Bottled water is defined as drinking water that is packaged in glass or plastic bottles; mineral, spring, and distilled water are a few examples. There are variations in the level of carbonation in bottled water. There are various types available, ranging from big carboys for water coolers to tiny single-serve bottles. Premium bottled water is unprocessed, typically comes from an underground water source, and is up to par with regular packaged water in terms of quality. Before packaged water is sold for human use, it passes through a variety of processes like ozone treatment or reverse osmosis. These high-end bottled waters are widely accessible in Tier 1 cities and are growing in popularity worldwide.
According to SPER market research, ‘Premium Bottled Water Market Size- By Product, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Premium Bottled Water Market is predicted to reach USD 30.06 billion by 2033 with a CAGR of 6.83%.
Drivers:
Raising awareness of the benefits. A growing number of people are selecting premium bottled water over tap water as they become more aware of the advantages of leading a healthy lifestyle. Because mineral or sparkling water contains several minerals, like calcium, magnesium, and salt, it’s more popular than ordinary bottled water. Other health benefits of sparkling and other premium bottled water include improved digestion and constipation relief. Numerous studies have shown that premium glacier/natural water is not as bad for teeth and bone health as sodas. As a result, many consumers perceive carbonated water as being healthier than soda and other sweet, fizzy drinks.
Challenges:
However, the high price of bottled water limits the market. Tap water is far less expensive than luxury bottled water, which can cost up to 3,000 times more. The profit margins of small enterprises that sell sparkling water in bottles are sometimes impacted by price wars. Ice sheets, natural springs, distilleries, and other private natural sources are some of the purifying techniques used to filter premium water. Occasionally, weather-related restrictions might make sourcing difficult and increase the cost of purchasing water from these sources. The total expense is far more than that of regular tap or bottled water.
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Impact of COVID-19 on Global Premium Bottled Water Market
The ongoing COVID-19 outbreak has had a severe impact on the global premium bottled water market. Travel bans, lockdowns, and social distancing measures have all been put into place globally; this has changed consumer behavior and affected the market for luxury bottled water. Luxury bottled water is heavily consumed by the hotel and tourism sectors, hence the decline in these sectors has had an impact on the product’s sales and distribution networks. Additionally, some consumers have chosen less expensive options due to shifting priorities when making purchases and worries about the state of the economy, which has affected sales of luxury products.
Global Premium Bottled Water Market Key Players:
Furthermore, Premium bottled water is popular in many European countries and is frequently served with meals in hotels and restaurants. Consumption of these items in quick-service restaurants is expected to rise, fueling market expansion. Additionally, some of the market key players are Danone S.A., Gerolsteiner Brunnen GmbH & Co. KG, NEVAS GmbH, Roiwater, Uisge Source Inc.
Premium Bottled Water Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Product: Based on the Product, Global Premium Bottled Water Market is segmented as; Spring Water, Sparkling Water, Mineral Water, Others.
By Distribution Channel: Based on the Distribution Channel, Global Premium Bottled Water Market is segmented as; Supermarkets and Hypermarkets, Specialty Stores, Online Stores, Others.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Premium Bottled Water Market Growth
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