Published on : Oct 04, 2016
The bottled water market is a high dynamic segment within the food and beverages industry. It is also considered as one of the fastest growing segments. With consumers around the world becoming more health conscious, the demand for bottled water is projected to increase in the forthcoming years. Therefore, the increasing consumption of bottled water is projected to be the key factor bolstering growth of the global bottled water market.
According to Transparency Market Research, the global bottled water market is expected to report a CAGR of 8.7% between 2014 and 2020. The market is predicted to reach US$279.6 bn by the end of 2020 from a valuation of US$157.3 bn in 2013. In terms of volume, the market is forecast to exhibit a CAGR of 8.3% between 2014 and 2020.
Excessive Dependence on Tap-water Hindering Expansion of Bottled Water Market in Emerging Nations
Despite the market witnessing positive opportunities for growth, it is witnessing a few bottlenecks across the developing economies. Consumers belong from these nations are excessively dependent on cheap water, which hinders the bottled water market’s growth to an extent. However, this factor is not likely to have any devastating impact on the global market. As the leading companies start focusing on novel strategies to expand their footprint across the world, the demand for bottled water is expected to increase in response.
Future of Functional and Flavored Water Segment Holds Promise for Exponential Growth
By product, the still water segment led with a share of 65% in the global market in 2013. Analysts, however, expect the demand for flavored and functional water to increase at a faster rate during the forecast period, as people around the world become more health conscious. Furthermore, in 2013 the market witnessed the carbonated bottled water segment emerging as the second lead, holding over 22.9% of the global bottled water market. However, with consumers around the world showing more inclination towards healthier alternative, growth exhibited by the carbonated bottled water segment is expected to decline over the forecast period.