The global bottled water market could almost double in size in the next six years, reaching value of $319 billion, according to a new report from Allied Market Research (AMR).
The sector was worth close to $170 billion in 2015, the company said, and is expected to grow at a compound annual rate of 9.5% up to 2022.
The still bottle water segment dominates this market, occupying more than 35% of total share, driven largely be convenience as a motivating factor. In 2015, the still water segment occupied more than two-thirds of the overall bottled water market volume, and is expected to maintain its lead throughout the forecasted period, AMR said.
Carbonated bottle water accounted for more than two-ninths of the global bottled water market and is anticipated to register significant growth.
“The functional bottled water segment is expected to witness the highest growth, owing to increasing consumer inclination towards energy-based beverages with added minerals,” AMR team lead for chemicals and materials Eswara Prasad elaborated.
Asia-Pacific is estimated to continue to lead the market, growing at a rate of 10.6% per year in terms of volume, with China presently occupying more than one-third of the total share of Asia-Pacific’s bottled water market.
AMR predicted that India would be the fastest-growing country, with compound revenue growth of 15.1% per year.
North America accounted for the largest share in the market.
The findings appear to quell concerns that the bottled water market might level out at some point, with brands concentrating on convenience and premium offerings to avoid consumers feeling that bottled water represents bad value.