The
global bottled water market mainly depicts the presence of a highly
fragmented and competitive vendor landscape. This is majorly due to
innumerable players operating in the field. With new companies
entering the market on a regular basis, the competition is expected
to increase dramatically during the upcoming years. Many prominent
companies are facing stiff competition from local vendors. This is
mainly due to the low entry barrier present in the market, wherein
numerous local players are striking gold since several decades.
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Bringing
about extensive innovations in bottled water manufacturing processes,
and striving towards increasing awareness among masses regarding
benefits of using recycled bottles are prime strategies implemented
by businesses working in the global bottled water market. Many
companies are developing advanced and cost-effective techniques of
producing water bottles, so that they can efficiently function while
causing least harm to the environment. Such businesses are also
receiving tremendous support from most governments all over the
globe. Mountain Valley Spring Company LLC, Groupe Danone, PepsiCo
Inc, Icelandic Water Holdings, The Coca Cola Company, Nestle Waters,
Unicer - Bebidas SA, Grupo Vichy Catalan, Suntori Beverage & Food
Ltd, and CG Roxane, LLC, are key players operating in the global
bottled water market.
This
market had gained revenue worth US$198.5 bn in 2017, which is further
expected to grow up to US$307.2 bn by 2024. This growth is projected
to occur at a splendid CAGR of 6.44% during the forecast period from
2017 to 2024. In terms of volume, an estimated demand of 528.2 bn
liters of bottled water could be sold by the end of 2024.
Rising
Awareness for Drinking Water from Recycled Bottles Drives Market
A
rising awareness for drinking pure and clean water among masses all
over the globe is majorly driving the global bottled
water market. We all know that the environment is degrading
more by the day, and to save it from getting worse, it is highly
necessary that consumers need to utilize specific goods in certain
forms. Using reusable water bottles is one such way that can
significantly contribute towards reducing harmful effects caused to
the environment, specifically due to excessive garbage dumping. A
rising awareness among the masses to use reusable water bottles for
reducing plastic utilization is primarily driving the global bottles
water market too. Additionally, easy availability and portability of
water sold in bottled makes customers prefer buy the bottles instead
of other packaged water items, consequently making the market grow at
a fast pace.
Costly
Set-Up of Bottle Manufacturing Systems Hinder Market’s Growth
However,
high costs required to set up systems for producing bottles water
commodities is greatly hampering the market. Some small-scale
companies could face difficulties while raising funds that are needed
for carrying out expensive research and development activities, which
is not good for the global bottled water market’s growth. Many
regions might depict a lack of trained professionals and a shortage
of equipment that is required to procure the right kind of material
and use it to make bottles. Nevertheless, the picture is soon
expected to change as numerous companies are gradually introducing
cost-effective methodologies and processes to manufacture water
bottles, which could offset most of the restraints.
The
information presented in this review is based on a Transparency
Market Research report, titled, “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/Club Stores, and Foodservice/Vending) - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 –
2024.”
Key
Takeaways:
- Bringing about extensive innovations in bottled water manufacturing processes, and striving towards increasing awareness among masses regarding benefits of using recycled bottles are prime strategies implemented by businesses working in the global bottled water market.
- A rising awareness for drinking pure and clean water among masses all over the globe is majorly driving the global bottled water market.
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