Global Bottled Water Market Set for Vigorous Growth: Forecast to Grow at a CAGR of 8.3% by 2027
Published | 01 January 2022
The global bottled water market is growing at a high CAGR because of the increasing water pollution levels and declining access to clean and safe drinking water across the globe. Additionally, the flourishing tourism sector and easy accessibility of bottled water from convenience stores and supermarkets/hypermarkets also favors the global bottled water market. …
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global bottled water market was worth USD 230.4 billion in 2020. According to the research report, the market is estimated to grow at a CAGR of 8.3%, accumulating revenue of around USD 405.2 billion by the end of 2027. The global bottled water market is growing at a high rate because of the increasing water pollution levels and declining access to clean and safe drinking water. Furthermore, a flourishing tourism sector and easy availability of bottled water from convenience stores and supermarkets/hypermarkets are expected to drive the bottled water market during the forecast period. One of the major obstacles to market growth may be increased environmental pollution due to single-use plastic water bottles and stringent government regulations regarding plastic water bottles.
Growing Demand for Sparkling and Flavored Drinking Water Anticipated to Boost the Global Bottled Water Market
The demand for sparkling and flavored drinking water is registering significant growth over the past few years, especially in developed countries. Sparkling and flavored water have no calories, and no sweeteners, and are especially popular among younger demographics who are trying to cut back on carbonated and sugary drinks. In order to capitalize on these opportunities, numerous bottled water brands are launching a range of flavored products to appeal to the diverse consumer base, which will boost their sales as well as expand their market share.
Increasing Consumer Awareness Towards Clean Drinking Water Projected to Drive the Market Growth
The increasing health consciousness among consumers and growing awareness regarding the benefits of clean drinking water is significantly proliferating the growth of the bottled water market. According to Our World in Data, a scientific online publication, one in four people worldwide do not have access to safe drinking water. Besides providing nutrients, clean water also transports waste products and other substances into the body. Additionally, it improves digestion and regulates body chemistry in addition to maintaining a normal body temperature. As a result of declining tap water quality, the demand for bottled water to access clean drinking water is predicted to grow, driving the growth of the overall market.
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Global Bottled Water Market - By Distribution Channel
Based on distribution channels, the global bottled water market is categorized into on-trade and off-trade segments. The off-trade segment is further classified into supermarkets/hypermarkets, convenience stores, retail stores, specialty stores, online channels, home, and office delivery, and others. The retail store segment accounts for the largest market share because of the high number of such stores, especially in middle and low-income countries. In developed countries, convenience stores and supermarkets/hypermarkets are popular places to purchase bottled water; thus, this market segment is also growing rapidly. On the other hand, the on-trade segment also covers a substantial share in the market because of the expanding hospitality sector and increasing demand for bottled water in hotels, airports, offices, restaurants, and cafes, etc.
Global Bottled Water Market - Regional Insights
Geographically, the bottled water market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, the Asia-Pacific region accounts for the largest share in the bottled water market. Middle-eastern countries, however, are also emerging as potential markets for bottled water due to their thriving tourism sectors and rapid economic diversification. Therefore, several leading bottled water brands are launching their products in countries such as Saudi Arabia and the UAE. North America also covers a substantial share in the market because of the high demand for sparkling and flavored water.
Impact of COVID-19 on the Global Bottled Water Market
Though the demand for bottled water has increased significantly during the COVID-19 pandemic, the growth of the bottled water market was tremendously halted by the unprecedented COVID-19 outbreak. A lockdown imposed by a number of governments to curb the spread of the virus restricted production operations and distribution channels. The manufacturers, therefore, suffered severe losses as a result of the inability to meet the demand during the quarantine period. Moreover, tourism and hospitality restrictions also affected the demand for bottled water. However, the market is anticipated to flourish during the forecast period, primarily due to the increasing health awareness among the younger generation.
Global Bottled Water Market - Competitive Landscape
The leading players in the bottled water market are Nestlé Waters, Mountain Valley Spring Company, Hangzhou Wahaha Group Co., Ltd., Icelandic Glacial Inc., The Coca Cola Company, Danone, Dasani, PepsiCo Inc., Icelandic Glacial Inc., Natural Waters of Viti Ltd., Otsuka Pharmaceutical Co. Ltd, FIJI Water Company LLC, Hana Water-Hana Food Industries Co., Voss Water, Binzomah Group, National Beverage Corp., Vichy Catalan Corporation, Sunny Delight Beverages Company, CG Roxane, LLC, and other prominent players.
The market is highly consolidated due to the presence of established multinational corporations, such as The Coca-Cola Company, Nestle, PepsiCo, Voss Water, etc., who enjoy consumer brand loyalty. Nonetheless, several smaller and medium-sized firms are emerging with tough competition in the regional markets. Furthermore, they also adopt market strategies, such as collaboration, partnerships, mergers, and acquisitions to gain a competitive edge and boost their sales and revenue.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global bottled water market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global bottled water market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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