Albany, NY -- (SBWIRE) -- 04/09/2021 -- Bottled Water Market - Snapshot
Water is an essential and vital component for all forms of life on earth, especially for human beings. Water accounts for almost eighty percent of the human body. Bottled water is the water that is consumed solely for the purpose of drinking and comes in packaged in a bottle. The global bottled water market is predicted to observe a significant growth due to the rising demand for the same. Convenience of carrying bottled water is estimated to play an important role in the growth of the market in the years to come.
The main source of origin for bottled water is the natural reservoirs, such as ponds, rivers, lakes and other such sources of water. However, most of the water coming from the natural water bodies are polluted and contains various dissolving impurities, viruses, chemicals, and microbiological bacteria. Bottled water is a purified form of water from these natural sources and is a substitute to the drinking water solution, thanks to its effective and dependable procedures of purification. The purity of bottled water is predicted to encourage growth of the global bottled water market in the years to come.
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High Demand For Bottled Water due to Purity and Convenience to Spur Market Growth
Convenience, good taste, quality, and consistent safety of bottled water have made it a beverage of choice for refreshment and hydration purposes. The Food and Drug Administration (FDA) of the US categorizes it as a packaged food product and it needs bottled water to stick to its extensive inspection, labeling, and food safety requirements. Such stringent measures to ensure hygiene are estimated to amplify growth opportunities of the global bottled water market in the near future.
Bottled water comes in many forms, some of which are as mentioned below
carbonated bottle water
still bottle water
flavored bottled water
functional water bottle
A rise in the demand from consumers together with inefficient and absence of water supply management in some of the residential areas are likely to play an important role in fuelling growth of the global bottled water market.
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Global Bottled Water Market: Analyst's Findings
While the essentiality of water has never been in doubt, the awareness regarding the need to ensure safe drinking water is consumed has multiplied in the recent past on the back of growing penetration of social media. The trend among urban populations is to make water their favorite drink and bottled water offers the convenience as well as an assurance of purity. As per the findings of this business intelligence report on the global bottled water market, the demand will expand at a notable CAGR of 6.44% during the forecast period of 2017 to 2024. In terms of revenue, methodology-based market evaluations have confirmed that the global bottled water market will attain a valuation of US$307.2 billion by 2024, swelling up from its evaluated worth of US$198.5 billion as of 2017. Volume-wise, there will be an estimated demand of 528.2 billion liters of bottled water by the end of 2024.
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Apart from increasing awareness levels for greater intake of water among prosperous parts of the world, the bottled water market also stands to gain impetus from growing popularity of carbonated water. Companies operating in the bottled water market are coming up with ecofriendly packaging materials as well as providing for adequate recycling. Mushrooming of small and medium enterprises (SMEs) is also stoking the demand for large-sized bottled water. On the other hand, environmental impact of plastic bottles and stringent government regulations are a few restraints obstructing the bottled water market from attaining a stronger growth rate.
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