June 15, 2024
Bottled Water Market

The Growing Demand for Bottled Water Market is Driven by Changing Consumer Lifestyle Patterns

Bottled water is essentially potable water sealed in plastic or glass bottles and sold commercially. The convenience of bottled water due to its packaging and portability has increased its demand amongst consumers. Increased awareness regarding health benefits associated with drinking purified water as compared to tap water is also driving the bottled water market. Bottled water is preferred for its premium quality especially amongst health conscious consumers and families. The global bottled water market continues to grow steadily as consumers perceive bottled water as a healthier and safer alternative to other beverage options.

The global bottled water market is estimated to be valued at US$ 370.81 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving growth in the bottled water market is the increasing adoption of on-the-go lifestyles. Fast-paced urban lifestyles have reduced cooking and meal preparation time at home resulting in higher consumption of ready-to-drink beverages like bottled water. Bottled water fits well within hectic schedules due to the ease of portability and long shelf-life. Additionally, the health conscious millennial population is increasingly shifting towards bottled water due to perceived purity and health benefits. This has prompted bottled water brands to focus on premiumization through enhanced filtration systems and introduction of value-added variants like flavored and functional bottled water. Factors such as environmental pollution, lack of trust in tap water quality and changing consumption patterns continue to support growth of the bottled water market globally over the forecast period.

Porter’s Analysis

Threat of new entrants: The bottled water market requires high capital investment for production plants and distribution infrastructure which limits threat of new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate as bottled water is available from multiple national and international brands giving buyers alternatives.

Bargaining power of suppliers: A few major suppliers exist for raw materials like PET bottles and lids which gives them moderate bargaining power over bottled water producers.

Threat of new substitutes: Substitutes like canned or pouched drinks exist but bottled water has established itself as a more preferred substitute for soft drinks, limiting threat from new substitutes.

Competitive rivalry: The bottled water market is dominated by large multinational companies and competition is intense to capture market share through branding, innovative packaging and varied product offerings.

Key Takeaways

The Global Bottled Water Market Size is expected to witness high growth over the forecast period. Regulatory support to promote consumption of safe drinking water will drive market revenues. The global bottled water market is estimated to be valued at US$ 370.81 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period from 2024 to 2031.

Regional analysis:

North America leads the bottled water market currently due to high health consciousness and disposable incomes in countries like the US. Asia Pacific is expected to be the fastest growing market due to improving standards of living in developing countries of the region.

Key players: Key players operating in the bottled water market are 3M, Armolan, Avery Dennison Corporation, Eastman Chemical Company, HYOSUNG CHEMICAL, Johnson Laminating and Coating, Inc., LINTEC Corporation, Nexfil Co., LTD., Rayno Window Film, Saint-Gobain Performance Plastics, and Toray Industries, Inc. These companies are focusing on development of sustainable packaging solutions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it