The global bottled water market mainly depicts the presence of a highly fragmented and competitive vendor landscape. This is majorly due to innumerable players operating in the field. With new companies entering the market on a regular basis, the competition is expected to increase dramatically during the upcoming years. Many prominent companies are facing stiff competition from local vendors. This is mainly due to the low entry barrier present in the market, wherein numerous local players are striking gold since several decades.
Bringing about extensive innovations in bottled water manufacturing processes, and striving towards increasing awareness among masses regarding benefits of using recycled bottles are prime strategies implemented by businesses working in the global bottled water market. Many companies are developing advanced and cost-effective techniques of producing water bottles, so that they can efficiently function while causing least harm to the environment. Such businesses are also receiving tremendous support from most governments all over the globe. Mountain Valley Spring Company LLC, Groupe Danone, PepsiCo Inc, Icelandic Water Holdings, The Coca Cola Company, Nestle Waters, Unicer – Bebidas SA, Grupo Vichy Catalan, Suntori Beverage & Food Ltd, and CG Roxane, LLC, are key players operating in the global bottled water market.
This market had gained revenue worth US$198.5 bn in 2017, which is further expected to grow up to US$307.2 bn by 2024. This growth is projected to occur at a splendid CAGR of 6.44% during the forecast period from 2017 to 2024. In terms of volume, an estimated demand of 528.2 bn liters of bottled water could be sold by the end of 2024.
Rising Awareness for Drinking Water from Recycled Bottles Drives Market
A rising awareness for drinking pure and clean water among masses all over the globe is majorly driving the global bottled water market. We all know that the environment is degrading more by the day, and to save it from getting worse, it is highly necessary that consumers need to utilize specific goods in certain forms. Using reusable water bottles is one such way that can significantly contribute towards reducing harmful effects caused to the environment, specifically due to excessive garbage dumping. A rising awareness among the masses to use reusable water bottles for reducing plastic utilization is primarily driving the global bottles water market too. Additionally, easy availability and portability of water sold in bottled makes customers prefer buy the bottles instead of other packaged water items, consequently making the market grow at a fast pace.
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Costly Set-Up of Bottle Manufacturing Systems Hinder Market’s Growth
However, high costs required to set up systems for producing bottles water commodities is greatly hampering the market. Some small-scale companies could face difficulties while raising funds that are needed for carrying out expensive research and development activities, which is not good for the global bottled water market’s growth. Many regions might depict a lack of trained professionals and a shortage of equipment that is required to procure the right kind of material and use it to make bottles. Nevertheless, the picture is soon expected to change as numerous companies are gradually introducing cost-effective methodologies and processes to manufacture water bottles, which could offset most of the restraints.