Bottled Water Market Analysis And Segment Forecasts To 2028

Bottled Water
Market
MARKET ANALYSIS, 2020
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Bottled Water Market

MARKET ANALYSIS, 2020
Market by Product: Spring Water, Purified Water, Mineral Water, Distilled Water, Sparkling
Water, Others
Market by Region: North America, Europe, Asia Pacific, Central & South America, Middle East
& Africa
Copyright © 2021 Grand View Research, Inc., USA

All Rights Reserved. This document contains highly confidential information and is the sole
property of Grand View Research. No part of it may be circulated, copied, quoted, or otherwise
reproduced without the approval of Grand View Research

Table of Contents
CHAPTER 01 Methodology & Scope .................................................................. 11
1.1 Market Segmentation & Scope ................................................................................. 11
1.2 Market Definition ................................................................................................ 12
1.3 Information Procurement ....................................................................................... 13
1.3.1 PURCHASED DATABASE ................................................................................................................ 13
1.3.2 GVR’S INTERNAL DATABASE ......................................................................................................... 13
1.3.3 SECONDARY SOURCES AND THIRD-PARTY PERSPECTIVES ....................................................... 14
1.3.4 PRIMARY RESEARCH ..................................................................................................................... 14
1.4 Information Analysis ............................................................................................. 15
1.4.1 DATA ANALYSIS MODELS .............................................................................................................. 15
1.5 Market Formulation & Data Visualization ................................................................. 16
1.6 Data Validation & Publishing .................................................................................. 16
CHAPTER 02 Executive Summary...................................................................... 17
2.1 Market Outlook ................................................................................................... 17
2.2 Product Outlook................................................................................................... 17
2.3 Regional Outlook ................................................................................................. 17
CHAPTER 03 Bottled Water Market Variables, Trends & Scope ...................... 18
3.1 Market Introduction .............................................................................................. 18
3.2 Penetration & Growth Prospect Mapping................................................................... 19
3.3 Value Chain Analysis ............................................................................................ 20
3.3.1 RETAIL CHAIN ANALYSIS ............................................................................................................... 22
3.3.2 PROFIT MARGIN ANALYSIS ........................................................................................................... 22
3.4 Market Dynamics ................................................................................................. 23
3.4.1 MARKET DRIVER ANALYSIS .......................................................................................................... 23
3.4.1.1 Growing perception of bottled water being more hygienic ................................................. 24
3.4.1.2 Lack of clean public water supplies in various regions ...................................................... 26
3.4.1.3 Growing awareness of the benefits of bottled water .......................................................... 26
3.4.2 MARKET RESTRAINT ANALYSIS .................................................................................................... 27
3.4.2.1 Serious concerns regarding plastic pollution caused due to disposable water bottles ... 27
3.4.3 INDUSTRY CHALLENGES ............................................................................................................... 28
3.4.4 INDUSTRY OPPORTUNITIES .......................................................................................................... 28
3.5 Business Environment Analysis ............................................................................... 30
3.5.1 BOTTLED WATER MARKET PORTER’S ANALYSIS......................................................................... 30
3.5.1.1 Bargaining power of suppliers: (Moderate) ......................................................................... 31
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3.5.1.2 Bargaining power of buyers: (High) ...................................................................................... 31
3.5.1.3 Threat of new entrants: (Moderate) ..................................................................................... 31
3.5.1.4 Threat of substitutes: (High) ................................................................................................. 31
3.5.1.5 Competitive rivalry: (High) .................................................................................................... 32
3.6 Roadmap of Bottled Water Market ........................................................................... 32
3.7 Market Entry Strategies ......................................................................................... 33
3.8 Impact of COVID-19 ............................................................................................. 33
CHAPTER 04 Consumer Behavior Analysis ....................................................... 35
4.1 Consumer Trends & Preferences .............................................................................. 35
4.2 Factors Affecting Buying Decision ............................................................................ 36
4.3 Consumer Product Adoption ................................................................................... 36
4.4 Observations & Recommendations ........................................................................... 37
CHAPTER 05 Bottled Water Market: Product Estimates and Trend Analysis .. 38
5.1 Product Movement & Market Share Analysis, 2020 & 2028 ............................................ 38
5.2 Spring Water ....................................................................................................... 39
5.2.1 SPRING BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION) ......................................................................................................................................... 39
5.3 Purified Water ..................................................................................................... 39
5.3.1 PURIFIED BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION) ......................................................................................................................................... 39
5.4 Mineral Water ..................................................................................................... 40
5.4.1 MINERAL WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD BILLION)........... 40
5.5 Sparkling Water ................................................................................................... 41
5.5.1 SPARKLING WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD BILLION) ...... 41
5.6 Distilled Water .................................................................................................... 42
5.6.1 DISTILLED BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION) ......................................................................................................................................... 42
5.7 Others................................................................................................................ 42
5.7.1 OTHER BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION) ......................................................................................................................................... 42
CHAPTER 06 Bottled Water Market: Regional Estimates & Trend Analysis ... 43
6.1 Regional Movement & Market Share Analysis, 2020 & 2028 ........................................... 43
6.2 North America ..................................................................................................... 44
6.2.1 NORTH AMERICA BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028
(USD BILLION)................................................................................................................................ 44
6.2.2 NORTH AMERICA BOTTLED WATER MARKET ESTIMATES AND FORECAST, BY PRODUCT,
2016 – 2028 (USD BILLION) ........................................................................................................ 45
4
6.2.3 U.S. ................................................................................................................................................. 45
6.2.3.1 U.S. bottled water market estimates and forecast, 2016 – 2028 (USD Billion) .............. 45
6.2.3.2 U.S. bottled water market estimates and forecast, by product, 2016 – 2028 (USD
Billion) .................................................................................................................................... 46
6.3 Europe ............................................................................................................... 47
6.3.1 EUROPE BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION) ......................................................................................................................................... 47
6.3.2 EUROPE BOTTLED WATER MARKET ESTIMATES AND FORECAST, BY PRODUCT, 2016 –
2028 (USD BILLION) ..................................................................................................................... 48
6.3.3 GERMANY....................................................................................................................................... 48
6.3.3.1 Germany bottled water market estimates and forecast, 2016 – 2028 (USD Billion)...... 48
6.3.3.2 Germany bottled water market estimates and forecast, by product, 2016 – 2028 (USD
Billion) .................................................................................................................................... 49
6.3.4 FRANCE .......................................................................................................................................... 50
6.3.4.1 France bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ......... 50
6.3.4.2 France bottled water market estimates and forecast, by product, 2016 – 2028 (USD
Billion) .................................................................................................................................... 50
6.4 Asia Pacific ......................................................................................................... 51
6.4.1 ASIA PACIFIC BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION) ......................................................................................................................................... 51
6.4.2 ASIA PACIFIC BOTTLED WATER MARKET ESTIMATES AND FORECAST, BY PRODUCT, 2016 –
2028 (USD BILLION) ..................................................................................................................... 52
6.4.3 CHINA ............................................................................................................................................. 53
6.4.3.1 China bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ........... 53
6.4.3.2 China bottled water market estimates and forecast, by product, 2016 – 2028 (USD
Billion) .................................................................................................................................... 53
6.4.4 INDIA............................................................................................................................................... 54
6.4.4.1 India bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ............ 54
6.4.4.2 India bottled water market estimates and forecast, by product, 2016 – 2028 (USD
Billion) .................................................................................................................................... 55
6.5 Central & South America ....................................................................................... 55
6.5.1 CENTRAL & SOUTH AMERICA BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016
– 2028 (USD BILLION) .................................................................................................................. 55
6.5.2 CENTRAL & SOUTH AMERICA BOTTLED WATER MARKET ESTIMATES AND FORECAST BY
PRODUCT, 2016 – 2028 (USD BILLION) ..................................................................................... 56
6.5.3 BRAZIL ............................................................................................................................................ 57
6.5.3.1 Brazil bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ........... 57
6.5.3.2 Brazil bottled water market estimates and forecast by product, 2016 – 2028 (USD
Billion) .................................................................................................................................... 58
6.6 Middle East & Africa............................................................................................. 58
6.6.1 MIDDLE EAST & AFRICA BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 –
2028 (USD BILLION) ..................................................................................................................... 58
5
6.6.2 MIDDLE EAST & AFRICA BOTTLED WATER MARKET ESTIMATES AND FORECAST BY
PRODUCT, 2016 – 2028 (USD BILLION) ..................................................................................... 59
6.6.3 SOUTH AFRICA ............................................................................................................................... 60
6.6.3.1 South Africa bottled water market estimates and forecast, 2016 – 2028 (USD Billion) 60
6.6.3.2 South Africa bottled water market estimates and forecast by product, 2016 – 2028
(USD Billion) .......................................................................................................................... 60
CHAPTER 07 Competitive & Vendor Landscape ............................................... 62
7.1 Key Players, Recent Developments, and Their Impact on the Industry .............................. 62
7.2 Key Company Categorization .................................................................................. 63
7.3 Vendor Landscape ................................................................................................ 64
7.3.1 KEY BOTTLED WATER COMPANY MARKET SHARE ANALYSIS, 2020 ......................................... 64
CHAPTER 08 Company Profiles ......................................................................... 67
8.1 Nestlé S.A. ......................................................................................................... 67
8.1.1 COMPANY OVERVIEW .................................................................................................................... 67
8.1.2 FINANCIAL PERFORMANCE ........................................................................................................... 67
8.1.3 PRODUCT BENCHMARKING .......................................................................................................... 68
8.1.4 STRATEGIC INITIATIVES ................................................................................................................. 68
8.2 The Coca-Cola Company ....................................................................................... 69
8.3 PepsiCo, Inc........................................................................................................ 71
8.4 Danone S.A. ....................................................................................................... 73
8.5 Primo Water Corporation....................................................................................... 75
8.6 FIJI Water Company LLC ...................................................................................... 78
6
8.7 Gerolsteiner Brunnen GmbH & Co. KG .................................................................... 79
8.8 VOSS Water........................................................................................................ 80
8.9 Nongfu Spring ..................................................................................................... 82
8.10 Rhodius Mineralquellen Und Getranke GmbH & Co KG ............................................. 83
8.10.1 COMPANY OVERVIEW.................................................................................................................. 83
8.10.2 PRODUCT BENCHMARKING ....................................................................................................... 84
7
Index of Figures
Fig.1 Bottled water market segmentation .................................................................................................... 11
Fig.2 Information procurement ...................................................................................................................... 13
Fig.3 Primary research pattern ...................................................................................................................... 14
Fig.4 Primary research approaches............................................................................................................... 15
Fig.5 Primary research process ..................................................................................................................... 16
Fig.6 Bottled water market – Penetration & growth prospects, by region .................................................. 19
Fig.7 Bottled water market – Value chain analysis ...................................................................................... 20
Fig.8 Average check size per person in Quick Services Restaurants (QSRs) in Canada, 2015 – 2020
(CAD) ...................................................................................................................................................... 24
Fig.9 Bottled water market: Porter’s Five Forces Analysis ........................................................................... 30
Fig.10 Roadmap of bottled water market ..................................................................................................... 32
Fig.11 Bottled water market: Product share (%) analysis, 2020 & 2028 .................................................. 38
Fig.12 Bottled water market: Regional share (%) analysis, 2020 & 2028 ................................................. 43
Fig.13 Company market share analysis, 2020, (%) ..................................................................................... 64
8
Index of Tables
Table 1 Bottled water market – Driving factor market analysis .................................................................. 23
Table 2 Number of restaurants in the U.S., 2015–2018 ............................................................................ 25
Table 3 Bottled water market – Restraint factor market analysis .............................................................. 27
Table 4 Spring bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ...................... 39
Table 5 Purified bottled water market estimates and forecast, 2016 – 2028 (USD Billion) .................... 39
Table 6 Mineral bottled water market estimates and forecast, 2016 – 2028 (USD Billion) .................... 40
Table 7 Sparkling bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ................. 41
Table 8 Distilled bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ................... 42
Table 9 Other bottled water market estimates and forecast, 2016 – 2028 (USD Billion)........................ 42
Table 10 North America bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ...... 44
Table 11 North America bottled water market estimates and forecast, by product, 2016 – 2028 (USD
Billion) .................................................................................................................................................... 45
Table 12 U.S. bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ........................ 45
Table 13 U.S. bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion) .... 46
Table 14 Europe bottled water market estimates and forecast, 2016 – 2028 (USD Billion)................... 47
Table 15 Europe bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion) ....
............................................................................................................................................................. 48
Table 16 Germany bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ............... 48
Table 17 Germany bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion).
............................................................................................................................................................. 49
Table 18 France bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ................... 50
Table 19 France bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion) 50
Table 20 Asia Pacific bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ........... 51
Table 21 Asia Pacific bottled water market estimates and forecast, by product, 2016 – 2028 (USD
Billion) .................................................................................................................................................... 52
Table 22 China bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ..................... 53
9
Table 23 China bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion) . 53
Table 24 India bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ...................... 54
Table 25 India bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion) .. 55
Table 26 Central & South America bottled water market estimates and forecast, 2016 – 2028 (USD
Billion) .................................................................................................................................................... 55
Table 27 Central & South America bottled water market estimates and forecast by product, 2016 –
2028 (USD Billion) ................................................................................................................................ 56
Table 28 Brazil bottled water market estimates and forecast, 2016 – 2028 (USD Billion) ..................... 57
Table 29 Brazil bottled water market estimates and forecast by product, 2016 – 2028 (USD Billion) .. 58
Table 30 Middle East & Africa bottled water market estimates and forecast, 2016 – 2028 (USD Billion)..
............................................................................................................................................................. 58
Table 31 Middle East & Africa bottled water market estimates and forecast by product, 2016 – 2028
(USD Billion) ........................................................................................................................................... 59
Table 32 South Africa bottled water market estimates and forecast, 2016 – 2028 (USD Billion) .......... 60
Table 33 South Africa bottled water market estimates and forecast by product, 2016 – 2028 (USD
Billion) .................................................................................................................................................... 60
Table 34 Company categorization ................................................................................................................. 63
10
CHAPTER 01
Methodology & Scope

