The bottled water market is expected to witness rapid growth fueled by strong demand for clean, flavored and hygienic drinking water
Zion Research has published a new report titled “Bottled Water (Still, Carbonated, Flavored and Functional Bottled Water) Market: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020.”According to the report, the global bottled water market was valued at approximately $170 billion in 2014 and is expected to reach approximately $280 billion by 2020, growing at a compound annual growth rate of around 8.5% between 2015 and 2020. In terms of volume, global bottled water market stood at around 290 billion liters in 2014.
There are various types of bottled water such as spring water, purified water, mineral water, groundwater and others. Bottled water is packaged in plastic or glass bottles, and can be carbonated or still.
The global bottled water market is mainly driven by increased health awareness and changing consumer lifestyle. The bottled water market is expected to witness rapid growth fueled by strong demand for clean, flavored and hygienic drinking water. Advancements in user-friendly packaging also drive the bottled water market. Strong growth of tourism industry and portability of hygienic bottled water is also expected to trigger demand of bottled water.
However, stringent regulations regarding packaging of water and bottled water standards are expected to hamper the growth of the market to some extent. Moreover, easy availability of tap water and rising concerns with regarding increasing plastic waste is expected to present challenge for industry participants.
Still, carbonated, flavored and functional bottled water are the key product segments of the bottled water market. The still bottled water product segment held the largest share in the global bottled water market and accounted for over 60% share in overall consumption in 2014. However, still bottled water segment is expected to exhibit moderate growth during the forecast period. Carbonated was the second largest segment of the bottled water market in 2014. Carbonated bottled water is expected to witness slight decline in its market share in the years to come. Flavored and functional water segment are also expected to witness rapid growth during the forecast period. Rapid growth of bottled water market can be attributed to rising concern regarding health & wellness.
Asia Pacific was the leading regional market for bottled water, with over 30% share of total consumption in 2014. Huge population, strong economical growth, increasing disposable income, coupled with changing lifestyle has been resulted into strong growth of bottled water market in Asia Pacific region. Asia Pacific is expected to remain major regional market for bottled water during the next five years. North America and Europe are expected grow at a moderate pace forecast period. However, North America and Europe are expected to experience decline its market share during the forecast period. Latin America and Middle East are also expected to witness robust growth of bottled water market in the years to come.