Published on : Oct 13, 2016
The elevated hygiene standards across the globe and growing number of health conscious consumers have significantly boosted the consumption of bottled water across the globe. Rising concerns regarding poor quality drinking water has impelled consumers towards the consumption of bottled drinking water. Moreover, growing awareness among consumers regarding the consumption of refreshing, healthy, convenient, and safe beverages that are caffeine and calorie free is likely to accelerate sales of bottled water over the next few years. Strict regulations imposed by governments across the world regarding the consumption of carbonated soft drinks is also anticipated to drive the growth of the global bottled water market over the next couple of years.
Functional and Flavored Bottled Water to Exhibit Strong Growth
Among all the products available in the global bottled water market such as functional bottled water, carbonated bottled water, flavored bottled water, and still bottled water, the still bottled water segment emerged dominant. It is expected to account for a share of 78.8% in terms of revenue by 2016. The growth of this segment can be attributed to the growing number of diabetes patients across the world, as they cannot consume water with artificial ingredients or sweeteners. However, the segments of functional and flavored bottled water are likely to gain popularity and exhibit strong growth owing to the shifting consumer preferences from carbonated and flavored soft drinks to flavored bottled water. The functional bottled water segment is projected to witness a CAGR of 8.4% between 2016 and 2024.
Manufacturers to Gain Profitable Opportunities from Emerging Economies
Regions such as the Middle East and Africa, Latin America, and Asia Pacific are likely to emerge as lucrative markets for manufacturers of bottled water. The high demand for bottled water from countries such as Indonesia, Thailand, China and India is expected to help Asia Pacific retain a lead until 2024. Moreover, the well-developed supply chains for bottled water in this region is further expected to bode well for the market over the forthcoming years.
The global bottled water market is expected to rise at a CAGR of 6.6% during the forecast period. The leading companies operating in the market are PepsiCo Inc., LLC, Mountain Valley Spring Company, Groupe Danone, and Nestle Waters among others.