Rising Demand for PET Bottled Water to Boost Market Growth of Bottled Water – Fact.MR Survey
Fact.MR’s recently published report on the global bottled water market projects a healthy forecast, likely to register a 9% value CAGR to reach US$ 450 Bn across the 2021-2031 assessment period. As of 2021, market value is expected to reach US$ 172 Bn. Increased consumer awareness of the health benefits of drinking bottled water is expected to fuel market growth.
Historical data points out that the market experienced steady growth, yielding a CAGR of 6% from 2016 to 2020. Sales especially spiked amidst the COVID-19 pandemic, with consumers stockpiling water supply in order to address shortages encountered during the height of the pandemic crisis. Furthermore, perceived antiviral properties led to an increase in demand for plastic bottled water.
Key Takeaways from the Market Study
- By product, demand for purified bottled water to surge, holding over 1/3rd revenue
- Spring bottled water held around 26% market value as of 2020
- PET bottled water to register a staggering 10% value CAGR through 2031
- Glass bottled water to yield a revenue share worth US$ 210.5 Bn
- Sales in the U.S are likely to expand at a CAGR of around 7% from 2021-2031
- Germany likely to expand at a CAGR of 8% across the forecast period
- China to register a staggering 12% value CAGR with regard to bottled water demand
“Global demand for bottled water is expected to incline, attributed to an expanding global population base and consequent scarcity of fresh drinking water availability,” says a Fact.MR analyst.
Home Isolation due to COVID-19 driving Market Growth?
Since the outbreak of the novel coronavirus pandemic, consumers worldwide have become increasingly health conscious, prompting increased frequency of stockpiling in recent months. This development is significant, given the backlash encountered amid usage of plastic bottles.
Sales of bottled water are likely to remain elevated, as consumers are expected to opt for plastic bottles due to perceived antiviral protection characteristics offered by them. While the U.S experienced more than 50% increase between late February and mid-March 2020, the U.K witnessed dexterous growth, with alkaline water brand Actiph seeing a 1000% increase.
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