According to the latest market study released by Technavio, the global bottled water marketis expected to grow at a CAGR of close to 8% during the forecast period.
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Technavio has published a new market research report on the global bottled water market from 2017-2021. (Photo: Business Wire)
This research report titled 'Global Bottled Water Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global bottled water market into three major product segments:
- Bottled spring water
- Still drinking water
- Sparkling water
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Global bottled spring water market
The global bottled spring water market is growing due to various factors such as growing awareness of the health benefits of bottled spring water, product innovations, rising demand for flavored bottled spring water, and various others. Spring water is generally collected from an underground source and contains a lot of minerals. It is slightly alkaline in nature. Therefore, the consumption of bottled spring water helps to maintain the pH level in the body.
Bottled spring water is perceived to be pure because it contains less number of contaminants. This factor encourages consumers toward the purchase of bottled spring water. Bottled water manufacturers are introducing more products to bottled spring water category owing to the consumers' demand. One of the trends is adding more flavors as it attracts consumers. For example, in 2017, Nourishco entered the flavored water segment by launching Himalayan Orchard Pure, which is noncarbonated, natural mineral water with 100% natural flavors and no preservatives.
Global still drinking water market
Still drinking water is a noncarbonated water, and comes as both flavored and unflavored. In terms of revenue, still drinking water is dominating the global bottled water market. This is mainly due to the rise in urbanization, rising health consciousness, demand for on-the-go bottled water products, packaging innovations, and introduction of new flavors.
"Owing to the rising health consciousness, consumers prefer to drink still drinking water instead of carbonated drinks. This is having a positive impact on market growth. Moreover, rising urbanization has increased environment pollution leading to fear of water contamination. Hence, there is a need to rely on bottled water for pure drinking water. New packaging innovations and flavors are expected to drive the global still drinking water market in the future," says Manjunath Reddy, a lead analyst at Technavio for food research.
Global sparkling water market
The global sparkling water market is growing at a faster rate owing to various driving factors such as the introduction of innovative flavors, rising obesity rates, emergence of zero calorie variant, expansion of distribution network, and various other factors. Many consumers are moving away from carbonated drinks owing to the increasing awareness of the negative impacts they can have on the human body.
"Consumers perceive sparkling water to be a better alternative to carbonated beverages. Owing to rising concern about obesity rates, consumers are increasingly drinking sparkling water after a meal, thereby accelerating the growth of the market. Changing taste preferences encourage consumers to try various products, which has led to the growth of the market," says Manjunath
The top vendors highlighted by Technavio's market research analysts in this report are:
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