The demand for bottled water has grown over the last decade as consumers become more health-conscious and new packaging technologies are adopted. The latest market trend is bottled water with added minerals and vitamins; these products are rapidly becoming an alternative to traditional soft drinks.
Global market revenue reached $158.83 billion in 2018—5.6% higher than the previous year. By 2024, it is expected to stand at $242.35 billion, which is a 7.3% compound annual growth rate over 2018. By volume, consumption is likely to reach 282.54 billion liters by 2018. Demand in North America and Europe is expected to remain more or less stable over the next few years. Asia-Pacific is the largest market in terms of consumption, accounting for a 33% market share. It is also the fastest-growing market because of its large population, high demand, untapped locations, favorable demographics, and rapid urbanization. Latin America and the Middle East and Africa are likely to experience rapid growth because of their poor water infrastructure and unsafe and unclean tap water.
The market is fragmented. Tier I participants will continue acquiring start-ups and regional players and launching new products and business models. Many small and regional participants are competing for market share.
The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning We analyze hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.