Water covers about 71% of the surface of Earth but only 3% is said to be fresh water. About 2.5% of the earth’s fresh water isn’t available for consumption as they are locked up in the atmosphere, ice caps, glaciers, soil that is very polluted or lies buried within the Earth and expensive to be extracted.
Hence the available fresh water for consumption is just about 0.5% and this water supply is what has been continuously collected, purified, stored and finally distributed in the natural hydrologic cycle.
Bottled water companies don’t make water, they use the available public water or other sources such as springs, surface water or even wells and purify it further as well as enhance it with certain mineral contents to make it safe for people to drink.
The global bottled water market amassed revenue worth 333.45 billion in 2021. And the majority of the revenue was contributed by the United States which was worth $79.9 billion. A study by ‘The Beverage Digest’ found that for most Americans sparkling water is a daily drink.
By the end of 2026 this segment is said to see out of home consumption of 35% in spending and at least 9% in volume consumption.
Presently the global bottled water is said to be worth over $217 billion but this is projected to nearly triple to $505 billion by 2028. Its simplicity when it comes to usage, maintenance and installation along with growing awareness of the health benefits it offers are the key attributes that will drive this growth.
The Asia-Pacific region has the biggest market share in this segment, which was at least 42% back in 2020. The region is expected to continue maintaining pole position and be the fastest growing market for bottled water in the years to come.
As of 2020, purified water held the largest market share, about 35%. While the sparkling water market is the fastest growing. It is projected to have an annual growth rate exceeding 11.5% for the forecast period 2021 to 2028 and major demand is expected from wealthy nations such as the UK, US, Canada, France and Germany.
When the pandemic struck, home isolation and restrictions were imposed, the bottled water business witnessed a surge in demand. According to the International Bottled Water Association, bottled water businesses ramped up output, production capacity and packing materials to meet the rising demand surge. But at the same time their supply chain, logistics and manufacturing was severely impacted due to movement restrictions and close downs.