1.1 Market Segmentation & Scope
Fig.1 Bottled water market segmentation
Bottled Water Market
By Product By Region
Spring Water North America

Purified Water Europe
Asia Pacific
Mineral Water
Central & South America
Sparkling Water Middle East & Africa
Distilled Water
Others
Source: D&B Hoovers, International Bottled Water Association, Beverage Daily Magazine, Primary Interviews, Grand View Research
The global bottled water market has been segmented based on product, and region. Based on product,
the market has been segmented into the following:
► Spring Water
► Purified Water
► Mineral Water
► Sparkling Water
► Distilled Water
► Others (Including Bottled Well Water, Artesian Water, and Still Bottled Water)
We will provide the market size for each of the aforementioned product segments in terms of revenue
(USD Billion) from 2016 to 2028. The market size of all the product segments will be provided for North
America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. Furthermore, we will
include the quantitative as well as qualitative analysis on the key country markets such as the U.S.,
Germany, France, China, India, South Africa, and Brazil.
11
1.2 Market Definition
The market research for bottled water involves extensive study of various market parameters driving the
supply and demand for bottled water to derive the market at the global, regional, and country levels.
Exhaustive desk research was conducted to gather information for all the elements involved in the value
chain. Various stakeholders were contacted across the value chain to validate the findings.
For forecasting, the following parameters were considered:
► Market drivers and restraints along with their current and expected impacts
► Product type scenario and expected developments
► Application industry trends and dynamics
► Trends in consumer behavior
We have assigned weights to these parameters and quantified their market impacts using the weighted
average analysis to derive an expected market growth rate.
All our estimates and forecasts were verified through exhaustive primary research with Key Industry
Participants (KIPs), which typically include:
► Market leading companies
► Raw material manufacturers
► System integrators
The key objectives of primary research are as follows:
► To validate our data in terms of accuracy and acceptability
► To gain an insight into the current market and future expectations
12
1.3 Information Procurement
Fig.2 Information procurement
The stage involves the procurement of market data or related information via different sources &
methodologies.
GVR’s Internal Database

Includes historic market
databases, pertinent
Purchased Database studies, internal audit
reports & archives. We
We buy access to paid
databases such as have a dedicated team of
Hoover’s & Factiva to analysts updating &
maintaining these
gain access to company
databases.
financials, industry
information, white papers,
industry journals, SME
journals etc.
Primary Research Secondary Sources & Third Party Perspectives

Secondary sources includes government
Primary interviews with statistics published by organizations like UN
in-house industry experts, Comtrade, ICIS, KoL publications, Company
freelance consultants, filings, Investor documents etc.
manufacturers, users &
distributors. Interviews Third party perspectives includes the analysis of
are largely based on investor analyst reports, broker reports,
brainstorming, tele- academic commentary, government quotes &
interviews, online surveys wealth management publications.
etc
1.3.1 PURCHASED DATABASE

► Includes company databases such as D&B Hoovers: This helps us compile metadata on historical sales
volumes, prices, company revenues, and other industry statistics. Also, it serves as an important step in
market sizing, especially, in the case of commodity-flow techniques.
► Other sources include SME journals and pertinent databases from third-party vendors to gain insights
into:
o Usage rates
o Potential market-related statistics
o Information on unmet needs
o Regional expenditure pattern
o Investment information or opportunity-based statistics
1.3.2 GVR’S INTERNAL DATABASE

► Includes our internal database of data points, collected as a result of previous research & studies and
information made available via our database management team
► Also includes internal audit reports & archives
13
1.3.3 SECONDARY SOURCES AND THIRD-PARTY PERSPECTIVES
Some of the secondary sources used for this report include:
► D&B Hoovers
► International Bottled Water Association
► Beverage Daily Magazine
► Beverage Marketing Corporation (BMC)
► QSR Magazine
► CNBC LLC's Blog
► Dailymail.co.uk Articles
► Healthline Magazine
► Beverage Industry Articles
► World Economic Forum
► United States Department of Agriculture, Economic Research Service
► World Trade Organization (WTO)
► Investor Presentations
► Company Annual Reports, Press Releases & Presentations
► Industry Journals, Magazines, Research Papers, & Publications
1.3.4 PRIMARY RESEARCH
Fig.3 Primary research pattern
Interviews with raw material

suppliers and manufacturers
Interview Scope
The primary interviews ▶ Research tools: Questionnaire
and surveys derive based research and telephonic
directions from extensive discussions
Interviews with manufacturers,
secondary research. ▶ Database: Paid vendors,
distributors, researchers and LinkedIn, Hoover’s, Factiva,
Secondary research is a representatives of regulatory Sources extracted from previous
continuous process and is bodies pertinent studies
conducted at each level ▶ Regional scope: All countries
within the scope of the study.
along the value chain. Interviews of KoLs from non-
English speaking countries are
conducted via our vendors and
Interviews with industry experts
questionnaires
& independent consultants
Some of the primary sources used for this report include but are not limited to:
► Nestlé
► PepsiCo
► Danone S.A.
► The Coca Cola Company
14
1.4 Information Analysis
1.4.1 DATA ANALYSIS MODELS

