Bottled water is packaged drinking water available for consumption in plastic or glass bottles. It is considered safer and more convenient to drink than plain tap water by many consumers. Bottled water is widely used by individuals,households and also for commercial purposes such as in restaurants, offices etc. The product finds applications across various end-use sectors including households, commercial, and industrial.
The bottled water market is estimated to be valued at US$ 321.88 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The bottled water market is witnessing high growth owing to rising health awareness among consumers regarding consumption of clean drinking water. Growing urbanization is also boosting the demand for bottled water especially in developing regions as piped water supply is not always reliable. Furthermore, changing lifestyles and busy schedules have increased the demand for convenience products like bottled water. However, environmental concerns related to plastic bottle waste and rising energy costs involved in bottling and transportation may hamper the market growth over the forecast period.
SWOT Analysis
Strength: Global Bottled Water Market Size has three main strengths- 1) High demand for clean and portable drinking water. 2) Strong distribution network of major players globally. 3) Variety of product offerings in terms of flavors, size, and packaging that attract diverse consumer base.
Weakness: 1) Heavy reliance on plastic bottled leads to environmental issues related to disposal of plastic waste. 2) Price of bottled water is generally higher than tap water in many regions.
Opportunity: 1) Emerging markets in Asia Pacific and Latin America offer huge growth potential due to improving economic conditions and lifestyle changes. 2) Increasing health awareness is pushing demand for purified and mineral water instead of carbonated drinks.
Threats: 1) Strict government regulations regarding plastic waste disposal can hamper profit margins of companies. 2) Presence of local and private label brands offering cheaper alternatives.
Key Takeaways
The global bottled water market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing health consciousness among consumers. Rising obesity rates and shift towards healthy beverages are fueling market growth.
Regional analysis- Asia Pacific dominates the global market and is expected to grow at fastest pace due to rising incomes, improving living standards and hot climatic conditions boosting water consumption. China represents leading bottled water consumer in the region followed by India.
Key players operating in the bottled water market are Nestlé, PepsiCo, The Coca-Cola Company, DANONE, Primo Water Corporation, FIJI Water Company LLC, Gerolsteiner Brunnen GmbH & Co. KG, VOSS WATER, Nongfu Spring, National Beverage Corp., Keurig Dr Pepper Inc. Major players are focusing on capacity expansion plans and new product launches to strengthen their foothold.
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