While the
essentiality of water has never been in doubt, the awareness regarding the need
to ensure safe drinking water is consumed has multiplied in the recent past on
the back of growing penetration of social media. The trend among urban
populations is to make water their favorite drink and bottled water offers the
convenience as well as an assurance of purity. As per the findings of this
business intelligence report on the global bottled water market, the demand
will expand at a notable CAGR of 6.44% during the forecast period of 2017 to
2024. In terms of revenue, methodology-based market evaluations have confirmed
that the global bottled water market will attain a valuation of US$307.2
billion by 2024, swelling up from its evaluated worth of US$198.5 billion as of
2017. Volume-wise, there will be an estimated demand of 528.2 billion liters of
bottled water by the end of 2024.
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Apart from
increasing awareness levels for greater intake of water among prosperous parts
of the world, the bottled water market also stands to gain impetus from growing
popularity of carbonated water. Companies operating in the bottled water market
are coming up with ecofriendly packaging materials as well as providing for
adequate recycling. Mushrooming of small and medium enterprises (SMEs) is also
stoking the demand for large-sized bottled water. On the other hand,
environmental impact of plastic bottles and stringent government regulations
are a few restraints obstructing the bottled water market from attaining a
stronger growth rate.
Still Water
Bottles to Remain Key Product Segment
On the basis
of product type, the bottled water market has been segmented into still water,
carbonated water, functional water, and flavored water. As of 2017, the still
bottle water segment provided for a demand of 273.3 bn. liters in terms of
volume, which represented a value of US$156.0 bn. Even throughout the
aforementioned forecast period, this segment is expected to hold its
prominence, providing for more than 77% of the overall demand in the global bottled water
market. Among the other three segments, functional and flavored
water are anticipated to gain moderate ground in the near future whereas
carbonated bottle water will lose demand share.
PET Bottles
Dominates Demand in terms of Packaging
Based on
packaging, the market for bottled water has been bifurcated into polyethylene
terephthalate (PET) bottles, glass bottles, and others. Owing to consumer
preference for purest form of water and the ease of handling, transportation,
and storage – the demand for PET bottles is the strongest. By the end of 2024,
the PET bottle segment is estimated to generate a revenue of US$209.1 bn. The
analyst of the report has notified that there will be a demand for 409.7 bn.
liters of water from this segment by the end of the forecast period.
The report
also gauges the potential of demand for bottled water that will be generated by
the distribution channels of supermarket or hypermarket, convenience or drug
stores, grocery stores or club stores, and others such as vending and food
service. While the others distribution channels are providing for the most
prominent chunk of demand, grocery stores and supermarkets are other two key
categories that stay ahead in the near future.
Nestle
Waters, PepsiCo Inc, Groupe Danone, The Coca Cola Company, and Mountain Valley
Spring Company LLC are a few prominent companies currently ahead of the curve
in the global bottled water market.
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