Information procured from secondary and primary initiatives is then analyzed by using the following
tools/models: (a partial list)
► Identifying variables and establishing market impact

► Establishing market trends
► Analyzing future opportunities and market penetration rates by understanding product commercialization,
regional expansion, etc.
► Analyzing changes in the industry dynamics to establish future growth
► Analyzing sustainability strategies adhered by market participants in an attempt to determine future
course of the market
► Analyzing historical market trends and superimposing them on the current and future variables to
determine year-on-year trend
► Keeping a track of technological advancements in individual segments
► Base numbers are established by analyzing the following:
- Company revenues and market share (this list generally includes the analysis of revenue
published by publicly listed manufacturers)
- Derivation of market estimates via analyzing parent and ancillary markets
► Model selection: Demand-based bottom-up approach and mixed approach (top down and bottom up)
Fig.4 Primary research approaches
Bottom-up demand approach

Total • Demand estimation of each product/application across
market countries/regions summed to form the total market
Product • Variable analysis for demand forecasting
Product
• Demand estimation via analyzing paid databases, company financials
A Product A1
either via annual reports or paid databases
A Product
Product B • Primary interviews for data revalidation and insight collection
A2
Top-down approach • Used extensively for new product forecasting or analyzing penetration
Addressable levels
Market Cost • Tools used involve penetration and addressable market models
Cost Penetration
effectiveness
• Use of regression and multi-variate analyses for forecasting
Analysis
rate
Size of • Involves extensive use of paid and public databases
addressable
market • Primary interviews and vendor based primary research for the
Adoptio identification of adoption rate, cost benefit analysis, addressable
n rate market.
Combined approach
Total Addressable
Market
market Cost
effectiv eness
Product Cost Penetration

Product rate
Analysis Size of
A Product A1 addressable
market
A Product Adoptio
Product B A2 n rate
15
1.5 Market Formulation & Data Visualization
Fig.5 Primary research process
Step 2: Data
Analysis
• This step involves the finalization of market numbers. This step on an internal level is
designed to manage outputs from the Data Analysis step.
• Data normalization
Market
• The final market estimates & forecasts are then aligned and sent to industry experts,
Formulation
in-panel quality control managers for validation
• This step also entails the finalization of the report scope and data representation
pattern
The process entails multiple levels of

validation. All these steps are run in parallel
Multi-level Data Validation
and the study is forwarded for publishing

only if all three levels render validated
Level 1: In-panel QC team results.
validation
Wait for Move to
Validated complete
Level 2: Validation by validation Publishing
industry experts & KoLs Output
Level 3: Validation by Partial Validation Move to Step 2

multiple data analysis Post-launch
models (triangulation) Market
Monitoring
1.6 Data Validation & Publishing

► Penetration modeling for products
► Determining and forecasting penetration via analyzing product features, proposed pricing, availability of
internal and external substitutes, etc.
► Heuristic estimation of year-on-year sales by conducting primary interviews with:
o Manufacturers & distributors
o Industry experts & KoLs
o Distributors
► Product sizing and forecasting by following a diffusion model based on S-curve growth
► Analysis of current usage rates and dosage patterns to determine substitution rates
► Regression and variable analysis
► Identifying variables and assigning impact to determine growth
► QFD modeling for market share assessment
► Referring to historic data to establish base estimates
► Using exponential smoothing for forecasting
► Epidemiology or user size-based penetration
► Analyzing current needs and determining penetration to estimate market size or sales
► Using unmet needs and capitalization rates to determine growth
► Trend analysis (based on year-on-year trending models)
16
CHAPTER 02
Executive Summary
2.1 Market Outlook The global bottled water market was valued at USD 217.65 billion
The global bottled water in 2020 and is estimated to register growth at a CAGR of 11.1%
market is estimated grow with from 2021 to 2028. It is anticipated to witness a higher growth as
a CAGR of 11.1% over the compared to carbonated drinks on account of better health
forecast period to reach value benefits and added nutrients. Factors such as increase in per
of USD 505.19 billion by 2028. capita spending and rapid urbanization are likely to fuel the
demand for bottled water over the forecast period.
2.2 Product Outlook Purified water accounted for a share of 35.6% of the overall
Purified water accounted for market value in 2020. The segment is expected to register a
the highest share of more than healthy CAGR during the forecast period. Demand for potable water
35.6% in 2020 and expected is increasing across the world, especially in developing economies.
to expand at a CAGR of 11.1% Including China, India, and Brazil is expected to remain a favorable
over the forecast period. factor over the next few years.
2.3 Regional Outlook Asia Pacific market is anticipated to witness a CAGR of 11.5 %
Asia Pacific is estimated to be from the period of 2021 to 2028. This growth is attributed to the
the fastest-growing market for rising consumer preference for healthier drinks rather than sugary
bottled water, growing at a drinks among millennials in key country markets such as China,
CAGR of 11.5% from 2021 to India, Japan, and South Korea. Moreover, increase in per capita
2028. income in the region is also expected to have a positive impact on
market growth.
17
CHAPTER 03
Bottled Water Market Variables, Trends &

Scope
3.1 Market Introduction
The global bottled water market was valued at USD 217.66 billion in 2020. The market is estimated to
expand further at a CAGR of 11.1% from 2021 to 2028. Factors driving the demand for bottled water
include its portability, easy usage & installation process, and minimal maintenance costs. Drinking
water scarcity in several regions necessitates robust sources to meet the rising demand for safe
drinking water, leading to increased product sales and augmenting market growth.
Furthermore, growing consumer awareness regarding the health benefits of consuming bottled water is
projected to drive market growth over the forecast period. Increase in per capita spending and rapid
urbanization are also likely to fuel product demand over the forecast period.
Asia Pacific is anticipated to be the fastest-growing regional market over the forecast period. This
growth can be attributed to product innovation and rising need for safe drinking water as a result of the
growing population in the region. A rise in the sales of packaged water bottles due to deteriorating water
quality in countries such as China and India, will boost market growth further. Moreover, increasing
number of domestic manufacturers due to the presence of an extensive consumer base is expected to
ensure continuous access to bottled water for buyers from household as well as commercial sectors.
The bottled water market is fragmented in nature, with the presence of a large number of regional and
local players. Major companies in the market are focusing on new product launches, capacity
expansions, and technological innovations. Some of the key players in the industry are Primo Water
Corporation; Nestlé; Danone S.A.; PepsiCo Inc.; The Coca-Cola Company; and Fiji Water. Market shares
of the players vary owing to the presence of several local manufacturers spread across regions.
Various bottled water manufacturers across the globe are introducing a number of flavored products as
a large group of health conscious customers are switching from high-sugar carbonated drinks to
flavored water. For instance, in March 2020, The Coca-Cola Company launched a new line of sparkling
water under the brand ‘AHA’ in the U.S. This new brand of sparkling water in the U.S. comes in eight
different flavors, including lime and watermelon, strawberry and cucumber, and blueberry and
pomegranate. The black cherry and coffee and citrus and green tea flavors contains 30 milligrams of
caffeine each. These market trends further support the demand for bottled water across the globe.
18
3.2 Penetration & Growth Prospect Mapping
Fig.6 Bottled water market – Penetration & growth prospects, by region

Uncharted Segment
territories spearhead
Future growth prospects (Low to High along the axis)
North America
Europe
Asia Pacific
Central & South America
Middle East and Africa
The no go zone Mature
Penetration (Low to High along the axis)
Asia Pacific is projected to be the largest markets over the next few years. Strong growth of middle-
income age groups in key country markets including China, India, Japan, Thailand, and Indonesia is
expected to expand the scope of bottled water. Furthermore, supportive government policies by
countries such as China and India to promote investments on a domestic level is expected to increase
spending by the industry participants to establish their strategic business units in vicinity.
North America is expected to remain one of the key markets for bottled water over the next few years.
The region led by the U.S is the home of many globally renowned manufacturers. Growing concern
regarding obesity in the U.S and Mexico coupled with taxes imposed by the regional governments on
sugar-based products is expected to promote the penetration of various variants of bottled water in the
region.
Consumers in the region have been shifting towards advanced beverages on account of high health
consciousness. The industry participants are adopting various strategies in order to cope with this shift.
The introduction of small package sizes has helped the companies to maintain their position in the
industry.
The pandemic has fundamentally changed grocery shopping among the global consumers. Now, more
and more customers are willing to buy essentials including bottled water through online platforms, since
they are convenient, provide doorstep delivery, and offer a higher degree of safety.
19
Owing to such consumer trends, the demand for the bottled water through supermarket &
hypermarkets, discount stores, and convenience stores has witness a sales increases in recent years.
Convenience stores are quite popular across North America owing to the availability of a wide range of
products and services, including fuel, loyalty program memberships, and excellent foodservice options.
According to the latest survey conducted by the NACS Magazine, more than 70.0% of convenience
retailers experienced higher fuel and merchandise sales. Moreover, the loyalty programs of convenience
stores has witnessed a growth of 6.0% from 2018 to 2019. Furthermore, foodservices are make a great
profit at these convenience stores. These consumer trends are opening new market avenues for bottled
water in convenience stores across the country as well as region.
3.3 Value Chain Analysis
The bottled water market value chain consists of raw material suppliers, manufacturers, distributors &
retailers, and buyers. Each stage has its unique contribution and operation strategy in the market as
mentioned in the chart below. Key raw materials for the market are water, PET or PVC bottles including
cap and labels, chemicals & reagents, corrugated boxes, strip, and tape.
Fig.7 Bottled water market – Value chain analysis
• E-commerce & online • Household

