The global premium water market size is poised to grow at an impressive pace, driven by the accelerated expansion of urban areas, shares Fortune Business Insights™ in its report, titled “Premium Water Market Size, Share and Industry Analysis, By Packaging (Glass Bottles, Plastic Bottles), By Type (Functional Water, Flavored Water, Spring Water, Sparkling Water), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail) and Regional Forecast, 2020-2027”. The Population Division of the UN estimated that in 2018 roughly 55% of the world’s population was residing in urban areas. The UN projects that by 2050, this number will rise to 68%, adding approximately 2.5 billion to urban spaces in the next three decades. Rapid growth of urban agglomerates has created a host of health-related problems due to high pollution levels, sedentary lifestyles, faulty diets, and lack of exercise. This is especially visible among the working populations in these areas, which is forcing consumers to focus on their health and wellness. Premium water products have emerged as one of the most efficient solutions to tackle the problem of the growing incidence of lifestyle-induced diseases as these waters are filtered and infused with nutrients. Increasing size of urban spaces will, therefore, prove to be a favorable development for this market.
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Highlights of the Report:
- Careful study of the market drivers, trends, and opportunities;
- Microscopic analysis of the hindrances facing the market;
- Holistic understanding of the various market segments; and
- In-depth evaluation of the competitive landscape and regional developments in the market.
Unhindered Rise in Plastic Pollution Worldwide to Inhibit Market Growth
The escalating level of plastic pollution across the globe is expected to be a major hindrance for the premium water market growth as plastic is the most widely utilized packaging material among manufacturers. According to the UN Environment Program, each year humans generate approximately 300 million tons of plastic waste, of which plastic bottles constitute a major portion. Research conducted by the University of Leeds and the University of Oxford in the UK in July 2020 found that 30 million tons of plastic is dumped on land, 50 million tons is burned in the open, and 11 million tons ends up in oceans every year. More importantly, a very small percentage of this waste gets recycled and reused, which further exacerbates this global problem. With consumers increasingly demanding goods made from sustainable materials and governments taking decisive steps to cut down plastic wastage, the prospects for the plastic segment within this market are likely to diminish in the forthcoming years.
High Demand for Functional Water to Stoke Market Growth in North America
Among regions, North America is expected to lead the premium water market share in the near future owing to the escalating demand and consumption of functional water products. This is further supported by the high purchasing power as well as a growing health consciousness among consumers in the region. Meanwhile, in Europe, consumers are making a notable shift towards healthier beverage alternatives to build immunity against unknown diseases. In Asia Pacific, on the other hand, speedy expansion of urban areas and soaring popularity of westernized food and beverage items is propelling the regional market for premium waters. Additionally, increasing disposable incomes of consumers in India and China is also contributing to the regional market growth.
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Development and Release of Sustainable Packaged Waters by Key Players to Intensify Competition
In order to reduce their carbon footprint, key players in this market are reorienting their focus towards developing and launching premium water products in sustainable packaging. This tactic is enabling companies to diversify their portfolios, cater to the widening demand for eco-friendly packaging materials, and contribute to sustainability.
- April 2020: Vitasoy launched a fully recycled plastic bottle produced from recycled polyethylene terephthalate to promote waste reduction and environmental consciousness in Hong Kong. The company will be packaging its flagship VITA Distilled Water offering in these recycled bottles and improve sustainability in the packaging industry.
- April 2020: The Coca Cola Company released 100% recycled bottles for its I Lohas premium water brand in Japan. The beverage giant has also removed all labels from these new bottles to further reduce plastic waste and augment the move towards sustainability in the country.
List of Key Players Profiled in the Premium Water Market Report:
- Rhodius Mineralquellen und Getränke GmbH and Co. KG
- Nongfu Spring
- Premium Waters, Inc.
- The Coca-Cola Company
- Mountain Valley Spring Company
- Gerolsteiner Brunnen Gmbh and Co. Kg
- Tata Global Beverages
- Nestle SA
- PepsiCo Inc.
- Danone SA
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