Vietnam Water Purifier Market Witnessing Growth Spurts: Projected to Grow at a CAGR of 11.0% by 2027
Published | 23 November 2021
Vietnam water purifier market is growing at a high CAGR because of the decreasing access to safe and clean drinking water due to increasing industrialization, population, and water pollution levels….
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the Vietnam water purifier market was worth USD 151.2 million in 2020. According to the study, the market is estimated to grow at a CAGR of 11.0%, earning revenue of around USD 313.3 million by the end of 2027. Vietnam water purifier market is growing at a high rate because of the increasing water crisis in the country at concerning levels. According to an estimate, only 39% of the rural individuals in Vietnam have access to safe water and most have to resort to water wells and underground water to quench their daily need for water. As a result, the demand for water purifiers to have access to clean drinking water is projected to rise during the forecast period. Global players in the water purifiers market, such as A.O. Smith, Coway, Kangaroo Vietnam, etc., are increasingly launching their products to exploit the present opportunities as establishing themselves as a leading water purifier brand. However, the presence of alternate water purification techniques, such as boiling, filtration, chlorination, etc., may act as a major restraining factor for the market’s growth.
Growing Popularity of Online Platforms Is Anticipated to Drive the Vietnam Market Growth
Several online sales platforms that sell water purifiers are popping up in Vietnam, which is emerging as the major driving factor for the overall market growth. Several online stores, such as Ubuy, Alibaba, Amazon Vietnam, etc., are catching the attention of young people, to multiply their sales. With a wide selection of products, these online stores have earned a sound reputation across the country. Another advantage offered by online platforms is that customers can also check the credibility of the water purifiers by reading the reviews and ratings posted online by other customers.
Increasing Health Awareness Among Consumers Boosting The Vietnam Water Purifier Market
The growing health awareness among consumers, especially the elite class and higher-income groups, is significantly propelling the Vietnam water purifier market. The consumption of clean and safe drinking water provides necessary nourishment, reduces the risks of diseases, helps the body get rid of body toxins, and is very much crucial for improved sanitation facilities. Moreover, the high purchasing power of health-conscious consumers and their willingness to spend on quality products to access clean and safe drinking water are driving the demand for water purifiers.
Request For Free Sample Report @ https://www.blueweaveconsulting.com/report/vietnam-water-purifier-market#report-sample
Vietnam Water Purifier Market - By Sales Channel
The Vietnam water purifier market is segmented into the distributor, direct, retail, wholesale, and online, based on the sales channel. The retail segment holds the largest market share owing to the wide variety of brands available through retail stores. Furthermore, retail stores and water purifier brands resort to various offline marketing strategies, such as establishing kiosks to boost product sales. These strategies go a long way in pushing the market forward. However, the online sales channels are anticipated to witness the highest growth rate in the forecast period, especially after the COVID-19 pandemic. The growth of this segment is attributed to the increasing penetration of smartphones and the convenience of online payments and door-step delivery.
Impact of COVID-19 on Vietnam Water Purifier Market
The unprecedented outbreak of the COVID-19 pandemic significantly halted the growth of the Vietnam water purifier market. The production of water purifiers in the country as well as imports of the same were restricted in Vietnam due to the coronavirus-induced lockdown. Furthermore, retail stores and direct sales channels were also closed as several cities were under strict restrictions. Moreover, with the present unpredictable economic climate, consumers are also prioritizing the purchase of only the essentials. These factors have had a negative impact on the market growth of water purifiers in Vietnam. However, the emergence of online sales channels is projected to offer lucrative growth opportunities to the Vietnam water purifier market during the forecast period.
The leading players in the Vietnam water purifier market are Kangaroo Vietnam, Coway Vietnam, Karofi Vietnam Joint Stock Company, Unilever Vietnam International Company Limited, SUNHOUSE Vietnam Co., Ltd., Best Water Technology, A.O. Smith Vietnam, Miyota Vietnam Co., Ltd, Htech Vietnam Ltd., 3M Vietnam Ltd., and other prominent players.
The market is highly fragmented due to the presence of several industry participants. However, with high growth potential, new entrants also have significant growth opportunities in Vietnam. The companies depend on launching new products and unique marketing strategies to increase their product penetration. Furthermore, the adoption of competitive strategies, such as mergers, acquisitions, partnerships, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam water purifier market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Vietnam water purifier 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.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
Recent Press Releases
- China Furniture Market is Forecast to Grow at a CAGR of 11.3% in the Forecast Period
- Global Disposable Gloves Market Thriving: Projected to touch USD 18.8 Billion by 2027, growing at the CAGR of 9.2% during the forecast period (2021-2027)
- Global USB Devices Market Posed for Healthy Growth: Likely to Grow at a CAGR of 14% by 2027
- Vietnam Meat Market Tipped for Growth Track: Estimated to Grow at a CAGR of 6.1% by 2027
- North America Dog Harness Market is Projected to Reach USD 157.2 Million by 2027, Growing at a CAGR of 5.9% During 2021-2027
- Saudi Arabia Non-Alcoholic Drinks Market to Surpass USD 13.3 Billion by 2028