• Water • Spring Water
portals • Fast Food Chains
• PET/rPET • Purified Water
• Specialty stores • Luxury Hotels
• Plastic box • Mineral Water
• Supermarkets & • Clubs & eateries
• Plastic caps • Sparkling Water
hypermarkets • Offices
• Labels for packaging • Distilled Water
• Convenience Stores • Individuals
• Accessories • Others
• Hotels & Restaurants
Raw Material Distributors &

Manufacturers Buyers
Suppliers Retailers
• Indorama Ventures • PrimoWater

• M&G Chemicals • The Coca Cola Company
• Alibaba Group Holding
• NIKI POLYMERS • PepsiCo Inc.
Ltd.
• DAK Americas • Nestlé
• Amazon
• Phoenix Technologies • Danone S.A.
• Walmart
• Dow Chemical • GEROLSTEINER
• The Home Depot
• Loop Industries BRUNNEN GMBH
20
Generally, there are two sources of water for bottled water- natural water or groundwater and purified
water. Natural spring water is sourced from springs and lakes across the globe. On the other hand,
purified water is sourced from the municipal water supply. Brands offering purified water, including
Dasani and Aquafina, treat tap water and then bottle it.
The water treatment process requires multistage purification procedures such as sand filtration, ultra-
filtration, activated carbon filtration, ultraviolet disinfection, ozonization, and reverse osmosis.
Companies perform microbiological and chemical analysis to confirm safety and ensure compliance.
After quality testing of the water, it goes for sensory testing. The sensory water analysis includes taste
and smell tests.
Polyethylene terephthalate (PET) is the most common packaging material in the industry as it is entirely
recyclable. Key PET suppliers are Indorama Ventures, M&G Chemicals, DAK Americas, Alfa, Alpek, and
Invista. Over the past few years, companies such as Nestlé S.A. have been increasingly using recycled
PET (rPET) in their bottles. Nestlé has adopted the strategy of boosting its PET bottle recycling as well as
collection rates and is investing in advanced PET recycling solutions. Phoenix Technologies, Loop
Industries, Worn Again, Ioniqa Technologies, and PT Production Recycling are prominent rPET producers
in the world.
Finished bottles are tested after assembly. Checks are made to ensure that all safety and quality
parameters for water and plastic bottles are met. If problems are found, the bottles are sent for repairs
and tested again. If problems remain, the unit is rejected and flagged. Tested units are given a final
visual check, after which, they are cleaned and wrapped in clear plastic shrink-wrap. Finished water
bottles are transported to the warehouse, where they are packed and readied for shipping to
customers.
Companies operating in the market cater to consumers over the world or specific to some regions. They
are focusing on launching new variations that allow customers to choose the flavor for water that is
consumed in their personal, reusable bottles.
Moreover, growth in e-commerce, owing to wider distribution networks and product availability,
generates significant opportunities for market players and has influenced manufacturers to sell their
products through online channels. E-commerce giants, including Amazon and Alibaba, are major sellers
of water bottles for commercial spaces.
21
3.3.1 RETAIL CHAIN ANALYSIS
Companies operating in the global bottled water market rely on a combination of offline and online
distribution channels. When it comes to buying bottled water, many consumers prefer bulk orders to cut
down the per-unit price. Corporate customers generally sign a contract with the distributor since they
require large quantities on a cyclic basis.
Several companies are gradually shifting their focus toward the online sales channel. With rising
digitization, increasing penetration of smartphones, and growing access to the internet, businesses are
gradually shifting from brick-&-mortar stores to e-commerce platforms. To expand product visibility,
especially in emerging markets, manufacturers are showcasing their products across online platforms,
such as company-owned portals and e-retailing. Rapid digitalization across all aspects of e-commerce
has positively impacted the penetration of bottled water in North America and Europe.
With convenience being a primary facilitator of e-commerce, consumers are looking for hassle-free
experiences that save time and provide convenient payment & delivery options. In order to address
consumers’ concerns regarding product authenticity through online channels, companies have
increasingly started adopting the direct-to-consumer approach, which skips the distributor/retailer
completely and guarantees product authenticity. In addition, companies are providing additional
features such as free delivery to attract more customers toward online purchases.
The online-to-offline (O2O) model for selling products is gaining traction in the market. It is a business
strategy that helps draw customers from online channels to make purchases from physical stores. This
channel allows consumers to pay online and pick up the products from a retail store. A strong
distribution network, appropriate pricing, brand awareness, and dealer margins are some of the critical
factors for an industry player to succeed. Domestic players try and leverage the global reach of large e-
commerce companies in order to penetrate the global market.
3.3.2 PROFIT MARGIN ANALYSIS

While setting the prices for bottled water, manufacturers aim to evaluate their product cost. When
manufacturers set prices for their bottled water, it is important to thoroughly understand how
competitors are pricing similar products in the industry. Manufacturers also assess how various
distribution channels are positioned. Distribution channels have their price-point profiles; thus, the
product pricing should be consistent with the distribution channel’s pricing profile.
Most manufacturers in the bottled water market aim for a profit margin of around 12% to 20%. They
usually tend to price the bottles significantly higher than the manufacturing cost. Several players
operating in the market aim to maintain over 15% of the profit margin for bottles.
22
When selling through distributors, who, in turn, sell products to the end users, a manufacturer offers
wholesale pricing at around 30% to 40% of the retail price. This way, manufacturers would still yield
returns at a margin of about 15% to 20%.
Profit margins are high in online retail and companies are hence shifting their focus to direct-to-
consumer sales strategies to boost revenue. Moreover, to increase brand loyalty among consumers,
industry participants are actively focusing on providing benefits such as delivering high-quality products
at consumers’ doorstep. In addition, offering reliable and excellent customer services has been proven
to be a critical factor for retaining customers.
Manufacturers are increasing their spending on marketing and advertising to widen their customer
base. The direct-to-customer channel is highly profitable only for brands that have consumer loyalty and
do not need to invest heavily in endorsements. These brands are operating on high-profit margins.
The wholesale supply of bottled water is much more profitable to the manufacturers or service providers
as they sell their products on a subscription basis. These companies and service providers have their
subscription plans in which a specific number of bottles and frequency of order is pre-determined, and,
hence, they can have higher profit margins through this sales channel. The companies or service
providers can have a profit margin of around 25% to 40% from the wholesale model.
3.4 Market Dynamics
3.4.1 MARKET DRIVER ANALYSIS

Table 1 Bottled water market – Driving factor market analysis
Market Drivers 2016-2020 2021-2028
Growing perception of bottled water being more hygienic
Lack of clean public water supplies in various regions
Growing awareness of the benefits of bottled water
Source: International Bottled Water Association, Agriculture and Agri-Food Canada, Company Annual Reports, Primary Interviews, Grand View
Research
High Moderate Low
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3.4.1.1 GROWING PERCEPTION OF BOTTLED WATER BEING MORE HYGIENIC
In recent years, the growing hygiene concerns among consumers, which are fueled further by the
ongoing COVID-19 pandemic, have forced people to replace traditional tap water with bottled water.
Bottled water is considered comparatively less contagious than tap water as it is untouched by anyone.
Therefore, the inclination toward bottled water rather than tap water, particularly among younger
consumers, is boosting the sales of bottled water across major economies like the U.S. and Canada.
In addition, before the COVID-19 pandemic, the popularity of unflavored and flavored varieties of still
and sparkling water was increasing on a global level owing to the lack of availability of fresh and safe
drinking water in various countries and several regions across the world. In addition, with increasing
health consciousness, consumers are opting for packaged flavored water and reducing their
consumption of sugary drinks. Thus, people are spending more on drinking water, especially when they
are out in the public.
Observing this trend, several commercial places such as offices, educational institutions, parks,
beaches, food joints, and restaurants have started offering a wide range of bottled water to meet
consumer demand. Water seems to have hit a sweet spot with health-conscious buyers. The foodservice
sector is the primary contributor to the rising sales of bottled water.
Canada is one of the countries where the foodservice sector is growing significantly, which is also
promoting the bottled water demand among consumers. Moreover, during the COVID-19 pandemic, the
spending per customer in the country for clean water has increased significantly.
Fig.8 Average check size per person in Quick Services Restaurants (QSRs) in Canada, 2015 – 2020 (CAD)
6.54
6.07
5.93
5.75
5.66
5.49
2015 2016 2017 2018 2019 2020
Sources: Restaurants Canada
24
According to the report titled “Foodservice Facts 2020” published by Restaurants Canada, a non-profit
association representing Canada's diverse and dynamic foodservice industry, the bill size or check size
in the Canadian QSRs and overall foodservice is increasing gradually since 2015; however, the COVID-
19 pandemic has adversely affected the overall industry.
According to the report, the average check size per person in QSRs in the country has increased from
CAD 6.07 in April 2019 to CAD 6.54 in April 2020. This increasing food sale is also propelling the
demand for bottled water among customers, as they have become more conscious regarding their food
and drinks in recent years.
In addition, the restaurant industry in the U.S. has witnessed significant growth over the last few years
owing to the increased spending on eating outside and ordering take-outs. Moreover, owing to the
rising employment rate and hectic lifestyles, people prefer to eat at restaurants instead of cooking at
home. This has been driving the restaurant industry in the U.S., which, in turn, fuels the demand for
bottled water in the country.
Table 2 Number of restaurants in the U.S., 2015–2018

