Water purifier Market to Reach $58,322 Million by 2025 | Top Key Players: Amway Corporation, A. O. Smith Corporation (Aquasana Inc.), Best Water Technology Group, Halo Source Inc., Eureka Forbes Limited, Kent RO System Ltd., LG Electronics
The penetration rate of water purifiers is anticipated to increase in the near future, due to rise in concerns of health and wellness among people in the LAMEA and Asia-Pacific regions. However, the North American and European markets are expected to witness slower growth during the forecast period, as these markets are nearing maturity.
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In 2018, based on technology, the RO water purifier segment occupied the largest market share of 65.4%, followed by UV segment with 20.7%, and is expected to grow at the highest CAGR of 9.9% from 2019 to 2025. RO water purification systems are widely adopted across the globe, due to their performance efficiency, low electricity consumption, and regular technological innovation. However, the UV & gravity-based water purifiers segment is expected to witness sluggish water purifier market growth during the water purifier market forecast period. UV water purifiers are less efficient and cost-effective as compared to RO water purifiers, which increases their adoption among low-income groups.
The end users of water purifiers include residential and commercial users. The residential users segment occupied a significant water purifier market share of 74.7% in 2018 and is expected to grow at a CAGR of 8.9% from 2019 to 2025. This is attributed to the fact that water purifiers have gained increased popularity among residential users, due to deteriorating water quality, rise in urbanization, and surge in incidence of waterborne diseases. However, the commercial segment accounted for 25.3% market share in 2018 and is expected to grow at a CAGR of 10.4% in the near future, owing to rise in the number of offices, schools, restaurants, and hotels all around the globe.
Top Market Players:
• Amway Corporation
• O. Smith Corporation (Aquasana Inc.)
• Best Water Technology Group
• Halo Source Inc.
• Eureka Forbes Limited
• Kent RO System Ltd.
• LG Electronics
• Panasonic Corporation
• SUEZ Water Technologies & Solutions (GE Water & Process Technologies Inc.)
• Tata Chemicals Ltd.
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Based on distribution channel, the water purifier market is segmented into retail stores, direct sales, and online channels. The retail stores segment held a major share of 73.8% in 2018 as compared to others.
This was attributed to higher affinity of consumers toward physical stores, as they are perceived to be safe and allow consumers to try the product before purchase. Moreover, retail stores have the added advantage of immediate gratification, which further boosts its popularity.
Region wise, the water purifier market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among these, Asia-Pacific accounted for around 63% of the overall market share in 2018, in terms of value, owing to increase in urbanization, surge in income levels, and rise in health awareness among people in this region. However, the LAMEA region is expected to witness the highest CAGR of 14.5% from 2018 to 2025. This is attributed to rise in penetration level of water purifiers, upsurge in population, and deterioration in quality of water. Europe and North America are among the region leading toward maturity and have witnessed increased penetration of water purifiers. Europe water purifier market size accounted for a sales revenue of $5,085.4 million in 2018 and is anticipated to grow at a CAGR of 7.1% by 2025. However, the North American market is expected to exhibit a CAGR of 5.7% during the forecast period, accounting for $6,883.5 billion by 2025.
Key Findings of the Water Purifier Market:
• By region, Asia-Pacific is expected to lead the water purifier market, growing at the highest CAGR of 10.0%, in terms of revenue, from 2018 to 2025.
• By technology, the RO segment is expected to grow at a CAGR of 9.9%, in terms of revenue, from 2018 to 2025.
• By end user, the commercial segment is expected to grow at a CAGR of 10.4%, in terms of revenue, from 2018 to 2025.
• By region, Japan is the largest country, in terms of revenue generation, in the water purifier market, and is expected to grow at a CAGR of 10.0% from 2018 to 2025.
• Based on food type, the meals segment occupied around 45% the water purifier market share of the total market in 2018.
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