The global bottled water market is characterized by tough competition on account of the presence of some of the world’s most well established conglomerates in the food and beverage sector. Leading companies operating in the bottled water market are PepsiCo Inc, Nestle Waters, The Coca Cola Company, Groupe Danone, and Mountain Valley Spring Company LLC. Leading players are increasingly focused on providing consumers with functional and flavored bottled water and secure their position further in the market. Top companies are also focusing on emerging markets and benefitting by getting promising returns, states a recent report by Transparency Market Research (TMR).
According to TMR, the global bottled water market will be worth US$307.2 bn by 2024, expanding at a 6.6% CAGR from 2016 to 2024. On the basis of product, the market is anticipated to be led by still bottled water for the rest of the forecast period. The still bottled water segment is estimated to account for 78% of the market by 2024. The growing number of health conscious consumers worldwide will be a chief driver for the growth of this segment. The staggering increase in the number of consumers suffering from diabetes will also help fuel the demand for still bottled water as compared to other product variants that may contain artificial sweeteners and other such ingredients. By geography, it is predicted that the emerging nations in the Middle East and Africa, Latin America, and Asia Pacific will be most lucrative in the years to come.
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Heightened Sense of Hygienic Consciousness among Consumers to Drive Demand
The growing number of educated and health conscious people across the globe is increasing and this is creating a heightened demand for hygienic food and drinks. The hygiene standard has therefore increased tremendously over the last few decades in developed nations and this trend is fast catching up in developing nations such as China and India. All these factors are expected to encourage the growth of the global bottled water market. As the demand for clean and hygienic water is increasing, the demand for bottled water will also increase. The growing demand for convenient, safe, healthy, and refreshing drinks from health conscious consumers will continue to drive the growth prospects of the global bottled water market. The demand for caffeine free, artificial ingredients free, calorie-free, and sugar free beverages will drive the demand for bottled water.
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Adverse Health Effects of Carbonated Drinks to Hamper Demand
There has been a decline in the sales of carbonated soft drinks from a couple of decades on account of adverse health effects. Health concerns regarding consumption of additives and high concentrated sugars will deter the consumers from consuming carbonated and flavored bottled drinks. On the other hand, the global increase in the disposable income and improved standards of people in emerging nations of Latin America, Asia Pacific, and the Middle East and Africa will drive the growth of this market. The use of plastic bottles leads to adverse effects on the environment and this will also affect the growth of the market. Stringent government policies and strict laws regarding the disposal of the bottles have led to negative publicity and affecting the bottled water market. The use of recyclable packaging solutions in the years to come will reduce the impact of this restraint.