Spring Water Market Anticipated to Garner $465.2 Billion, Growing at a CAGR of 8.7% during the 2022-2031 Timeframe

The global spring water market is expected to grow primarily due to the increasing demand for spring water. The hypermarkets/supermarkets sub-segment is expected to flourish immensely. The market in the Europe region is predicted to grow at a high CAGR by 2031.

As per the report published by Research Dive, the global spring water market is expected to register a revenue of $465.2 billion by 2031 at a CAGR of 8.7% during the forecast period 2022-2031.

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Dynamics of the Global Spring Water Market

The increasing awareness among consumers about the health benefits of drinking spring water is expected to make the spring water market a highly profitable one in the forecast period. Additionally, the development of environmentally friendly packaging, flavored water with approved ingredients, portability, and rapid restaurant expansion are predicted to propel the market forward. However, the rise in environmental pollution caused by plastic bottles, as well as a lack of awareness about the health risks associated with low-cost tap water, might become a restraint in the growth of the market. Moreover, increased attempts to reduce harmful effects caused by inappropriate disposal of spring plastic water bottles are predicted to offer numerous growth opportunities to the market in the forecast period.

COVID-19 Impact on the Global Spring Water Market

The COVID-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The spring water market, too, was negatively impacted due to the pandemic. During the pandemic period, due to the increased risk of virus transmission among the workforce, certain companies that make bottled water have either ceased or reduced their operations. Moreover, the global tourism sector's losses rapidly resulted in a drop in sales and a further reversal of the trend. As a result, spring water production decreased, limiting the market growth.

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Segments of the Market

The report has divided the spring water market into packaging type, distribution channel, and region.

Based on packaging type, the bottled sub-segment was the most profitable in 2021. Growing customer awareness of the health benefits of drinking bottled water, consumer desire for vitamin and mineral-rich drinking water, and the premium quality and flavor of bottled water are expected to propel the sub-segment forward.

Based on distribution channel, the hypermarkets/supermarkets sub-segment was the most lucrative in 2021. Hypermarket and supermarket companies such as Walmart, SPAR, 7-Eleven, and others offer quick accessibility, discounts, doorstep delivery, and quality verification, which is anticipated to push the sub-segment forward.

Based on region, the Europe spring water market held significant market share in 2021.
Growing demand for spring water due to a scarcity of drinking water, rising awareness of waterborne health illnesses, increasing health consciousness, rapid urbanization, a surge in disposable income, increased penetration of the food service industry, and an improvement in living standards in this region are predicted to propel the market in the forecast period.

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Key Players of the Market

The major players of the spring water market include CG Roxane, LLC, Tata Consumer Products Limited (Himalayan), Nestle S.A., PepsiCo, Ten Spring Water, Coca-Cola (Valpre), Orient Beverages Pvt. Ltd. (Bisleri International Pvt. Ltd.), Danone (Evian), Mountain Valley Spring Water (Primo Water Corp.), 3 Spring Water, and others. These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

For instance, in March 2023, Kristal Kola, a manufacturer of natural spring water, mineral water, and soft drinks, announced the launch of the Turkish market's first spring water in cans, offering a sustainable product in sustainable packaging.

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