Rise in Wellness Concerns and Evolution of Packaging Initiatives to Boost Demand in the Global Bottled Water Market

2024-11-07 06:41:38 Lifestyle

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The global bottled water market is one of the most dynamic markets operating within the foods and beverages industry. A paradigm shift in consumer preferences in favor of bottled water as a more hygienic option of drinking water has benefited the market both in terms of demand creation and revenue generation. According to market research reports, the global bottled water market was valued at US$157.27 billion in 2013 and is expected to reach US$279.65 billion by the end of 2020, registering an impressive growth at a CAGR of 8.7% from 2013 to 2020. In terms of volume the market is expected to grow at a CAGR of 8.3% and reach a market size of 465.12 billion liters by 2020.

The activities inthe bottled water market are regulated by the Food and Drug Administration (FDA) in the U.S.Bottled water is considered as a type of packaged food under the Federal Food, Drug and Cosmetic Act. At the global level, its operations are monitored and regulated by the International Council of Bottled Water Associations (ICBWA).

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The global market for bottled water is highly fragmented in nature,with a large number of private label brands and local bottlerspitted against each otherin a fierce competition to occupy the larger share of the market. However, it is observed that more than 60% of the global bottled water market is dominated by the national and regional players.

The market for bottled wateris segmented into four categories, which are still water, carbonated water, functional water, and flavored water. On the basis of revenue earned, still water emerged as the largest contributor in the bottled water market in 2013, accounting for 64.9% of the overall market. It was closely followed by carbonated bottled water as the second largest contributor in the same year, with a market share of22.9%. The market share for flavored and functional water wasregistered at a meager 7.1% and 5.1%, respectively,in 2013. However, industry experts hold the view that product innovation in the packaging of flavored drinking water will significantly boost its demand during the forecast period.

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Geographically, the global market for bottled water has been categorized into four regions, which are North America, Asia Pacific, Europe, and Rest of the World (RoW). In terms of revenue, Asia Pacific dominated the global market in 2013, accounting for a market share of 33%. Moreover, growing population, increase in exposable income, launch of newer and more attractive packaging initiatives and rising health and wellness concerns will significantly fuel demand for bottled water in Asia Pacific.It is expected to register growth at a high CAGR of 10.5% from till 2020. In the same year, Europe surfaced as the second largest contributor in the global market for bottled water, accounting for a market share of 28.8%.

Market Insights into Global Bottled Water Market

The growth of the bottled water market globally is driven by factors such as rising health and wellness concerns and evolution of newer and more attractive packaging initiatives. Additionally, the increasing population and surge in disposable income have further contributed to the growing demand for bottled water worldwide. In spite of the high growth rate registered, the market is not free from its fair share of restraints. Bottlenecks such as a lack of awareness regardingpotential health hazards of water from low cost taps and water contamination caused by leaching have partially limited the growth of the bottled water market globally. However, shifting patterns of consumer preference in favor of flavored and vitamin-rich functional water and innovation in terms of portability and packaging of hygienic water has propelled the demand for bottled water in the global market.

Major Players in Global Bottled Water Market

The global water market is dominated by major players like Groupe Danone, Coca- Cola Company, Icelandic Water Holdings ehf., Mountain Valley Spring Company, The PepsiCo Inc., Nestle Waters, Hangzhou Wahaha Group Co. Ltd., and LLC.

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