Report Overview
The global bottled water market size was estimated at USD 303.95 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030. Increasing concerns regarding various health problems such as gastrointestinal diseases caused by the consumption of contaminated water are leading to increased demand for clean and hygienic packaged options. Drinking water scarcity in several regions further necessitates demand for safe drinking water, leading to increased product sales, and augmenting the market growth.
The increasing preference for nutrient-fortified water is trending due to the rising importance of health and wellness among consumers. The demand has increased among travelers, working professionals, and in-house consumers. Over the past few years, products with labels such as alkaline, electrolyte-rich, fortified, caffeinated water, fortified with additional hydrogen or oxygen have been gaining popularity.
Consumers are increasingly prioritizing their health and wellness, which is boosting the demand for purified and ultra-purified bottled options. Consumers chose to opt for these bottles on the go, as it is a healthier option for high-calorie, carbonated, and sugary drinks such as sports drinks and juices. According to data from the Beverage Marketing Corporation, the volume growth of bottled water slowed down in 2022 compared to the previous year, but producers’ revenues increased by nearly 12% due to higher prices.
The per capita consumption of bottled water reached a new high of 46.5 gallons, while carbonated soft drinks remained at 36 gallons. Single-serving sizes were the most popular type of bottled water, accounting for the majority of the category’s volume. Beverage Marketing Corporation expects bottled water to continue to grow and surpass carbonated soft drinks.
Product Insights
In 2022, the still water segment held the largest market share of more than 74.5% in terms of revenue and is expected to maintain dominance over the forecast period. Diseases such as dysentery, diarrhea, and typhoid are usually caused due to contaminated particles in running water, thus, consumers are looking for safe water options and companies are addressing the same issues. For instance, Aquafina offers purified drinking options which are filtered and sodium-free. Similarly, Dasani offers purified options with added minerals for safe and clean drinking.
However, the functional water segment is projected to register the fastest CAGR of 6.9% from 2023 to 2030. The growing emphasis on health and wellness is a major driver for the market. Consumers are becoming increasingly conscious of their overall well-being and are actively seeking out functional beverages that can support their specific health goals. Bottled functional water provides a convenient and accessible option for consumers to incorporate these added benefits into their daily hydration routine.
