional water on the road to success. Poor water management resulting in polluted water supply in the industrial and agricultural areas of China have also led to a rise in the demand of bottled water, inclusive of flavored and functional water. As the urban population is seeking products to better their health and lifestyle, they are surely proving to be potential markets for key players.
The flavored and functional water market grew by 7.3% to reach a valuation of USD 17,200 million in 2012. However, only flavored water segment reached USD 11,653.8 million in 2012, which was more by 7.1% since 2011. Functional water segment is also expected to grow as forecasted in the coming period.
As per 2012 records, Japan, Italy, France, Germany, and U.S. are some of the top ranking markets for this segment. However, Asia Pacific has proved to be a promising market with double digit growth in 2012.