Year No. of Restaurants
2018 660,755
2017 647,288
2016 620,807
2015 629,488
Source: FinancesOnline
According to the National Restaurant Association, the sale for commercial and non-commercial
restaurants for 2020 in the U.S. was around USD 659 billion, which is USD 240 billion lower than the
expected level due to the nationwide lockdown and several restrictions due to the COVID-19
pandemic. However, as the vaccination drive is in full swing across the country, the sector has started
to resume operations. These market trends are anticipated to boost the demand for bottled water in
the commercial sector over the forecast period.
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3.4.1.2 LACK OF CLEAN PUBLIC WATER SUPPLIES IN VARIOUS REGIONS
In various countries around the globe such as Mexico, Colombia, Egypt, and Peru, the consumption of
bottled water is not out of any food trend or food fashion but has become a necessity due to the scarcity
of clean and uninterrupted public water supplies.
According to an article published by the Mexico News Daily, in September 2019, eight out of every 10
Mexicans and nine out of every 10 residents in Mexico City regularly consume bottled water. Bottled
water is the fastest-growing product in the beverage industry of Mexico and all the people in the country
spend more than USD 207 million on bottled water annually. These consumer trends are anticipated to
boost the demand for bottled water in the region over the forecast period.
In addition, in the various lower middle and middle-income countries such as Nigeria, Peru, and Bolivia,
there is a lack of water infrastructure in rural as well as in urban areas, which limits the accessibility of
clean and drinkable water to the citizens. Such factors are propelling the demand for bottled water
among the consumers in these countries.
According to a report titled “Progress on Drinking Water, Sanitation, and Hygiene” published in 2017 by
the World Health Organization (WHO), only 19% of the population in Nigeria has access to safe drinking
water, whereas 67% of people have basic water supply with huge interruptions across the country. The
privation of reliable, accessible, and safe drinking water is fueling the demand for bottled water in
countries with improper supply and access to water.
3.4.1.3 GROWING AWARENESS OF THE BENEFITS OF BOTTLED WATER

Growing awareness of the importance of consuming clean and safe water has resulted in a shift in
consumer preference from tap water to bottled water. Bottled water brands claim that their water is
cleaner and of better quality than tap water. In the year 2019, Mexico and Thailand became the
largest bottled water-consuming countries in the world owing to the huge consumer demand across
these countries.
In addition, consumers are replacing soda and sugary carbonated drinks with flavored and zero-calorie
bottled water. In the year 2016, bottled water became the largest consumed beverage by volume in
the U.S., surpassing soda and other carbonated soft drinks. This consumer trend is anticipated to be
the key driver for the bottled water market’s growth in the U.S.
Over the last few years, an increase in the number of commercial advertisements on bottled water has
been playing an important role in boosting brand visibility. These advertisements highlight the quality
and hydration benefits offered by bottled water and emphasize its taste, environmental and social
values, and convenience.
26
Bottled water is more portable and accessible than other hydration sources. Furthermore, bottled
water manufacturers promote positive environmental and social lifestyles in their campaigns. They
also mention the provision of drinking water for underserved populations through their corporate
social responsibility programs, environmental conservation, and packaging management. These
market trends are anticipated to promote the demand for bottled water across the globe over the
forecast period.
3.4.2 MARKET RESTRAINT ANALYSIS

Table 3 Bottled water market – Restraint factor market analysis
Market Restraint 2016-2020 2021-2028
Serious concerns regarding plastic pollution caused due to disposable water

bottles
Research
High Moderate Low
3.4.2.1 SERIOUS CONCERNS REGARDING PLASTIC POLLUTION CAUSED DUE TO DISPOSABLE

WATER BOTTLES
Increasing plastic pollution is one of the most serious environmental threats as it accelerates climate
change and has disastrous effects on the ocean. Huge plastic waste also pollutes the soil due to the
overflowing landfills and pollutes the oceans and seas due to the discharge of plastic bottles and
containers into the water bodies.
Environmental experts and environment-conscious people believe that even cutting down on the
excessive use of disposable water bottles can considerably decrease the damage caused by plastic
waste on land, coastlines, and oceans.
Over the last decade, the world has witnessed a significant rise in the demand for disposable bottled
water. The manufacturing of disposable water bottles itself poses a serious threat to the environment
as they are made from petroleum byproducts.
According to the data published by The Plastic Oceans International, a non-profit organization, every
year each human produces 380 million tons of plastic every year, out of which 50% are single-use
plastic products such as bottles. With such huge plastic production, only 9% of the plastic gets recycled
every year. Such factors are huge restraints for the bottled water industry.
27
In addition, according to the data provided by the National Association for PET Container Resources and
the American Chemistry Council, in 2018, the recycling rate of PET bottles and jars was 29.1% in the
U.S. These statistics are discouraging customers to opt for disposable water bottles or at the very least,
result in consumers cutting down their use of disposable water bottles. These consumer trends are
posing a threat to the bottled water market.
3.4.3 INDUSTRY CHALLENGES

Bottled water is gaining popularity in restaurants and other commercial places. However, the high price
of bottled water is a key challenge for the market. The cost of bottled water is nearly 250 to 10,000
times higher than tap water, varying as per region. Furthermore, small bottled water firms often face
price wars, which affect their profit margins.
Several governments encourage consumers to consume tap water as it is a more economical option
than bottled water. For instance, the District of Columbia annually announces the test results of regional
water quality to convince people to drink tap water.
According to the International Bottled Water Association (IBWA), the average price per gallon of bottled
water was USD 1.21 in 2013, whereas tap water costs USD 2 per thousand gallons as per the U.S.
Environmental Protection Agency (EPA). Thus, the comparatively high price of bottled water makes it
difficult to penetrate the price-sensitive markets, especially in the Asia Pacific and Africa regions.
Furthermore, rising concerns about plastic use and its impact on the environment have been shaping
the bottled water industry. Companies have been opting for sustainable production and development
strategies to satisfy their consumers and protect the environment. For instance, in May 2021,
BlueTriton Brands announced to introduce a new ‘One-for-One Promise’ campaign. Under this
campaign, the company has pledged to donate a bottle of water to communities in need, for every
person pledging to recycle a plastic bottle. These campaigns are increasing the product and brand
visibility among the consumers and hence, may help the companies to overcome from the challenges in
the global market.
3.4.4 INDUSTRY OPPORTUNITIES

Developing countries in Asia Pacific have some initiatives in place for the purification of drinking water,
and over the past few years, water filtration, treatment, and purification have significantly improved in
the region. However, the cost associated with the implementation of these filtration techniques is very
high. Hence, commercial and industrial sectors continue to rely on bottled water, which has resulted in
Asia Pacific being a significant market for bottled water.
28
The citizens of North America are no longer the biggest consumers of sugary drinks, a new study has
found. The report, published in the medical journal The Lancet, shows that sales of sugary drinks in the
U.S. have declined since 2000, when the country occupied the top spot. It has now dropped to a lower
place for the highest per-capita sugary drink consumption. Governments aimed to reduce the
consumption of sugary drinks through various initiatives, from taxation policies and public-awareness
campaigns to restricting sales in schools and have had varying levels of success. These initiatives were
taken because consuming excessive added sugar has been linked to obesity and poor cardiometabolic
health.
Thus, consumers are increasingly opting for water at restaurants as it has no sugar content. Modern
sparkling water is made by injecting pressurized carbon dioxide into water. This is a great alternative to
soda because even with added flavoring to the water, it still has considerably less sugar than a regular
can of soft drink. Many consumers prefer to consume sparkling or flavored water while having a meal in
restaurants, and this trend is increasingly being observed across the globe. These factors are likely to
create an optimistic outlook for the bottled water market over the forecast period.
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3.5 Business Environment Analysis
3.5.1 BOTTLED WATER MARKET PORTER’S ANALYSIS
Fig.9 Bottled water market: Porter’s Five Forces Analysis

B argaining Power of Buyers:
HIGH
• The large number of players in the
industry allow the buyers to
choose from many suppliers and
hence lowers the switching cost.
Consumers’ knowledge about the
prices and high price
consciousness increases the
bargaining power of buyers .
Co mpetitive Rivalry:
Threat of New Entrants: Threat of Substitutes:
HIGH HIGH
MODERATE
• The minor investment costs, high • The industry has a large number • Tap water, fruit juices, and
market growth rate attracts new players over the world. Numerous carbonated drinks are the key
entrants in the industry. With the brands are available in the local substitutes of the product..
economies of scale and use of supermarket for bottled water. Inventive products such as
the latest technology the unit cost Thus, availability of wide range of flavored water, vitamin added
of production has become low. brands along with low price of the water or enhanced water, and
However, the strict government product lowers the switching non-calories water can pose
regulations make the production costs of the consumers. Thus, the considerable substitution threat.
processes difficult for the new competitive rivalry of the industry Therefore, the threat of
entrants. is high substitutes is high for the
industry.
B argaining Power of Suppliers:
MODERATE
• The limited number of
manufacturers of bottle, bottling
plant equipment makes the
switching cost of the bottled
water companies high. Since
these suppliers offer their
materials to several other
industries as well, it makes them
less dependent on the bottled
water industry and hence the
bargaining power of the suppliers
moderate.
Research
30
3.5.1.1 BARGAINING POWER OF SUPPLIERS: (MODERATE)
The presence of a limited number of manufacturers of bottles, bottling plant equipment, as well as
reverse osmosis filtration and deionization equipment makes the switching cost of bottled water
companies high, resulting in high bargaining power of the suppliers. Since these suppliers offer their
materials to several other industries as well, it makes them less dependent on the bottled water
industry. Therefore, the suppliers possess greater power of negotiation.
Casual employees or workers can also be considered as suppliers of labor resources. However, due to
the abundance of labor supply, their bargaining power is low.
3.5.1.2 BARGAINING POWER OF BUYERS: (HIGH)
The presence of a large number of players in the bottled water market allows buyers to choose from
numerous market players and hence, lowers the switching cost. Bottled water is perceived as safer and
healthier; hence, its consumption has increased. Consumers prefer convenience (effortlessness
accessibility), portability (ease to carry), and purity (safe and clean) when it comes to bottled water.
Knowledge about product offerings and high price consciousness of buyers increases their bargaining
power.
3.5.1.3 THREAT OF NEW ENTRANTS: (MODERATE)
Minor investment costs and high market growth rates attract new entrants in the industry. Moreover,
with the economies of scale and use of the latest technologies, the unit cost of production has been
declining. As a result, small firms can enter the market by offering competitive prices. Product
differentiation or innovation can also make the entry of new players easy as a majority of the existing
companies mainly manufacture standard products.
However, new players struggle to gain consumers’ trust due to their existing brand loyalty. In addition,
strict government regulations make the production processes difficult for new entrants.
3.5.1.4 THREAT OF SUBSTITUTES: (HIGH)
Tap water, fruit juices, and carbonated drinks are key substitutes for bottled water. Milk, coffee, tea,
and alcohol can also be considered as close alternatives. Inventive products such as flavored water,
electrolyte-enhanced water, water enriched with vitamins & minerals, and non-calorie water can also
pose a considerable threat of substitution for the bottled water market.
31
3.5.1.5 COMPETITIVE RIVALRY: (HIGH)
There are a large number of industry players all over the world, with numerous local brands for bottled
water available in supermarkets. Thus, the availability of a wide range of brands and the low price of the
product minimizes the switching costs for consumers.
A wide distribution network and the ability to undertake massive transportation costs benefit large and
established players. The presence of alternative products, minor switching costs, and high bargaining
power of the buyers increase rivalry among industry participants. Furthermore, the high growth rate of
this market and the presence of several untapped regional markets around the world have intensified
competition among the players. Companies have been emphasizing on their promotional, marketing,
and distribution approaches to gain a competitive advantage in the industry.
3.6 Roadmap of Bottled Water Market
Fig.10 Roadmap of bottled water market

