In the recent years, increasing number of millennial are getting health conscious across the globe and is expected to increase over the forecast period, leading to growth of vertical water market over the forecast period. In many developed regions such as Europe, Canada, the U.S., vertical water market is booming, owing to couple of reasons such as high disposable income, and high cultivation of birch and maple trees in the region. Millennial demographic of the world is increasingly inclined towards healthy food and beverages, which is a factor driving growth of vertical water market. Changing lifestyles, influence of social media and internet, increasing social awareness, is also expected to drive sales of vertical water market. Because of health benefits associated with vertical water, people are preferring to consume vertical water, which is driving growth of the vertical water market and this is expected to continue over the forecast period.
Shifting focus of individuals towards healthy food and beverages consumption is trending. Also, increasing number of individuals in North America and Europe are preferring to buy organic food products irrespective of high prices.
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Vertical Water Market: Regional Outlook
On the basis of region, vertical water market is segmented into five different regions: North America, Latin America, Europe, Asia Pacific and MEA. Among these regions, Europe and the U.S. is expected to have the major value share of vertical water market globally, as both of these regions accounts for relatively high consumption of vertical water. The Latin America vertical water market is expected to grow significantly over the forecast period, but is anticipated to account for a lower growth rate than the APAC region, owing to a greater number of emerging economies in APAC. In Asia Pacific region the countries like China, Japan, India and Australia are generating the major revenue. The APAC vertical water market is estimated to account for relatively high value CAGR over the forecast period, owing to a larger consumer base, combined with a higher number of retail outlets than any other region.
Owing to changing lifestyles and increasing consciousness among consumers regarding what they consume, manufacturers have started to innovate the water products such as flavored water, functional water, water with added minerals, spring water, sparkling water, vertical water etc. Individuals are also increasingly preferring these innovative products. Vertical water is extracted directly from the sap of trees such as maple tree, birch tree, bamboo tree etc. These waters are natural sap which is extracted directly from the trees during spring season, and are considered healthy as it contains phytonutrients, electrolytes and multiple minerals. These waters were exclusively used as a base in fermenting beer in western countries in ancient times. Owing to its health benefits, the demand for vertical water is increasing especially in North America and Europe market. Maple water, a type of vertical water is also used in preparation of maple syrup which is exclusively used in food industry.
Increasing health consciousness among individuals and benefits of vertical water is expected to drive the sales of vertical water market over the forecast period. The vertical water market is expected to witness significant growth over the forecast period, owing to increasing awareness among consumers across the globe.
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Vertical Water Market: Segmentation
Vertical water market is segmented on the basis of nature, product type, sales channel and region.
On the basis of nature, vertical water market is segmented into organic and conventional. Organic segment of vertical water market is expected to witness relatively high growth over the forecast period, as it is assumed that organic products are more healthful as compared to conventional food products.
Vertical Water market is further segmented on the basis of product type into birch water, maple water, bamboo water, and others. Bamboo water is the most niche segment of vertical waters and is expected to increase with significant value CAGR over the forecast period.
Vertical Water market is further segmented on the basis of sales channel into modern trade, convenience stores, specialty outlets, modern grocery stores, online retailing and other retailing formats. Modern trade segment is expected to exhibit relatively high value CAGR over the forecast period.