“Global bottled water market growth to exceed $364.43bn by 2028”
By Felicia Nwosu
A market research firm, IMARC Group, has disclosed that the global bottled water market size will exceed US$ 364.43 billion by 2028, while also exhibiting a growth rate (CAGR) of 7.3% between 2023-2028. The research firm had earlier predicted that global bottled water market size would gain US$ 237.6 billion in 2022.
It associated the growing consumer concerns regarding high sugar content and sweeteners in carbonated drinks, along with the introduction of new and innovative flavored water variants that offer improved taste along with nutritional benefits, including vitamins and reduced calorie content, as primary factors driving the global premium bottled water market.
Imarc added that the breakup of the global premium product based on the distribution channel, can be bifurcated into supermarkets and hypermarkets, specialty stores, online stores, and others. It specifically attested that currently, supermarkets and hypermarkets exhibit a clear dominance in the market.
Similarly, the UN University’s Institute for Water, Environment and Health while highlighting the demand for the product,stressed that the bottled water market saw 73% growth from 2010 to 2020, with an uninterrupted consumption pattern that sustained its track to increase from around 350 billion litres in 2021 to 460 billion litres by 2030. This record placed the industry as one of the fastest-growing industries in the world.
Another data from CNN site posited that, a quarter of revenue from bottled water sales goes to just five multinational companies which include PepsiCo, Coca-Cola, Nestlé, Danone, and Primo making a combined sales of $65 billion in 2021.
Making an analysis of the market segment of the bottled water industry,it stated that the market is segmented by product type, packaging, pack size, origin of product, quality, and geography. It revealed that packaged drinking water is the largest segment in the global bottled water market, with 58.8% share of the market.
According to a report made available by Tapp WATER.com, bottled water market globally is rapidly growing with approximately 600 million households consuming bottled water in 2022, which it stated to be more than 446 billion litres of water per year or one million bottles per minute
Also, according to National Water Footprint Accounts, the top 10 water-using countries around the world are China with 1.5 billion people consuming 362 trillion gallons annually, United States with 300 million people consuming 216 trillion gallons, while countries such as Brazil with 175 million people, take 95 trillion gallons and several others.
Describing the market as a perfectly competitive one, it reported that the bottled water industry has all the traits of a perfectly competitive market. The consulting firm also mentioned that consumers know the complete information about the content of the product which forces brands to accept the price set by consumers.
The report, while ranking the largest globally, disclosed that in 2023, the United States generated the highest revenue at approximately 94 billion U.S. dollars, followed by China and Germany who occupied the second and third place with around 73 and 21 billion U.S. dollars, respectively. It added that, in terms of consumption volume, China was the leading market.
Looking forward on the the future of bottled water, the platform noted that more than one million bottles of water are sold every minute around the world and the industry shows no sign of slowing down, forecasting that, global sales of bottled water is expected to nearly double by 2030.
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