The global bottled water market is characterized by tough competition. Leading companies operating in this market are PepsiCo, Nestle Waters, Coca Cola, Danone, and Mountain Valley Spring Company. Market players are increasingly focused on providing consumers with functional and flavored bottled water and secure their position further. Top companies are also focusing on emerging markets and benefiting by getting promising returns.
According the United Nations, the global bottled water market will be worth US$307 Billion by 2024, expanding at a 7% CAGR from 2016 to 2024. Based on product, the market is anticipated to be led by still bottled water for the rest of the forecast period. The still bottled water segment is estimated to account for 78% of the market by 2024. The growing number of health-conscious consumers worldwide will be a chief driver for the growth of this segment. The increase in the number of consumers suffering from diabetes will also help fuel the demand for still bottled water as compared to other product variants that may contain artificial sweeteners and other such ingredients. By geography, it is predicted that the emerging nations in the Middle East and Africa, Latin America, and Asia-Pacific will be most lucrative in the years to come.
Also, the growing number of educated and health conscious people across the globe is increasing and this is creating a huge demand for hygienic food and drinks. The hygiene standard has therefore increased tremendously over the last few decades in developed nations and this trend is fast catching up in developing nations such as China and India. All these factors are expected to encourage the growth of the global bottled water market.
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