Bottled Water Market - Developing Economies to Remain Key Growth Drivers
The global market for bottled water has gained significant momentum in the past few years, chiefly owing to the increasing global demand for convenient, safer, healthy, and refreshing beverages. Rising concerns regarding the adverse effects of the high-sugar content of carbonated soft drinks and increasing disposable incomes of the population in Asia pacific, Latin America, and Eastern Europe have also significantly contributed to the increasing demand bottled water in the global market.
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Transparency Market Research estimates that the global bottled water market will expand at a 6.6% CAGR over the period between 2016 and 2024. If the projection holds true, the market will rise from a valuation of US$169.9 bn to US$307.2 bn by 2024.bottled water market
Flavored and Functional Bottled Water to Register Promising Growth
Of the key varieties of products available in the market, including still bottled water, flavored bottled water, carbonated bottled water, and functional bottled water, the segment of still bottled water dominates in terms of both revenue and volume. The segment is expected to hold 78.8% and 82.2% in terms of revenue and volume, respectively, of the global market by the end of 2016, and is also expected to remain dominant throughout the forecast period. The vast rise in the global population of health conscious consumers and diabetics is key to the rising demand for still bottled water as this product variety does not contain artificial sweeteners or ingredients.
Rising concerns regarding the high sugars in carbonated soft drinks are also shifting the consumer’s focus from flavored and carbonated soft drinks to flavored and carbonated bottled water. The segment of carbonated bottled water is presently the second dominant segment of the market and is expected to grow at a healthy pace throughout the forecast period as well. However, the segment of flavored bottled water is expected to register the most promising growth, exhibiting an 8.4% CAGR from 2016 through 2024. The segment of functional bottled water is expected to register a slightly less but equally promising CAGR over the said period.
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The markets for bottled water in regions such as Asia Pacific, Latin America, and Middle East and Africa are expected to register high growth rates between 2016 and 2024. The bottled water market in Asia Pacific is expected to dominate the global market in terms of market share owing to high demand for bottled water from India and China, Thailand and Indonesia. The region will remain ahead of other regional markets in terms of overall uptake of bottled water owing to the rising per capita consumption of bottled water across urban areas in developing economies. Also, the easy availability of bottled water through well-developed supply chain for bottled water products in the region will enable the bottled water market in the region gain traction.
In term of value, Asia Pacific accounted for a share of 26.9% in the global bottled water market in 2015 and is expected to account for 31.0% by 2024. In terms of volume too, the bottled water market in Asia Pacific is expected to remain the dominant regional market throughout the forecast period. The bottled water market in Latin America is also expected to witness favorable growth over the forecast period owing to the vast rise in focus of key manufacturers and suppliers of bottled water and an increasing number of manufacturing facilities in the region.
Key players in the global bottled water market report include bottled water suppliers and manufacturers such as Nestle Waters, Groupe Danone, PepsiCo Inc, The Coca Cola Company, Mountain Valley Spring Company, LLC., Suntori Beverage & Food Ltd, Unicer - Bebidas SA, Grupo Vichy Catalan, Icelandic Water Holdings ehf., CG Roxane, LLC.
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