The U.S. Bottled Water Market is estimated to be valued at US$ 22,175.71 Million in 2021 and is expected to exhibit a CAGR of 8.42% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Bottled water has gained immense popularity in recent years due to the increasing concern over water contamination and the need for convenience. Bottled water offers consumers a safe and hygienic option for drinking water, especially in regions where tap water quality is questionable. It is also convenient for on-the-go consumption and is available in various packaging formats, including single-serve bottles, larger bottles for family consumption, and bulk packs for stocking up at home or offices.
Consumers are increasingly opting for bottled water as it provides them with peace of mind regarding the quality and safety of the water they consume. Additionally, the rise in health consciousness among consumers has also contributed to the growing demand for bottled water as it is perceived as a healthier alternative to sugary drinks.
B) Market Key Trends:
One key trend in the U.S. Bottled Water Market is the growing demand for functional and flavored water. As consumers become more health-conscious, they are looking for beverages that offer additional benefits beyond hydration. Functional waters infused with vitamins, minerals, electrolytes, or other nutrients have gained popularity among health-conscious consumers. Similarly, flavored waters with fruit extracts or natural flavors provide a refreshing and flavorful alternative to plain water.
For example, brands like Hint Water offer a range of flavored waters with zero sugar, calories, and artificial sweeteners. These products appeal to consumers looking for healthier beverage options while adding variety to their drinking experience.
C) PEST Analysis:
Political: The U.S. government has stringent regulations and standards in place to ensure the safety and quality of bottled water. These regulations govern the sources of water, manufacturing processes, labeling requirements, and testing procedures. Compliance with these regulations is crucial for market players to ensure consumer trust and meet legal requirements.
Economic: The growing disposable income of consumers in the U.S. has contributed to the increased consumption of bottled water. As consumers become more willing to spend on quality products and prioritize their health, the demand for bottled water continues to rise.
Social: The increasing health consciousness among consumers and the rising awareness about the importance of hydration have positively influenced the demand for bottled water. Moreover, the convenience factor associated with packaged drinking water makes it a preferred choice for consumers who are always on the go.
Technological: Advancements in bottling technologies have improved the shelf life and quality of bottled water. Advanced filtration systems and packaging techniques ensure that the water remains fresh and free from contaminants for an extended period.
D) Key Takeaways:
1: The U.S. Bottled Water Market is expected to witness high growth, exhibiting a CAGR of 8.42% over the forecast period, due to increasing consumer demand for safe and hygienic drinking water. The convenience factor and rising health consciousness among consumers are driving the market growth.
2: Regionally, North America is expected to dominate the U.S. bottled water market due to the high adoption rate of bottled water and stringent regulations ensuring product safety. However, Asia Pacific is expected to be the fastest-growing region due to rapid urbanization, improving infrastructure, and increasing consumer awareness about the importance of safe drinking water.
3: Key players operating in the U.S. bottled water market are Nestle Waters, PepsiCo, Inc., The Coca-Cola Company, Groupe Danone, Suntory Beverage & Food Ltd, Mountain Valley Spring Company, LLC, and CG Roxane, LLC. These players focus on product innovation, distribution channels, and strategic partnerships to gain a competitive edge in the market.
In conclusion, the U.S. bottled water market is witnessing significant growth due to increasing consumer demand for safe and convenient drinking water. The market is driven by the rising health consciousness among consumers and the convenience factor associated with packaged drinking water. With advancements in technology and strict regulations ensuring quality, the market is expected to continue its upward trajectory in the coming years.
