Bottled Water Market (Product Type - Still Bottle Water, Carbonated Bottle Water, Flavored Bottle Water, and Functional Bottle Water; Packaging - PET Bottles and Glass Bottles; Distribution Channel - Super/Hypermarket, Convenience/Drug Stores, Grocery Stores/Clube Stores, and Foodservice/Vending) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 12/09/2016 -- The global bottled water market features intense competition and the presence of subsidiaries of some of the world's most prominent companies in the food and beverages domain, observes a recent report by Transparency Market Research. Key producers of bottled water in the global market, including Nestle Waters, Groupe Danone, PepsiCo Inc, The Coca Cola Company, Mountain Valley Spring Company, LLC, are increasingly variety of flavoured and functional bottled water and focusing on emerging markets for gaining promising returns. An instance is the May 2016 joint venture of Nestle Waters and the Ethiopia-based bottled water company, Abyssinia Springs.
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Transparency Market Research estimates that the global bottled water market will exhibit a 6.6% CAGR over the period between 2016 and 2024. The market is expected to expand in terms of overall value from US$169.9 bn in 2015 to US$307.2 bn by 2024. In terms of product types, the segment of still bottled water is expected to retain dominance in terms of both revenue and volume in the global market throughout the forecast period. The segment is expected to account for a share of 78% of market's overall revenue by 2024. In terms of geography, the market will gain the most promising returns from emerging markets such as Asia Pacific, Latin America, and Middle East and Africa.
Promise of High Hygiene Levels to Drive Demand from Health-conscious Consumers
The rising number of health conscious consumers across the globe and elevating hygiene standards are the key factors driving the demand for bottled water, especially across countries with poor water infrastructure. Rising health awareness among consumers has, especially, steadily led to a shift in preference for safer, convenient, healthy, and refreshing beverages that are calorie-free, caffeine-free, or free from other artificial ingredients.
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The trend has led to a stark decline in the overall global sales and the inception of several strict regulations related to the production and marketing of carbonated soft drinks lately. Health concerns related to the high concentration of sugars and other additives in carbonated soft drinks has thus also emerged as a key driving force of the global bottled water market.
Rising disposable incomes and improved standards of living of the population in key emerging economies of regions such as Asia pacific, Latin America, and Eastern Europe are also key factors driving the market for bottled water in these regions. These factors have resulted in the increased per capita consumption of bottled water and are expected to remain the factors having the most profound influence on the market in the near future.
Rising Criticism Regarding Environmental Impact of Operations in Bottled Water Market to Restrain Growth
Of late, bottled water producing companies have faced criticism owing to the large volumes of energy needed for basic operations such as water extraction, processing, and bottling. The issue of environmental impact of the improper disposal of plastic bottles has also led to significant negative publicity for the global bottled water market in the past few years. This issue has encouraged many the initiation of several stringent government regulations regarding the use of recyclable packaging solutions and adopting ways that can help reduce carbon footprint of the industry.
An instance is the European Parliament and Council Directive 94/62/EC. It requires member states to enforce regulations regarding increased use of reusable or recoverable packaging, reduction of packaging weight and volume to reduce hazardous substances and materials in the packaging, and meet packaging material recovery and recycling targets. Such regulations are projected to hamper the overall development of the global bottled water market over the forecast period.
This review of the market is based on a recent market research report published by Transparency Market Research, titled "Bottled Water Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
For the study, the market has been segmented as follows:
By Product Type
Still Bottle Water
Carbonated Bottle Water
Flavored Bottle Water
Functional Bottle Water
By Distribution Channel
Grocery Stores/Club Stores