Bottled Water Market to represent a significant expansion at CAGR of 6.4% by 20
Posted by Bisvjeet on October 15th, 2018
Global bottled water market was valued at 8.4 million in 2017, and is expected to reach 7300 Million by 2024, expanding at a CAGR of 6.4% during the forecast period 2024 End. Bottled water is packaged drinking water that is purified and free from contamination. It is available in plastic and glass water bottles, and is the most convenient way for the body to fulfill its hydration needs being easily available in nearby retail stores and supermarkets. The market driven by the rise in healthcare awareness about waterborne diseases such as malaria, typhoid, diarrhea, food poisoning, and others. Moreover, bottled water is more portable and convenient to use as it is handy, thus supporting the market growth. In addition, tap water is available at a lower cost, which also poses a restrain to market growth.
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Bringing about extensive innovations in bottled water manufacturing processes, and striving towards increasing awareness among masses regarding benefits of using recycled bottles are prime strategies implemented by businesses working in the global bottled water market. Many companies are developing advanced and cost-effective techniques of producing water bottles, so that they can efficiently function while causing least harm to the environment. Such businesses are also receiving tremendous support from most governments all over the globe. Mountain Valley Spring Company LLC, GroupeDanone, PepsiCo Inc, Icelandic Water Holdings, The Coca Cola Company, Nestle Waters, Unicer - Bebidas SA, Grupo Vichy Catalan, Suntori Beverage & Food Ltd, and CG Roxane, LLC, are key players operating in the global bottled water market.
The continued increase in per capita consumption indicates that consumers see bottled water as a healthy alternative to other packaged beverages. Consistent with this view, sales revenues for the U.S. bottled water market in 2017 were nearly 000 Million in wholesale dollars, a 7.4% increase over the previous year.
The global bottled water market is segmented based on type and geography. Based on type, it is classified into still water, carbonated water, flavored water, and functional water. In 2017, the still water segment held the largest market share, accounting for three-fifths of the total market share and is expected to maintain this trend during the forecast period. In terms of geographical analysis, in 2017, Asia-Pacific dominated the market, occupying 35.6% share, followed by Europe with 27.1%. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The mounting concern of large carbon footprint of the manufacturing processes as flagged by environmentalists is another critical factor likely to negatively impact the market to an extent. Stricter imposing of unfavorable regulations is a key factor likely to hamper its production in some states. Nevertheless, the introduction of products that have a variety of health benefits and innovative flavors are key trends impacting the growth of the U.S. market. The growing popularity of mineral laced water and low-calorie flavored drink bodes well for the market.
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Joined: March 7th, 2018
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