Bottled Water Market estimated to reach US$307.2 billion by 2024
Regular as well as flavored sparkling and still water have become immensely popular beverages on a global scale in the recent years. This has emerged as a new megatrend that is expected to grow in popularity in the future years. Consumers are going for bottled water and lowering their use of sugary drinks as their health awareness grows. Still bottled water consumption has grown manifold in various restaurants and food outlets, which is likely to drive the growth of the global bottled water market. Furthermore, the Food and Drug Administration's (FDA) and the US government's rigorous controls on bottled water have increased customers' trust in these items.
Mountain Valley Spring Company LLC., The Coca Cola Company, Groupe Danone, PepsiCo Inc., and Nestle Waters are a few of the prominent players operating successfully in the global bottled water market.
The global bottled water market was valued at US$ 198.5 Bn in 2017, according to a new industry research released by Transparency Market Research. During the forecast period, from 2017 to 2024, the market is expected to expand at a steady growth rate of 6.44% CAGR. By 2024, it is expected to be valued over US$300 Bn.
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Consumption of Contaminated Water and Growing Health Awareness to Offer Promising Opportunities in Asia Pacific
In terms of region, the global bottled water market is classified into the principal regions of Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. It is anticipated that regional classifications would provide a better knowledge of the market dynamics at play at the regional level.
Asia Pacific is estimated to account for a sizeable chunk of the global bottled water market throughout the forecast period, from 2017 to 2024. The regional market is primarily driven by a growing demand for bottled water as a result of increased health concerns associated with the consumption of polluted water. The introduction of new goods such as flavored water, changing patterns of water consumption, and expanding business of organized retail sectors, all are likely to contribute to the expansion of the regional market.
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Increased Use of Social Media Platforms to Raise Awareness about the Clean Drinking Water
As per the World Health Organization (WHO), around 2.5 billion people did not have access to safe sanitation in 2011. Nearly 800 million of these people utilized communal or public toilets and other sanitation facilities. To make matters even more challenging in developing countries, nearly 1 billion individuals perform open defecation, making unprocessed water very untrustworthy. This factor raises the significance of bottled water. Furthermore, in the bottled water sector, measures such as recyclable packaging are generating better margins. Concerns have recently surfaced about a shortage of sufficient bottle supply and stringent plastics rules. Growing public awareness and a variety of cost-effective recycling solutions, on the other hand, are spurring huge growth for the industry.
While the importance of water has never been questioned, the necessity to guarantee that clean drinking water is drunk has grown in recent years as a result of the increased use of social media platforms. Water has become a much-preferred drink of urban dwellers, and bottled water provides both guarantee of quality and convenience. Bottled water is a convenient method to stay hydrated while also contributing to a balanced diet. Increased awareness about the need of drinking plenty of water, government efforts, and technological advancements in bottled water manufacturing equipment are all estimated to drive the global bottled water market in the years to come.
The information shared in this review is based on a TMR report, bearing the title, “Bottled Water Market (Product Type - Still Bottle Water, Carbonated Bottle Water, Flavored Bottle Water, and Functional Bottle Water; Packaging - PET Bottles and Glass Bottles; Distribution Channel - Super/Hypermarket, Convenience/Drug Stores, Grocery Stores/Club Stores, and Foodservice/Vending) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024.”
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