Bottled water is drinking water that comes in glass or plastic bottles; examples of this include mineral, spring, and distilled water. Bottled water can have different amounts of carbonation. There are several options, from tiny single-serve bottles to large carboys for water coolers. Premium bottled water is often drawn from an underground water source, is unprocessed, and meets the same quality standards as ordinary packaged water. Packaged water on the market undergoes a number of procedures, such as reverse osmosis or ozone treatment, before it is made available for human consumption. These upscale bottled waters are becoming more and more popular across the globe and are regularly available in Tier 1 cities.
Global Premium Bottled Water Market Driving Factors and Challenges
Drivers: Increasing Awareness of Advantages. As knowledge of the benefits of living a healthy lifestyle increases, more people are choosing premium bottled water over tap water. The presence of multiple minerals, such as calcium, magnesium, and salt, makes mineral or sparkling water a popular choice above regular bottled water. Sparkling and other high-quality bottled water has additional health advantages, such as promoting better digestion and relieving constipation. Premium glacier/natural water is also not as detrimental to tooth and bone health as sodas, according to multiple studies. Therefore, compared to soda and other sweet, carbonated beverages, carbonated water is seen by many customers as being healthier.
Challenges: The market is nevertheless constrained by the high cost of bottled water. Compared to premium bottled water, which may cost up to 3,000 times more, tap water is far less expensive. Price wars frequently have an impact on the profit margins of tiny businesses that offer sparkling water in bottles. Some of the purification methods utilized to filter premium water include ice sheets, natural springs, distilleries, and other private natural sources. Weather-related limitations can occasionally make sourcing challenging and raise the price of buying water from these sources. The entire cost is significantly more than that of ordinary tap or bottled water.
Impact of COVID-19 on Global Premium Bottled Water Market
The global premium bottled water industry has been significantly impacted by the ongoing COVID-19 outbreak. Globally, lockdowns, travel bans, and social distancing policies have been implemented; this has altered consumer behavior and impacted the market for premium bottled water. Given that the hotel and tourism industries are major consumers of luxury bottled water, the downturn in these industries has affected sales and distribution channels for the product. Additionally, because of changing priorities when making purchases and concerns about the economy, some customers have opted for less expensive options, which has had an impact on the sales of luxury goods.
Global Premium Bottled Water Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Bling H2O, Blvd Water, Danone S.A., Gerolsteiner Brunnen GmbH & Co. KG, NEVAS GmbH, Roiwater, Uisge Source Inc. and Veen, Alpine Glacier Water Inc., Berg Water, Beverly Hills Drink Company, Lofoten Arctic Water AS, MINUS 181 GmbH.
Global Premium Bottled Water Market Segmentation:
By Product: Based on the Product, Global Premium Bottled Water Market is segmented as; Spring Water, Sparkling Water, Mineral Water, Others.
By Distribution Channel: Based on the Distribution Channel, Global Premium Bottled Water Market is segmented as; Supermarkets and Hypermarkets, Specialty Stores, Online Stores, Others.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.