The global Water Filter Jug Market is estimated to be valued at US$ 774.00 Bn in 2022 and is expected to exhibit a CAGR of 6.71 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Water filter jug helps in filtering water at home for consumption purpose. It removes various impurities like dirt, sediment and chlorine etc present in tap water which makes water safer for drinking. The advanced water filter jugs come with latest filtration technology which not only filters water but also infuses it with essential minerals and maintains proper pH level of water. This enhances the taste and quality of drinking water. With growing health awareness, people are preferring purified water from filter jugs rather than normal tap water which drives the demand of water filter jug market.
Market key trends:
One of the key trends witnessed in the market is growing popularity of point-of-use water filters. These point-of-use water filters are available in jug form which can be placed on kitchen countertop and easily used to filter water instantly before consumption. Majority of people are adopting point-of-use water filters as they are convenient to use, eco-friendly and provides clean drinking water on demand. Another trend being observed is launch of innovative water filter jugs with advanced filtration technology. Key players are coming up with products embedded with multiple stage filtration, UV technology and minerals infusion which delivers premium quality drinking water. This is attracting many health conscious consumers thereby supporting market growth over the forecast period.
Threat of new entrants: The threat of new entrants in the water filter jug market is moderate. The capital requirements for manufacturing Water Filter Jugs are moderate. However, the market is dominated by few established players with strong brand name and distribution network.
Bargaining power of buyers: The bargaining power of buyers is high. The water filter jug market has multiple global and regional players providing products with varied features. This gives the buyers alternate options to switch between products and brands based on quality and prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Though the required raw materials for water filter jug manufacturing are easily available, switching costs from one supplier to another are low resulting in moderate level of influence over buyers.
Threat of substitutes: The threat of substitutes is low. There are no close substitutes for water filter jugs as they provide portable filtered water on-the-go. Other substitutes like canned water have higher costs.
Competitive rivalry: The competitive rivalry in the market is high. The market is fragmented with presence of numerous global and regional players offering differentiated products.
Global Water Filter Jug Market Demand is expected to witness high growth, exhibiting CAGR of 6.71% over the forecast period, due to increasing health concerns among consumers regarding consumption of contaminated water.
Asia Pacific dominates the global water filter jug market with highest market share. Rapid urbanization coupled with growing consumer awareness about water borne diseases is driving the water filter jug market in the region. North America is expected to grow at fastest pace over the forecast period.
Key players operating in the water filter jug market are Aqua Optima, AQUAPHOR, Brita, BWT Holding GmBH, Mitsubishi Chemical Cleansui Corporation, Culligan, Dafi filters, Electrolux, KENT RO SYSTEMS LTD, Life Straw, Ningbo Qingqing Environmental Protection Electrical Co., Ltd., PHILIPS, PUR, Seychelle Water Filtration, and Sharp Corporation.