Wellness Water Market to Reach $30.9 Billion, Globally, by 2033 at 7.6% CAGR: Allied Market Research
The global wellness water market is experiencing growth due to rise in health consciousness among individuals and increase in availability of fortified water in the global market.
Wilmington, New Castle, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Wellness Water Market by Functional Ingredient (Vitamin & Minerals, Botanical Ingredients and Other functional ingredients), Flavor (Fruit Flavor, Herb Flavor and Others), and Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Drug Stores, Online Store and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the wellness water market was valued at $15.1 billion in 2023, and is estimated to reach $30.9 billion by 2033, growing at a CAGR of 7.6% from 2024 to 2033.
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Prime determinants of growth
The global wellness water market is experiencing growth due to rise in health consciousness, increase in awareness for hydration, and demand for natural and organic products. However, the high cost and availability of substitutes hinder the market growth to some extent. Moreover, sustainable packaging and product innovations offer remunerative opportunities for the expansion of the global wellness water market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size In 2023 | $15.1 Billion |
| Market Size In 2033 | $30.9 Billion |
| CAGR | 7.6% |
| No. Of Pages In Report | 200 |
| Segments Covered | Functional Ingredient, Flavor, Distribution Channel, And Region. |
| Drivers | Rise In Health Consciousness
|
| Opportunities | Introduction Of Sustainable Packaging
|
| Restraint | High Cost
|
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Segment Highlights
The Vitamin & Minerals segment is expected to exhibit fastest growth throughout the forecast period
Based on functional ingredients, the vitamin & minerals segment held the highest market share in 2023, accounting for more than half of the global wellness water market revenue and is likely to retain its dominance throughout the forecast period. Vitamins and minerals are the preferred functional ingredients used in wellness water due to their essential roles in supporting overall health and well-being. These nutrients help address specific health concerns such as boosting the immune system, enhancing energy levels, and improving hydration.
The fruit flavor segment is expected to exhibit fastest growth throughout the forecast period
Based on flavor, the fruit flavor segment held the highest market share in 2023, accounting for nearly three-fifths of the global wellness water market revenue and is likely to retain its dominance throughout the forecast period. Fruit flavor is the most preferred flavor used in wellness water, appealing to consumers seeking a refreshing and enjoyable drinking experience. The natural sweetness and vibrant taste of fruits like lemon, berry, and tropical blends not only enhance the palatability of the water but also offer a sense of indulgence without the added calories and sugars found in traditional sugary drinks. This preference is driven by the growing demand for healthier beverage options that still deliver on taste.
The hypermarkets/supermarkets segment is expected to exhibit fastest growth throughout the forecast period
Based on distribution channel, the hypermarkets/supermarkets segment held the highest market share in 2023, accounting for half of the global wellness water market revenue and is likely to retain its dominance throughout the forecast period. Hypermarkets/supermarkets feature a separate area for wellness water products, making it easier for consumers to identify and purchase the product. Hypermarkets/supermarkets provide the consumers with premium advantages such as availability of different brands of wellness water, discounts on certain brands, the assistance of sales representatives, and easy checkouts. The development of new hypermarkets/supermarkets in the suburbs has provided consumers and manufacturers with a chance to explore the wellness water products in the market.
Regional Outlook
North America to maintain its dominance by 2033
Based on region, North America held the highest market share in terms of revenue in 2023, accounting for more than one-third of the global wellness water market revenue and is expected to remain dominant throughout the forecast timeframe. North America's dominance is driven by a highly health-conscious population, robust economic conditions, and an advanced retail infrastructure. The U.S. leads the market due to its large base of fitness enthusiasts and growing awareness of the benefits of functional beverages. The region's consumers are increasingly seeking out enhanced water options that provide additional health benefits such as improved hydration, vitamins, and minerals.
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Key Market Players: -
- Danone S.A.
- The Coca-Cola Company
- PepsiCo Inc.
- Nestle S.A.
- Keurig Dr Pepper
- Hint Water Inc
- Tata Group
- The Alkaline Water Co.
- Nirvana Water Sciences
- Balance Water Company LLC.
The report provides a detailed analysis of these key players in the global wellness water market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Developments
- In July 2022, Flow Beverage Corp., a US-based beverage manufacturer, expanded its Flow Vitamin-Infused Water product range with three additional organic flavors: cherry, citrus and elderberry. The newly developed vitamin-infused water is accessible directly to US customers via its website.
- In March 2022, Nirvana Water Sciences Corp, a beverage manufacturer, increased its product line by launching Nirvana HMB + Vitamin D3 natural spring water at Expo West in California. This new product promotes muscle repair and immunity.
- In May 2021, PepsiCo Inc., a renowned global food and beverage corporation, introduced Soulboost, an improved sparkling water infused with beneficial nutrients. The drink comes in two varieties: Lift and Ease. Lift has 200 mg of ginseng to help sustain mental stamina, while Ease contains 200 mg of theanine, helping in relaxing.
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