Impact of COVID-19 on Bottled Water Market
the global bottled water market depicts a competitive and fragmented landscape. Growing number of small players are increasing competition for low-end products, reports Transparency Market Research (TMR). Major players in the market are expected to compete through wider distribution reach and quality. Some key players in the global bottled water market are PepsiCo Inc, Nestle Waters, The Coca Cola Company, Groupe Danone, and Mountain Valley Spring Company LLC.
Rising number of small local players is a major trend in the global bottled water market. Due to the relatively low costs of entry, and limited distribution in many regions, small players continue to register strong gains. Additionally, the lack of established clean standards also drive consumers in emerging markets towards new products. Moreover, low costs of manufacturing in emerging regions such as Asia Pacific are further expected to drive growth for non-established players. The global bottled water market is likely to witness many mergers and acquisitions in the near future.
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The global bottled water market was evaluated at US$198.5 bn in 2017. The market is projected to grow at a remarkable 6.44% CAGR during 2017-2024. It is likely to surpass US$300 bn by 2024. The total volume could reach nearly 530 bn litres by 2024 end. Among various product segments, the still water continues to lead the others by a colossal margin.
Due to rising disposable incomes and large population, Asia Pacific is expected to witness a robust growth. The bottled water market in the region will register the fastest growth in the global market. Similarly, growing varieties of flavored products in North America is expected to create new opportunities.
?Lack of Sanitation and Recycled Packaging to Drive Growth
According to World Health Organization, (WHO) in 2011, 2.5 billion people lacked access to healthy sanitation facilities. Among these, approximately 800 million used shared or public sanitation facilities. To make matters extremely difficult in emerging regions, over 1 billion people practice open defecation, making it absolutely difficult to trust unprocessed water. Additionally, practices like recycled packaging are driving higher margins in the bottled water market. Recently, lack of sufficient quantities of bottle and string regulations surrounding plastics were emerging as concerns. However, growing awareness and various cost-effective recycling options are driving tremendous growth for the bottled water market.
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Still Water and PET bottles to Dominate the Bottled Water Market
The bottled water market is home to many products including carbonated water, still water, flavored water, and functional water. Among these, the still water continues to represent a major opportunity in the bottled water market. Its simplicity and trust associated with it, are major attractions for consumers in the bottled water market. The segment accounted for 273.3 bn. Liters of volume and US$156.0 bn in 2017.
On the other hand, packaging segments in the bottled water market include glass bottles, PET, and others. Among these, the PET bottles are in high-demand due to convenience of transportation, storage, and low probability of breakage. The segment is expected to generate over US$200 bn by 2024 end. PET bottles are expected to serve up nearly 410 bn litres of water by the end of forecast period. Growing margins through recycled packaging are expected to drive robust growth for the PET bottle segment.
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Lack of quality products and several cases of fraudulent practices in relation to maintaining quality of water, can restrain growth in the bottled water market.
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.”
