According to a recent publication, bottled water, since several years has been leading the market of non-alcoholic beverages. It is likely to retain its dominance in the coming years as well. Bottled water’s estimated values were at 8.6% in the terms of volumes in 2016. Furthermore, the study reveals that its beverage consumption grew by 2.2 billion gallons between 2011 and 2016. In the US, the market is anticipated to be valued at US$ 17 billion in 2017. It is expanding at the lucrative CAGR of over 4.0% throughout the predictable period of 2016-2024. The expected market value of the bottled water is around US$ 22 billion by the end of 2024. The demand for bottled water in this region is significantly driven by expanding awareness associated with the benefits of drinking mineral water. Along with this, increased nutritional content in bottled or packaged drinking water is considerably propelling the market demand across the region.
Factors fueling the market demand for bottled water
Rise of syndromes: The market growth is stimulated by rising conditions such as gastrointestinal diseases, reproductive issues, and neurological disorders. These disorders are inclining people’ interest towards the use of clean and hygienic bottled water in this region. Packaged water is restricted from any kind of bacterial contamination, irrespective of the storage time. Thus, this is one of the chief reason of people’s adoption towards bottled water. On the other hand, carbonated water has phosphoric acid and caffeine that is why consumers are preferring safe and healthy beverages. The increased acid content in carbonated water is also propelling customers to prefer low calorie flavored water.
Distribution Channels: Distribution channels will accumulate for extensive shares in the US region. Key distribution channels in the market are convenience stores, grocery stores, supermarket, and others. The supermarket segment will rise at the CAGR of 4.4% during the foreseeable period. It is likely to contribute for over 35% of the total shares by 2024 end.
Market Players: The market for bottled water is anticipated to display an extensive growth when the market players will begin the procurement of eco-friendly alternatives for plastic bottles. Although, this is expected to be grasped by amplified implementation of 100% recycled PET bottles. Some of the top most players operating in the US market consist of Suntory Beverage & Food Ltd, Coca-Cola Company, CG Roxane LLC, Groupe Danone, and Mountain Valley Spring Company. Nestle Waters is said to be the biggest manufacturer of bottled water.
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Some of the encumbering factors in the market include regulations curbing the production along with environmental impacts of bottled water. It has been predicted that authorities in the US will keep on imposing the unfavorable regulations. This is encouraging the development of eco-friendly and recyclable packaging materials. Hence, this has opened new avenues for top most players operating in the market. Thus, several bottled firms are now emphasizing on novel and advanced water products which are eco-friendly.