In July 2020, Nestlé agreed to sell its
Canadian Pure Life bottled water business to
Ice River Springs. The deal includes two
In March 2020, Danone S.A. launched factories located in Puslinch, Ontario and
‘WeActForWater’, a collection of important Hope, British Columbia, along with a well in
actions, objectives, and new investments. Erin, Ontario. The sale is expected to improve
Danone’s water brands Volvic, Evian, AQUA, the company’s focus on the iconic
and Bonafont have taken these major steps to international brands of San Pellegrino, Perrier
deal with global water challenges. This new and Acqua Panna.
initiative focuses on climate neutrality,
responsible packaging, watershed
preservation, and access to safe drinking In March 2020, DS Services, a wholly-owned
water.. subsidiary of Primo Water Corporation,
acquired Mountain Valley Water Company. The
acquisition is expected to add nearly 1,500
customers and strengthen DS Services’
In January 2020, Nestlé announced an position in Northern New York.
investment of up to USD 2.12 billion on
advanced sustainable packaging solutions to
shift to food-grade recycled plastics from virgin
In June 2020, Gerolsteiner Brunnen GmbH & plastics. The company has committed to
Co. KG announced its plans to launch three making 100% of its packaging reusable or Mergers & Acquisitions
Gerolsteiner mineral waters—Sprudel, Medium recyclable by 2025..
and Naturell—with a circumferential label
design in a dinosaur look. The small prehistoric
characters playfully introduce children to
drinking water and convey information about
the origin of Gerolsteiner mineral water.
Sustainable Production
Product Launch
32
3.7 Market Entry Strategies
The bottled water market is characterized by significant competition owing to the presence of key
players with a wide geographical presence, high brand awareness, and vast distribution networks.
Market players are expected to increase their focus on innovation through dedicated research and
development activities to diversify their product offerings and gain a competitive edge.
Companies are increasingly adopting strategies such as product launches and mergers & acquisitions
to expand their geographical reach. Product development based on application area, price competition,
and competent distribution channels are among the key strategies for a competitive advantage. Apart
from product innovation, many manufacturers focus on partnerships and advertising as these market
strategies significantly help target the right audience and boost brand visibility.
Growing awareness regarding the adverse health effects of consuming sugary drinks, such as weight
gain, obesity, diabetes, and heart disease, is supporting the consumption of alternative beverages such
as still and sparkling water. The trend of switching from sugary drinks to healthier options is observed in
several countries. This has widened the scope for bottled water across the globe. Furthermore,
identifying consumer trends, addressing their demand, and offering innovative yet eco-friendly and
sustainable products are among the key winning imperatives that set companies apart.
Several new market entrants focus on e-commerce as a sales channel since these players do not have
a rigid supply chain model. Moreover, there has been growing consumer inclination toward online
platforms due to the convenience and flexibility they offer. This has resulted in increased focus on e-
commerce among players operating in the industry.
Many manufacturers are also opting for direct-to-consumer distribution channels by selling their
products through their own websites. This enables companies to solidify their relationship with
customers by delivering products at their doorstep. Thus, by eliminating the distributors, companies can
also improve their profit margin.
3.8 Impact of COVID-19
It has been more than one and a half years since the initial global outbreak of COVID-19. Consumers
are still coming to terms with the drastic socio-economic impact of the pandemic on their lives and
businesses. Shelter-at-home, social distancing, and multiple lockdowns since March 2020 have been
imposed across the world to limit the spread of the virus.
33
The U.S. in North America, Brazil in South America, and South Africa in Africa are some of the worst
COVID-19 hit countries in the world. However, since the beginning of 2021, countries like the U.S. and
Canada have boosted their vaccination drive, and as per the statistics provided by the governments, by
May 2021, half of their populations have been fully vaccinated. Thus, various businesses, especially
non-essential ones, are slowly opening with either 100% or 50% capacities and people are heading
toward cafés, restaurants, and pubs. These factors are propelling the demand for bottled water at such
commercial establishments.
According to the International Bottled Water Association (IBWA), bottled water businesses have boosted
their production capacities in 2020 to cater to the surge in demand for bottled water. This includes
increasing bottling capacity, obtaining extra production and packaging materials, and consulting
retailers to determine the demand. As the countries are recovering, the demand for bottled water is still
growing as customers have become more aware of appropriate health and hygiene practices.
Various parts of the U.S. and Canada among other countries are set to reopen, as the vaccination
campaign to immunize the population is a national priority for all countries in the world. The usual
movement of the public is slowly resuming in various countries. For instance, according to a report
published in The Wall Street Journal in May 2021, more than 1.7 million passengers have traveled
through U.S. domestic airports since the start of the pandemic. In addition according to the same report,
on May 13, 2021, The New York City subway witnessed some 2.2 million passengers, highest daily
ridership since March 13, 2020. These commercial spaces have increased the sale of bottled water in
the country in recent months.
In addition, various South American countries are also moving toward reopening their markets as the
COVID-19 cases have witnessed a decline. For instance, in May 2021, the government of Sao Paulo
moved ahead with its reopening plan and lifted the restrictions on non-essential businesses such as
restaurants and shops. Such moves are propelling the customers to visit hotels, restaurants, and
eateries, which, in turn, will fuel the demand for bottled water in the country.
During the pandemic, several brick-and-mortar stores took a major hit owing to multiple strict lockdowns
and the need for maintaining social distancing in severely affected countries. E-commerce has emerged
as the go-to distribution channel since the COVID-19 outbreak. Flexibility and convenience offered by
these platforms—right from product selection to delivery—are supporting their growth. Initiatives such as
no-contact delivery are also putting customers at ease.
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CHAPTER 04
Consumer Behavior Analysis

4.1 Consumer Trends & Preferences
The growth of the bottled water market is primarily attributed to the rising awareness regarding the
importance of hydration. A study conducted by the International Bottled Water Association in 2018
revealed that 93% of American citizens want bottled water to be sold in most stores selling beverages. A
substantial part of the population prefers to quench their thirst using bottled water over other
beverages.
The increased global consumer interest in health and wellness is promoting the sales of the product.
These are mostly free from added flavors, sweeteners, and calories, and ensure safety and quality for
those consumers who have limited access to drinking water. Bottled water is also a healthy alternative
to sugary sodas and juices.
Nutrient-fortified water is trending owing to the growing preference for this type among different buyers -
travelers, working professionals, as well as households. Over the past few years, products such as
alkaline water, electrolyte-rich water, fortified water, caffeinated water, and water fortified with
additional hydrogen or oxygen have been gaining popularity.
Alkaline water is considered premium and has become a rising trend in the bottled water industry. Many
of these products have a pH higher than regular drinking water. The popular alkaline water, Essentia
has a pH of 9.5, while regular water comes in at 7—right in the middle of the 1–14 scale. The product is
also sold under the name ionized water and is said to improve energy and balance the pH levels of the
body.
Another trend driving the industry is electrolyte-enhanced water. It is especially preferred by customers
looking for flavorless, zero-calorie replenishment. Electrolytes such as potassium and sodium require
maintenance, especially after strenuous workouts that cause excessive sweating. Electrolyte-enhanced
water is considered to prevent electrolyte imbalance. Sodium helps prevent dehydration, so this bottled
water is considered best before, during, and after a hectic activity. NestléPure Life, LIFEWTR, and CORE
Hydration are some of the popular products leveraging the trend.
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4.2 Factors Affecting Buying Decision
Taste, quality, and safety are the three major deciding factors influencing the buying decision of the
consumers. Mineral water comes from a spring that contains vital minerals, such as calcium,
magnesium, and sulfur. It can also be derived from an underground reservoir. Mineral water is known to
strengthen bones, regulate blood pressure, manage circulation, and aid digestion. Mineral water has a
richer taste than other types of drinking water because of the mineral levels.
Hydrogen water is also one of the purest forms of water in the market due to the molecules it contains.
Hydrogen molecules have antioxidants that attack harmful radicals in the body. It is known to have anti-
inflammatory effects. However, hydrogen water is more expensive than other variants. The alternative to
this water undergone reverse osmosis. The method helps get rid of many other pollutants that are
normally found in water supplies.
Alkaline water is also preferred by numerous consumers. There are several claims about alkaline water,
one of which is that it benefits health by lowering acidity in the body. This type of water is also
considered to prolong life and prevent disease. Along with this, it is available in ready-to-drink form, is a
low calorie drink, and does not contain sweeteners and preservatives. Furthermore, the product comes
in convenient packaging such as re-sealable containers. These are some of the factors that influence
the buying decision of consumers.
4.3 Consumer Product Adoption

