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).
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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.
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.
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.
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