Plant-based waters market size was more than USD 2.5 billion in 2016 and is envisaged to witness phenomenal growth of more than 19 % between 2017-2024.
Sellbyville, DE -- (SBWIRE) -- 11/26/2018 -- The Plant Based Waters Market will surpass USD 10 billion by 2024 according to a new research report by Global Market Insights, Inc.Sedentary lifestyles and the rising appetite for natural and healthy drinks are the key factors spearheading the growth of plant-based waters market over the forecast timespan. The rising health issues due to the consumption of carbonated drinks have accelerated the growth of the market. Problems associated with the intake of carbonated drinks include heart diseases, obesity, diabetes, cancer, digestion issues, tooth decay, etc. The product is an alternative to artificially sweetened beverages which will upscale the demand for the product between 2017 and 2024.
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Trend of healthy hydration has gained momentum over the past few years. The nutritive contents of the alternative waters will broaden the prospects of the product market in future. Attractive packaging by manufacturers is also one of the major factors contributing to the popularity of the product. The manufacturers have leveraged the innovative technology and are continuously developing striking packaging solutions. The growing packaging industry will leave a positive impact on the product market as there are frequent innovations in this industry to preserve the waters for an extended period.
The factor which can hinder the market growth is the short consumption duration after opening of the packed product. Every product has different life span for which it can be consumed. The alternative waters require cold chains to refrigerate them so that their shelf life can be extended. Also, the lack of awareness among the consumers of the latest trends in beverage industry can impede the growth of the market.
The market is experiencing increased sales of alternative waters such as cactus water, bamboo water, olive water, etc. Maple water and birch water are the new buzzwords in the beverage market. Maple water is projected to cross a revenue of USD 0.9 billion by 2024 and its market will continue to expand at a robust rate. Bottles constitute a significant part of packaging of plant-based waters and are expected to rise with a CAGR of 20.2 %.
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Cafes & fitness centers have become increasingly popular in today's era, which will drive the market for the product. The rising obese population in North America will bring profit to the manufacturers of the product due to the increased sales. There is an enormous potential to tap the coconut water market in Middle East and Africa, but the price and sourcing can obstruct the market in the region.
The plant-based waters market structure is fragmented in nature with most of the players sprung up from U.S., U.K., Finland, Denmark, Russia and other European countries. Local companies are trying to establish footprints in the international markets. Some of the key companies include DRINKmaple, Sibberi, Caliwater LLC, Happy Tree Group, PepsiCo Inc., Harmless Harvest, World Waters, LLC, Steaz, ARTY Water Company, The Coca-Cola Company, All Market Inc., DrinkSEVA and Oviva Maple Water Company.