According to the data published in June 2019 by the World Health Organization, an estimated 785
million people lack even basic drinking water services, including 144 million people who were
dependent on surface water in the year 2017. Additionally, at least 2 billion people use a drinking water
source contaminated with feces. Contaminated water can transmit diseases such as diarrhea, cholera,
dysentery, typhoid, and polio.
According to the same source, contaminated drinking water is estimated to cause 485,000 diarrheal
deaths each year. It is expected that by 2025, half of the world’s population will be living in water-
stressed areas. These factors enhance the adoption of bottled water across the globe.
Consumers are also increasingly opting for several variants of bottled water. The preference for mineral
water is attributed to the multiple claims of its benefits. For instance, regular consumption of mineral
water improves bone health and helps prevent diseases such as reduced post-menopausal bone
density (osteoporosis) in women.
36
It also maintains muscle performance with its magnesium content. Scientific studies reveal that mineral
water lowers bad cholesterol due to its magnesium and potassium content. It also aids digestion by
increasing amylase secretion from the pancreas due to its sulfate content.
It is also claimed that enhanced water is rich in minerals and contributes to maintaining skin health. It
moisturizes the skin and delays wrinkles. It helps in reducing inflammation related to rheumatism and
arthritis. Water containing bicarbonate, chloride, potassium, and sodium electrolytes prevents
dehydration by ensuring quicker absorption. Studies have also shown that it reduces calcium oxalate
concentration and the risk of kidney stones.
According to a study conducted by the International Bottled Water Association in 2018, 72% of
consumers preferred bottled water among other non-alcoholic beverages. Bottled water is preferred by
89% of people while traveling, 82% of people prefer consuming bottled water at their workplace, and
75% of people prefer having bottled water at home. 37% of people are known to consume bottled water
every day.
In addition, as the world is hit by a pandemic, people across the globe have become more conscious of
their health. People are taking various measures such as healthy eating and incorporating clean and
safe water drinking habits. As various countries lack proper, clean, and safe public water supplies,
people are inclining toward bottled water.
4.4 Observations & Recommendations

The tremendous growth of the bottled water market offers manufacturers a lucrative opportunity.
Packaging plays a crucial role in the sales of bottled water. Most bottled water labels depict mountains
and glaciers, which make consumers assume that the water comes directly from a mountain stream.
Manufacturers are recommended to encourage consumers to focus on the flavor of their water. It has
also been observed that lowering the price of bottled water helps consumers consider it a luxury that
anyone and everyone can afford. A well-established distribution channel is expected to improve the
penetration of the product.
In addition, with the extensive utilization of single-use plastic bottles, the world is witnessing huge
plastic pollution as these end up in landfills and cause ocean plastic pollution. Moreover, various
countries have decided to ban single-use plastics in the coming years. Hence, it is advised that
manufacturers introduce innovative materials that won’t harm the environment, for making bottles.
37
CHAPTER 05
Bottled Water Market: Product

Estimates and Trend Analysis
5.1 Product Movement & Market Share Analysis, 2020 & 2028
Fig.11 Bottled water market: Product share (%) analysis, 2020 & 2028
2028 14.4% 35.5% 25.8% 13.3% 6.1% 5.0%
2020 14.7% 35.6% 25.4% 12.7% 6.4% 5.2%
Spring Water Purified Water Mineral Water Sparkling Water Distilled Water Others
The purified water segment held the largest share of 35.6% in 2020 and is expected to exhibit a CAGR
of 11.1% from 2021 to 2028. The growth of the segment is largely driven by countries such as China,
India, and Brazil, where the contamination of natural water bodies and increasing water pollution have
increased the penetration of purified bottled water.
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5.2 Spring Water
5.2.1 SPRING BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD BILLION)
Table 4 Spring bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 CAGR
Revenue
(USD 21.28 23.44 25.87 28.65 31.99 35.25 38.90 43.01 47.64 52.86 58.76 65.43 72.99 10.9%
Billion)
The spring bottled water segment was valued at USD 31.99 billion in 2020 and is expected to reach
USD 72.99 billion by 2028, registering a CAGR of 10.9% from 2021 to 2028. The rising influence of a
healthy lifestyle, coupled with consumer perception regarding the health benefits of spring water, is
likely to drive the demand for spring bottled water over the forecast period.
Growing concerns over high sugar content and sweeteners in carbonated drinks have played a prime
role in driving the consumer preference for bottled water variants such as spring water. Furthermore,
the increasing levels of water pollution around the world are likely to act as a key catalyst for the growth
of the segment over the coming years.
Some of the leading companies offering spring bottled water are Danone Waters of America, Mountain
Valley Spring Water, and Nestlé S.A. These companies source their spring water from naturally occurring
underground water bodies. For instance, Evain, a brand of Danone Waters of America, sources its spring
water from the French Alps. The growing consumer preference for completely natural drinking water
sourced from the environment is anticipated to drive the demand for bottled spring water during the
forecast period.
5.3 Purified Water
5.3.1 PURIFIED BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION)
Table 5 Purified bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 CAGR
Revenue
(USD 51.13 56.42 62.39 69.21 77.42 85.44 94.46 104.62 116.08 129.04 143.69 160.30 179.14 11.1%
Billion)
Purified bottled water was the largest product segment and was valued at USD 77.42 billion in 2020.
The segment is expected to reach USD 179.14 billion by 2028, registering a CAGR of 11.1% from 2021
to 2028. Water derived from processes like distillation, desalination, reverse osmosis, and deionization
is categorized as purified water.
39
According to a United Nations study published in 2018, there are almost 16,000 desalination plants
across 177 countries that provide purified water. Increasing water needs due to population growth,
increased per capita water consumption, urbanization, and economic growth, as well as falling water
supplies due to climate change and contamination exacerbate water scarcity in most regions of the
world. To tackle these concerns, the demand for ultra-purified water derived from desalination
technology is anticipated to grow during the forecast period.
Many governments are looking at desalination as a possible solution to produce fresh water. For
instance, in 2017, India and Israel signed a memorandum of understanding (MoU) to promote
desalination technology in India. This government-led initiative to boost the technology to produce
purified water is anticipated to have a positive impact on the segment’s growth over the forecast period.
Water is likely to become an even scarcer resource in the coming years. Demand for potable water is
increasing across the world, especially in developing economies with rapidly rising population. Countries
in the Africa and Asia Pacific regions are expected to report considerable demand for purified water over
the course of the forecast period.
5.4 Mineral Water

5.4.1 MINERAL WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD Billion)
Table 6 Mineral bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 CAGR
Revenue
(USD 36.30 40.13 44.46 49.42 55.39 61.24 67.84 75.28 83.69 93.21 103.99 116.23 130.14 11.3%
Billion)
The mineral bottled water segment was valued at USD 55.39 billion in 2020 and is expected to reach
USD 130.14 billion by 2028, registering a CAGR of 11.3% from 2021 to 2028. Mineral water is
generally defined as natural water consisting of nearly 250 parts per billion total dissolved solids. The
segment is differentiated from its counterparts by its relative proportion of minerals and trace elements
from the actual source.
Product’s demand in this segment is largely reported from developing countries such as India, Malaysia,
Brazil, and Indonesia. In India, the demand for mineral water is likely to topple the carbonated drinks
market. This trend is driven by increasing disposable income and the switch to healthier lifestyles, not
just in India but in other developing countries as well. As a result, the market for mineral water is likely
to grow at a steady pace over the forecast period.
40
Bottled mineral water usually contains ingredients like calcium, magnesium, sodium, and zinc. These
minerals offer numerous health benefits such as lowering blood pressure, regulating blood circulation,
and strengthening bones. In light of these benefits, numerous residential and commercial consumers
are now shifting from regular tap water toward mineral bottled water.
5.5 Sparkling Water

