Global bottled spring water market growth

 

The global bottled spring water market is expected to generate more than $45 billion in revenue by 2021, according to Technavio’s latest report.

Of the two major segments, unflavoured and flavoured bottled spring water, unflavoured accounted for more than 74% of the market share in 2016.

Manjunath Reddy, a lead analyst at Technavio for non alcoholic beverages research, comments, “The launch of new flavours of spring water is another trend that will help the growth of the market during the forecast period. Players in the market are coming up with new flavours of spring water to satisfy changing consumer preferences and to keep the interest of the consumers alive.”

Technavio food and beverage analysts highlight the following three market drivers that are contributing to the growth of the global bottled spring water market:

  • Launch of new products – the demand for bottled spring water is increasing around the globe and the bottled water companies are trying to capitalise on this increasing demand by launching new products to the market
  • New packaging formats ­– today’s consumers are pressed for time and demand convenient packaged water products. To cater to this demand, market players are constantly on the lookout for packaging solutions that offer more convenience to consumers. Moreover, the demand for new packaging designs arises out of a need to enhance the shelf life of the products and to attract the attention of the consumers
  • Health benefits – true spring water is collected from natural, mountain or artesian springs. One of the key benefits of drinking spring water is that it is free of most of the contaminants usually found in drinking water as it comes from water that flows to the surface from a clean underground water source. It is also rich in minerals that are beneficial to the human body.

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