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Water is a vital and essential ingredient for the survival of the living being. Growing concerns about water-borne diseases as an aftermath of drinking regular, unfiltered water is driving the premium water market. The premium water is available in the packaged form either in glass or plastic bottles making it portable and convenient for consumption. The premium water manufacturers are striving towards innovative packaging techniques to reduce waste and environmental pollution. For instance, In April 2020, Vitasoy launched a 100% recycled plastic bottles for VITA Distilled Water, as an aim towards reducing waste.
The premium water is available in the form of sparkling water, spring water, flavored water, and functional water. The consumers growing demand for functional beverages has been a crucial factor in driving the growth of premium water. The rising trend of convenience beverages among the working population has also aided in the growth of the premium water market. For instance, In April 2019, Ice Age Glacial Water launched its self-titled line of ultra-pure water. The water is free from sodium, fluoride, chlorine, and nitrate, along with being infused with electrolytes of pH 9.5.
The increase in consumption of premium water by the consumers on a regular basis is driving its market growth. The premium water is free from impurities, coupled with added minerals, flavors, and herbs has drawn the consumer's attention. The consumers shifting preference towards functional and flavored water over carbonated beverages has augmented the growth of the premium water market.
Key Market Driver -
Increase in Utilization of Premium Water
Key Market Restraint -
Large Amount of Waste Generated
The premium water is available in plastic and glass bottles that generate a large amount of plastic and glass wastes, which are non-biodegradable, and causes environmental pollution. Thus, acting as a major restraint in the growth of premium water market.
The key companies operating in the global premium water market are, Danone SA, Mountain Valley Spring Company, PepsiCo Inc., The Coca-Cola Company, Nestle SA, Premium Waters, Inc., Tata Global Beverages, Nongfu Spring, Gerolsteiner Brunnen Gmbh & Co. Kg, and Rhodius Mineralquellen und Getränke GmbH & Co. KG.
The plastic bottles are the preferred type of packaging material for premium water due to its ease of transportation along with its lesser chances spillage and damage as compared to glass bottles. The flavored and functional water is witnessing significant growth in the market. The increasing demand of consumers for premium water infused with natural ingredients and flavors is driving its market growth. The flavored water is infused with various fresh fruits, vegetables and herbs are healthier than the usual sugary sodas, iced teas, and lemonades. The spring water is one of the purest waters obtained from the underground water basins and have a high mineral content, leading to its growing popularity among the consumers.
The supermarkets and hypermarkets are projected to be one of the leading sales channels in the global premium water market due to easy convenience and a wide range of options available. The wider geographical penetration, bundling discount strategies, and accessibility to consumers from all walks of life makes it an ideal purchasing platform. The online retail segment is also preferred by the consumers as it offers a digitalized shopping experience along with discounts on the product prices and door-step delivery option.
North America is observing a significant growth in the premium water market. The increase in consumption of functional water by the health-conscious consumers is driving the premium water market. The changing lifestyles, rising health concerns, ease of handling, and portability of premium water is boosting its market growth.
Europe is projected to witness significant growth in the upcoming years. The convenience and health benefits associated with premium water are the factors leading to its growing popularity among the consumers. The premium water being a healthier alternative to sugar-based beverages has also led to its increased consumption rate. Thus, fuelling its regional market growth.
Asia Pacific is anticipated to foresee substantial growth in the forthcoming years. The rising population and the growing demand for convenience beverages is driving the premium water market. The rapid urbanization and wide acceptance of westernized culture has also led to the consumers' inclination towards premium water. The rapid economic growth in countries such as India and China have attracted many investors for setting up production facilities in the region. Thus, these factors have cumulatively aided in propelling the market growth of premium water in the region.
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