LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global bottled spring water market to generate more than USD 45 billion in revenue by 2021, according to their latest report.
The market study covers the present scenario and growth prospects of the global bottled spring water market for 2017-2021. The report also lists unflavored bottled spring water and flavored bottled spring water as the two major segments, of which the unflavored bottled spring water segment accounted for more than 74% of the market share in 2016.
According to Manjunath Reddy, a lead analyst at Technavio for non-alcoholic beverages research, “The launch of new flavors of spring water is another trend that will help the growth of the market during the forecast period. Players in the market are coming up with new flavors of spring water to satisfy changing consumer preferences and to keep the interest of the consumers alive.”
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Technavio food and beverage analysts highlight the following three market drivers that are contributing to the growth of the global bottled spring water market:
- Launch of new products
- New packaging formats
- Health benefits
Launch of new products
The demand for bottled spring water is increasing around the globe, and the bottled water companies are trying to capitalize on this increasing demand by launching new products in the market. In July 2016, Purely Sedona launched its artesian spring water in 500 ml and 1l bottles. The bottles were designed by Amcor and are made of polyethylene terephthalate. In May 2015, Jurassic Spring launched its bottled spring water and the water is sourced from a natural source point along the Jurassic Coast in the UK. In 2014, Veen Waters launched two new spring water brands such as Veen Classic and Veen Still in the Indian market, and the spring water is sourced from Bhutan.
New packaging formats
Consumers of today are pressed for time and demand convenient packaged water products. To cater to this demand, market players are constantly on the look-out for packaging solutions that offer more convenience to the consumers. Moreover, the demand for new packaging designs arises out of a need to enhance the shelf life of the products and to attract the attention of the consumers.
In July 2015, Noah's spring water added re-sealable aluminum cans to its packaging line. The company claims that these cans are 100% recyclable and keep the water cold for longer. These cans are produced by Rexam on its high speed can manufacturing lines. In August 2015, Just Beverages launched its new spring water brand, Just Water, and the product is sold in TetraPak's Tetra Top paper-based carton bottles. The package comprises of carton body made from 53% paper, a bottle top made of high-density polyethylene, and a high-density polyethylene cap.
Health benefits
Another factor spurring the growth of the global bottled spring water market is the health benefits associated with spring water. True spring water is collected from natural, mountain, or artesian springs. One of the key benefits of drinking spring water is that it is free of most of the contaminants usually found in drinking water as it comes from water that flows to the surface from a clean underground water source. It is also rich in minerals that are very beneficial for the human body.
“Drinking spring water, which has a neutral or slightly alkaline pH, helps in neutralizing the acidity in the body and can also reduce the amount of free radical damage,” says Manjunath.
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