JangaFX currently has an alpha or beta version of liquidgen where it’s specifically used for liquid & water, although it’s so early stages, its not used much. To get any kind of splash, if its for stylised people tend to hand draw them, or make a stylised shader and fake the splash with a masked dissolve. For realistic it can be a bit more tricky but usually you’d use meshes with a water shader…again that probably dissolves.
Hey Ryku!
So you could do it with everything that has some kind of liquid sim and a camera to render. Houdini is pretty famous to use for that, as you have the possibility to get a lot of textures with after setting it up once and just tweaking parameters (and automate it or create VATs if needed). Ivan already linked a tutorial to that.
But you could also get solid results with Blender or even with Unreal Engine 5, as they have introduced the Niagara Flipbook Baker.