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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