Bottled Water Market Segmentation, Competitive Landscape, Market Poised for Rapid Growth And Forecast
Posted by Shahbaz on October 4th, 2022
According to our latest market study on "Bottled Water Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Sparkling and Still), Category (Functional and Conventional), Flavor (Plain and Flavored), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others),” the market is expected to grow from US$ 228.84 billion in 2022 to US$ 322.85 billion by 2028; it is estimated to grow at a CAGR of 5.9% from 2022 to 2028. The report highlights key factors driving the bottled water market and prominent players and their progress in the market.
Bottled water is drinking water packaged inside a plastic or glass bottle. It is one of the most convenient ways for the body to fulfill its hydration needs and is easily available in retail stores.
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There has been a rising shift in consumer preference from carbonated soft drinks to bottled water. Consumers in North America are gradually shifting from soda to bottled water. The shift in the consumer’s preference is driven due to an increased health-consciousness among consumers. Consumers are shifting from unnatural and high-sugar drinks to healthier alternatives, driving the bottled water market globally. For instance, in 2017, the bottled water consumption in the US reached 39.3 gallons per capita, while the carbonated soft drinks consumption fell to 38.5 gallons per capita. The increasing concerns over the health impacts of high-sugar beverages and the general trend toward diets have led to an increased demand for natural drinks, thereby fueling the growth of the bottled water market. Moreover, major bottled water brands such as Coca-Cola and Pepsi are introducing new flavors to their bottled water product portfolio to meet consumers' demand for flavored bottled water.
Impact of COVID-19 Pandemic on Bottled Water Market
The COVID-19 pandemic adversely affected the consumer goods industry with the shutdown of manufacturing facilities, difficulty in procuring raw materials and components, and restrictions on logistic operations. The disruptions in the supply of raw materials to manufacturers hampered bottled water production. The outbreak distorted operational efficiency and disrupted the value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage. Various bottled water manufacturers had to temporarily close their operations or limit their production capacities, negatively impacting the bottled water market. However, the businesses are gaining ground as governments of various countries worldwide have eased out the previously imposed restrictions. The start of operations in the bottled water manufacturing units is positively impacting the bottled water market.
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About the AuthorShahbaz
Joined: September 26th, 2022
Articles Posted: 71
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