PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1351056
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1351056
According to Stratistics MRC, the Global Bottled Water Market is accounted for $327.9 billion in 2023 and is expected to reach $558.4 billion by 2030 growing at a CAGR of 7.9% during the forecast period. Purified, contaminant-free drinking water that is packed in bottles is known as bottled water. It is readily accessible in adjacent retail stores and supermarkets in both plastic and glass water bottles, and is the most practical means for the body to meet its demands for hydration. The EPA guidelines for tap water serve as the foundation for the Food and Drug Administration's (FDA's) safety regulations for bottled water. When these requirements are satisfied, water is regarded as safe for the majority of healthy people. The bottled water sector is likewise required to process and bottle drinking water in accordance with FDA good manufacturing procedures.
According to the International Bottled Water Association (IBWA), bottled water has continued to be the most lucrative segment of the beverage consumption industry.
Functional water is vitamin-enriched water that has grown in popularity among consumers due to its convenience, alleged health advantages, and superior flavour over tap water. Due to rising worries about a variety of health issues, including heartburn, weight gain, and digestive difficulties, consumers are choosing healthier alternatives including functional water and flavoured water. The incorporation of vital components like protein, amino acids, vitamins, and minerals in different functional beverages is blamed for the spike in demand for fortified beverages. The market is projected to increase as a result of the launch of new and inventive functional water kinds from beverage manufacturing firms that produce water using altered protein and mineral mixes.
One of the key elements that is projected to restrict the expansion of the Bottled Water Bottle throughout the course of the analysis is the rise in environmental pollution from plastic bottles. The plastic used to make the bottles may also contain hazardous materials. Even though many bottled water companies no longer use BPA-containing plastic, which may be toxic to humans, the bottled water business is still significantly constrained by the possibility of these plastic bottles still carrying potentially harmful chemicals.
The demand for bottled water among health conscious customers has been spurred by the expanding urban population, rising disposable income, increased consumer health consciousness, and greater knowledge of waterborne illnesses. Additionally, producers are increasingly switching to PET and plant-based water bottles to achieve sustainability due to rising worries about the plastic waste produced by the bottled water business. In developed economies like Europe and North America, the demand for bottled water is anticipated to increase as a result of these eco-friendly bottles. In the near future, market expansion is anticipated to be significantly aided by the creative packaging. The use of environmentally friendly materials in the manufacture of bottles greatly aids in fostering a favorable brand perception among consumers.
Due to the high energy requirements for water extraction, processing, and bottling, the manufacturers of bottled water are coming under growing pressure from environmentalists for their production practices. Another factor acting as a brake on the market for bottled water throughout the projection period is a lack of awareness about health problems caused by inexpensive tap water.
Due to supply chain problems brought on by the pandemic epidemic, the market for bottled water has benefited. Moreover, during COVID-19, packaged water consumption surged as a result of consumers' growing worries about contamination and their greater understanding of good hygiene and health practices. In the approaching years, it's anticipated that bottled water consumption would increase further.
The sparkling water segment is estimated to have a lucrative growth. Sparkling water, commonly referred to as "seltzer water" or "carbonated water," is water that contains carbon dioxide bubbles. This gas might be naturally occurring or could be added to motionless water. Sparkling water is a tasty, low-calorie beverage option. Both still water and sparkling water are hydrating. If the bubbles encourageto have enough water each day, then that is good. Unsweetened sparkling water can also replace soda and other sugary beverages as a delightful alternative that doesn't add extra calories or increase the risk of diseases like obesity and type 2 diabetes.
The polyethylene terephthalate (PET) bottle segment is anticipated to witness the highest CAGR growth during the forecast period. PET packaging stands out in the bottled water industry because it is more affordable than alternatives like glass or aluminum. PET bottles are made at a very low cost, and their light weight greatly lowers shipping expenses. Due to its lower cost, PET has become the standard for water packaging, allowing producers to provide a variety of customer's cheap bottled water options which is driving the market.
North America is projected to hold the largest market share during the forecast period owing to the steadily becoming a significant commercial and popular beverage category in developed countries like the United States and Canada because it appeals to customers who are health-conscious. As a result, the demand for bottled water is growing. The nation's top producers and marketers have begun to promote functional water as an alternative to fruit juices and fizzy beverages. The participants assert that functional water is an enhanced product that is not just for hydration but also has functional properties through product description, interactive and current labelling, support from reputable businesses, and hosting programs and seminar thereby inflating the market growth in this region.
Due to the increase in demand for bottled water in countries like China, India, Japan, Australia, and others, the Asia Pacific region is anticipated to have the highest CAGR over the projection period. Following China in terms of bottled water use are nations like India and Japan. Asia-Pacific is also a desirable market for manufacturers worldwide because of low labor costs, low startup costs for production facilities, and inexpensive prices for bottled water. These elements fuel the demand for bottled water in this area.
Some of the key players profiled in the Bottled Water Market include: PepsiCo, Nestle, Primo Water Corporation, The Coca-Cola Company, FIJI Water Company LLC, VOSS WATER, Gerolsteiner Brunnen GmbH & Co. KG, National Beverage Corp., DANONE, Keurig Dr Pepper Inc., Nongfu Spring, Icelandic Glacial Inc, Norland International, Niagara Bottling, LLC, HANGZHOU WAHAHA GROUP CO., LTD., Binzomah Group, National Beverage Corp.
In August 2023, Brisk® Announces Dragon Paradise™ Sparkling Iced Tea TikTok Challenge with $50,000 Up for Grabs, The brand is challenging fans to do the most and unleash their creativity in a post for a shot at a cool $50,000 for their efforts.
In August 2023, PepsiCo Announces it will eliminate plastic rings on beverage multipacks across U.S. & Canada by introducing recyclable paper-based designs, This builds upon PepsiCo's progress in Canada where the transition to paperboard is beginning to roll out.
In June 2023, Nestle announces partnership with The Yield Lab Latam to support startups transforming agriculture, the Yield Lab Latam invests in technology-based startups that operate in the agri-food industry to bring through innovative technology solutions from food production to agricultural methods.