Press release
Bottled Water Market - What's New For 2016-2024?
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The opportunity of the global bottled water market was pegged at US$169.5 bn in 2015 and is anticipated to reach US$307.2 bn by 2024, progressing at a CAGR of 6.6% from 2016 to 2024. Based on product, the market will be led by the still bottled water segment throughout the forecast period, representing nearly 77% of the overall market revenue by 2024. The flavored water segment is poised to expand at a CAGR of 8.4% during the same period.
Europe to Surpass North America Owing to Burgeoning Demand for Flavored Water
North America was the dominant regional segment in terms of revenue in 2015. However, Europe is expected to outperform this region during the forecast period. The convenience feature of bottled water is complementing the increasing on the move lifestyle of consumers, which is, therefore, driving their demand in the region. The increasing demand for flavored water and the high disposable income are also supplementing the growth of the region. The Asia Pacific region is estimated to rise at a CAGR of 8.5% during the forecast period, owing to increasing demand for healthy potable water.
Increasing Health Issues Due to Contaminated Water Consumption to Spur Demand for Bottled Water
The increasing prevalence of health issues such as gastrointestinal problems and reproductive problems caused by the consumption of contaminated water has been significantly boosting the demand for hygienic bottled water globally. The poor supply of clean tap water and mismanagement of public water infrastructure in various developing regions are also encouraging the demand for bottled water. Moreover, the convenience associated with bottled water is driving their global demand.
In recent times, there has been a significant shift in the preference from carbonated drinks towards flavored water. “Growing health awareness among consumers is translating into a greater preference for convenient, healthy, safer, and refreshing beverages that are caffeine-free, calorie-free, and free from artificial ingredients, which is augmenting the market,” says a TMR analyst.
Hazardous Impact of Bottled Water on Environment to Hamper Growth Prospects
Despite the numerous health benefits offered by bottled water, the market is restrained by their drastic environmental impact. The procedures of water extraction, water processing, and bottling require large volumes of energy. In addition, the environmental pollution caused by the improper disposal of plastic bottles is facing significant criticism. This is compelling several governments to ban the sales of plastic water bottles and form stringent regulations regarding recyclable packaging solutions. The increasing stringency of regulations is also hampering the growth of the market. However, the development of recycled and eco-friendly packaging will assist the market in gaining higher momentum in the coming years.
The information presented in this review is based on a Transparency Market Research report, titled, “Bottled Water Market (Product - 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 2016–2024.”
For the study, the market has been segmented as follows:
Global Bottled Water Market, by Product Type
Still Bottle Water
Carbonated Bottle Water
Flavored Bottle Water
Functional Bottle Water
Global Bottled Water Market, by Packaging
PET Bottles
Glass Bottles
Others
Global Bottled Water Market, by Distribution Channel
Super/Hypermarket
Convenience/Drug Stores
Grocery Stores/Club Stores
Others (Foodservice/Vending)
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