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Pharmacy benefit management market
Personalized Hydration Solutions Market Report Overview
The global Personalized Hydration Solutions market size was USD 365.02 million in 2022, as per research the market is expected to generate USD 766.85 million by 2031, exhibiting a CAGR of 8.6% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the Personalized Hydration Solutions market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The body is replenished with water, salt, and other nutrients using customised hydration solutions. The electrolyte level of certain products is three times more than that of standard sports drinks, and some are also high in vitamins and other nutrients that the body need. After exerting oneself for a prolonged period of time, customised hydration solutions can swiftly restore the body to its optimal level of hydration.
Hydration backpacks are becoming increasingly popular as they provide a practical hands-free application and support maintaining ideal hydration while moving. The market is anticipated to be driven by elements like rising interest in risk-taking outdoor activities, rising awareness of the value of living a healthy lifestyle, and an increase in internet users in developing nations, which will increase product awareness.
COVID-19 Impact: COVID-19 Pandemic Hindered The Market Growth
Early on in the COVID-19 pandemic, appropriate anti-epidemic policies were developed globally, and lockdowns were implemented to restrict travel throughout the area. This led to a decline in the number of people participating in outdoor sports, which hampered the growth of the market for hydration products and customised hydration solutions. However, the number of individuals participating in outdoor activities will steadily rise due to the lifting of lockdowns in different areas and the demand for a healthy body, which is anticipated to further propel the expansion of the worldwide market for personalised hydration solutions throughout the course of the projected period. Like most other sectors, the global market for Personalised Hydration Solutions has had to deal with a number of challenges brought on by the appearance of COVID-19. Not only did the Personalised Hydration Solutions market's supply chains experience significant disruptions, but this pandemic also forced several businesses to close their doors or operate at subpar levels, incurring immeasurable losses in terms of both money and a shrinking workforce. And this went on for a time, as long as governments in each country imposed strong precautionary limits on the movement of people and products to stop the spread of the disease.
Latest Trends
"North American Preference For Functional Water Is Growing leading Market Expansion"
Functional water is vitamin-enriched water that has grown in popularity among consumers due to its convenience, alleged health advantages, and superior flavour to tap water. Due to rising worries about a variety of health issues, including heartburn, weight gain, and digestive difficulties, consumers are choosing healthier alternatives including functional water and flavoured water.
Personalized Hydration Solutions Market Segmentation
- By Type Analysis
According to type, the market can be segmented into Sports, Military, Others. Sports are anticipated to be the leading segment.
- By Application Analysis
Based on application, the market can be divided into Online, Offline. Online will be the dominating segment.
Driving Factors
"Use Of Smart And Interactive Goods Is Becoming Increasingly Popular In The Worldwide Market For Hydration Products"
All product categories have seen innovation as a result of technological breakthroughs. The sports drink brand Gatorade has unveiled a smart cap with LED illumination that tells the wearer how much water they've consumed while also serving as a reminder to remain hydrated. The user's name and favourite reminder patterns may be added to these personalised hats.
IWPS II, a new generation of water purification technology, will be introduced at Marine Corps Base, Quantico, Virginia. It will offer marine troops clean drinking water straight from the source. The solution contains a purification pill with a cartridge that gets rid of viruses and guards against bacterial-caused waterborne illnesses. The water must first go through a 15-minute purification procedure before it is fit to drink. During the projected period, these factors are anticipated to propel the market.
"Rising Military Spending Resulting In Market Expansion "
Governments in Europe have increased their armed forces and equipped them with the tools necessary to successfully battle terrorism as a result of the rise in terrorism. More and more nations are increasing their military budget in order to be more prepared for crises since the start of the Russia-Ukraine war. Maintenance, operations, procurement, military personnel, and R&D activities make up the majority of military and defence expenditures. Military personnel, armed forces budget, and operational expenses account for the majority of these costs. Military gear, such as hydration items, and protective armour are included in operating costs.
Soldiers can consume more fluids before and after intense physical activity by using hydration items that can hold water and other liquids. Additionally, customised hydration solutions aid in the training of warriors more. In order to keep soldiers hydrated during combat activities, it is anticipated that rising military spending would raise demand for customised hydration solutions.
Restraining Factors
"High Cost Price Of Hydration Devices May Hamper The Market Growth"
Sports enthusiasts, members of the military, and regular customers utilise hydration products largely to keep themselves hydrated while engaging in physical activity. Water bottles, reservoirs, purification and filtration systems, and accessories are just a few of the hydration items available on the market. A small number of major suppliers dominate the market, each offering a diverse variety of products that appeal to various consumer groups. One important aspect that sets the sellers apart is the cost of these items.
Despite the advantages of hydration devices, their expensive price still poses a serious obstacle to their widespread usage, particularly in underdeveloped nations where ordinary water bottles are used in their place.
Personalized Hydration Solutions Market Regional Insights
"North America Region Will Dominate The Market During Forecast Period"
Geographically speaking, North America accounted for more than 38% of total sales in 2021. The region's well-established sports business and increased product exposure are anticipated to drive product demand in the upcoming years. Due to the rising popularity of outdoor activities in the area, hydration backpacks, particularly hiking hydration backpacks, continue to gain enormous appeal throughout the region. Since they aid in ensuring appropriate hydration during outdoor activities, hydration backpacks are becoming more and more popular with customers.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Skratch Labs (U.S.)
- Nuun Hydration (U.S.)
- DripDrop (U.S.)
- Gatorade (U.S.)
- Liquid IV (U.S.)
- Vitalyte (U.S.)
- Precision Hydration Ltd. (U.K.)
- Ultima Health Products, Inc (U.S.)
- Gainful Health Inc. (U.S.)
- Infinit Nutrition (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 365.02 Million in 2022 |
Market Size Value By |
US$ 766.85 Million by 2031 |
Growth Rate |
CAGR of 8.6% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What are the key factors driving the Personalized Hydration Solutions market?
The desire for bottled water is fueled by two factors: the worry that illnesses may spread after drinking tainted tap water, and the mobility and convenience that bottled water offers. Plastic waste causes environmental damage, which hinders the markets expansion. There are health risks associated with drinking bottled water.
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What is the leading region in the Personalized Hydration Solutions market?
North America is the leading region in the Personalized Hydration Solutions market.
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What are the key players in the Personalized Hydration Solutions market?
Skratch Labs, Nuun Hydration, DripDrop, Gatorade, Liquid IV, Vitalyte, Precision Hydration Ltd., Ultima Health Products, Inc, Gainful Health Inc., Infinit Nutrition are the key players in the Personalized Hydration Solutions market.