5.5.1 SPARKLING WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD Billion)
Table 7 Sparkling bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 CAGR
Revenue
(USD 17.76 19.72 21.94 24.50 27.58 30.63 34.08 37.98 42.41 47.43 53.14 59.65 67.07 11.7%
Billion)
Sparkling bottled water was valued at USD 27.58 billion in 2020 and is expected to reach USD 67.07
billion by 2028. The segment is anticipated to register the second fastest CAGR of 11.7% from 2021 to
2028, fueled by the numerous health advantages it presents, such as improving digestion, aiding in
weight loss, and keeping the body more hydrated compared to normal water.
Sparkling water is also marketed as sparkling drinking water or sparkling mineral water. Water that
contains the same amount of carbon dioxide as its source post-treatment is defined as sparkling water.
Segment demand is estimated to primarily stem from the developed markets of the U.S., France,
Canada, Germany, and the U.K.
The Beverage Digest, a privately-owned publication in the U.S., states that sparkling water has become
an everyday drink for most Americans. This can be attributed to the product’s health advantages,
coupled with a growing shift in consumer preference toward healthy drinks. This trend is likely to be the
key driver for the segment’s growth.
Some of the leading companies offering sparkling water are Topo Chico Agua Mineral, Gerolsteiner
Mineral Water, Mountain Valley Sparkling Water, Perrier Sparkling Natural Mineral Water, Jarritos
Mineragua Club Soda, Voss Sparkling, and LaCroix Sparkling Water. The sparkling bottled water market
is highly competitive with the top companies intensively trying to gain a larger market share.
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5.6 Distilled Water
5.6.1 DISTILLED BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD Billion)
Table 8 Distilled bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 CAGR
Revenue
(USD 9.38 10.29 11.32 12.49 13.90 15.26 16.78 18.49 20.41 22.56 24.99 27.73 30.82 10.5%
Billion)
The distilled bottled water segment was valued at USD 13.90 billion in 2020 and is expected to reach
USD 30.82 billion by 2028, registering a CAGR of 10.5% from 2021 to 2028. Companies harvest
distilled water by boiling water and condensing the collected vapor back into a liquid. Distilled water is
widely consumed because the process renders it free from contaminants and harmful minerals.
The process of distillation is very effective in removing contaminants like viruses, bacteria, protozoa like
giardia, and chemicals like sulfate and lead. Due to its high level of purity, distilled water is most
commonly used in laboratories and medical facilities around the world.
Although the distillation method is highly efficient in eliminating potentially hazardous contaminants, it
also takes away electrolytes and natural minerals such as calcium and magnesium present in the water.
This factor is anticipated to hamper the demand for distilled water during the forecast period.
5.7 Others
5.7.1 OTHER BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD Billion)
Table 9 Other bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 CAGR
Revenue
(USD 7.69 8.44 9.27 10.22 11.37 12.47 13.70 15.08 16.63 18.37 20.33 22.54 25.03 10.4%
Billion)
The other bottled water segment was valued at USD 11.37 billion in 2020 and is expected to reach USD
25.03 billion by 2028, registering a CAGR of 10.4% from 2021 to 2028. This segment includes bottled
well water, artesian water, and still bottled water.
Water that is sourced from confined underground aquifers is generally termed as artesian well water.
Developing countries in Africa are likely to register product demand over the forecast period. The
economical pricing of these products compared to its counterparts is expected to be the key driver for
the segment’s growth.
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CHAPTER 06
Bottled Water Market: Regional

Estimates & Trend Analysis
6.1 Regional Movement & Market Share Analysis, 2020 & 2028
Fig.12 Bottled water market: Regional share (%) analysis, 2020 & 2028
2028 24.9% 17.8% 43.8% 6.2% 7.4%
2020 24.6% 17.9% 42.6% 6.6% 8.2%
North America Europe Asia Pacific Central & South America Middle East and Africa
Asia Pacific held the largest share in the global bottled water market in 2020 and is expected to
continue its dominance throughout the forecast period. The regional market is mainly driven by growing
preference for bottled water owing to rising health issues caused by the consumption of contaminated
water. Changing water consumption habits, growing organized retail sector, and the introduction of
innovative products such as flavored water is further supporting the regional market growth.
The North America market accounted for a share of 24.6% in 2020 and is estimated to witness
considerable growth in the years to come. Rising demand for clean water, coupled with growing
awareness about a living healthier lifestyle, is anticipated to catapult the demand for bottled water over
the forecast period.
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6.2 North America
6.2.1 NORTH AMERICA BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION)
Table 10 North America bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 35.18 38.88 43.06 47.85 53.61 59.26 65.62 72.79 80.90 90.07 100.46 112.24 125.64 11.2%
Billion)
The market for bottled water in North America was valued at USD 53.61 billion in 2020 and is projected
to register a CAGR of 11.2% over the forecast period to reach USD 125.64 billion by 2028.
The regional market is driven by the growing population and the convenience and portability provided by
bottled water. The growing trend of living a healthy lifestyle and extensive utilization of bottled water in
sports and other physical and outdoor activities are also responsible for the high demand for bottled
water. Most Americans do not prefer drinking water straight from the tap as they find bottled water to be
a safer and more convenient option. Moreover, the growing need for eco-friendly packaging of bottled
water is offering lucrative opportunities for existing manufacturers and new entrants in the bottled
water market.
Growing awareness about the urgent need for safe drinking water is expected to fuel product demand
over the forecast period. In Canada, Health Canada categorizes bottled water under food and hence,
water bottling firms in the country are inspected by the Canadian Food Inspection Agency. Water bottling
companies continuously test their products to ensure their quality and efficacy. As a condition of
membership, the Canadian Bottled Water Association (CBWA) requires that members adhere to the
association’s strict Bottled Water Food Safety Practices, Bottled Water Model Code, Third-Party Plant
Audit requirements, and Certified Plant Operator Program. These measures give consumers the
assurance of safety and quality and this is likely to lend the market a significant boost.
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6.2.2 NORTH AMERICA BOTTLED WATER MARKET ESTIMATES AND FORECAST, BY PRODUCT, 2016
– 2028 (USD BILLION)
Table 11 North America bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
5.03 5.54 6.13 6.80 7.60 8.39 9.28 10.27 11.40 12.66 14.10 15.73 17.57 11.0%
Water
Purified
12.22 13.49 14.94 16.59 18.58 20.52 22.71 25.18 27.97 31.12 34.69 38.74 43.34 11.2%
Water
Mineral
9.64 10.67 11.83 13.15 14.75 16.32 18.09 20.08 22.34 24.89 27.79 31.08 34.82 11.3%
Water
Sparkling
4.59 5.11 5.69 6.36 7.17 7.97 8.88 9.91 11.08 12.40 13.91 15.64 17.60 11.9%
Water
Distilled
2.18 2.40 2.65 2.93 3.27 3.61 3.98 4.40 4.88 5.41 6.01 6.70 7.47 10.9%
Water
Others 1.52 1.67 1.83 2.01 2.24 2.45 2.69 2.95 3.25 3.58 3.95 4.37 4.84 10.1%
Total 35.18 38.88 43.06 47.85 53.61 59.26 65.62 72.79 80.90 90.07 100.46 112.24 125.64 11.2%
In terms of revenue derived from products, the purified water segment generated the highest revenue
of USD 18.58 billion in 2020. It is expected to register a CAGR of 11.2% from 2021 to 2028 to reach
USD 43.34 billion by 2028. However, the sparkling water segment is anticipated to exhibit the fastest
CAGR of 11.9% from 2021 to 2028.
6.2.3 U.S.
6.2.3.1 U.S. BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD BILLION)
Table 12 U.S. bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 18.36 20.26 22.41 24.86 27.81 30.69 33.94 37.59 41.71 46.37 51.63 57.60 64.38 11.1%
Billion)
Nearly all the bottled water bought in the U.S. is sourced domestically. Moreover, imported bottled water
accounts for barely 1% of the entire U.S. market. Most of the bottled water enterprises in the country
are small, community-based firms that utilize local water resources and distribute their products within
an average radius of 300 miles from their bottling facilities.
Consumption of contaminated water can result in various health problems such as gastrointestinal
diseases, reproductive problems, and neurological disorders and this is resulting in the need for
hygienic and clean bottled water in the U.S. When packaged properly, water is protected against any
kind of bacterial contamination, irrespective of the storage time.
45
There has been a prominent shift in consumer preference for healthy, safe, and refreshing beverages
over drinks that contain caffeine, high calories, and preservatives. This trend is further supporting the
demand for bottled water in the country. Carbonated water contains phosphoric acid and caffeine that
can lead to weight gain, heartburn, and digestive issues. There is also high acid content in carbonated
water and as a result, consumers are opting for healthier options such as flavored water with low calorie
content. Owing to this shift, bottled water manufacturers are refocusing and rethinking their product
offerings by developing healthy beverages like flavored water.
6.2.3.2 U.S. BOTTLED WATER MARKET ESTIMATES AND FORECAST, BY PRODUCT, 2016 – 2028
(USD BILLION)
Table 13 U.S. bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
2.61 2.87 3.17 3.51 3.92 4.31 4.76 5.26 5.82 6.46 7.18 7.99 8.91 10.8%
Water
Purified
6.35 7.01 7.74 8.59 9.60 10.59 11.70 12.95 14.37 15.96 17.76 19.80 22.12 11.0%
Water
Mineral
5.05 5.58 6.17 6.85 7.67 8.47 9.37 10.39 11.54 12.83 14.30 15.97 17.86 11.1%
Water
Sparkling
2.46 2.73 3.04 3.39 3.82 4.24 4.71 5.25 5.86 6.55 7.33 8.23 9.24 11.7%
Water
Distilled
1.12 1.23 1.36 1.50 1.67 1.84 2.03 2.24 2.48 2.74 3.05 3.39 3.77 10.7%
Water
Others 0.77 0.84 0.93 1.02 1.13 1.24 1.36 1.50 1.65 1.82 2.01 2.23 2.47 10.2%
Total 18.36 20.26 22.41 24.86 27.81 30.69 33.94 37.59 41.71 46.37 51.63 57.60 64.38 11.1%
of USD 8.59 billion in 2019. It is expected to register a CAGR of 11.0% from 2021 to 2028 to reach
USD 22.12 billion by 2028. However, sparkling water segment is anticipated to be the fastest-growing
segment with a CAGR of 11.7% from 2021 to 2028.
Consumers in the U.S. are choosing healthier drinks consequently, bottled water firms are aiming to
develop improved water products while ensuring that all the essential qualities and nutrients of regular
water are retained. This has given rise to several new product introductions and advancements in the
bottled water business.
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6.3 Europe
6.3.1 EUROPE BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD BILLION)
Table 14 Europe bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 25.74 28.39 31.39 34.82 38.94 42.96 47.49 52.59 58.34 64.84 72.19 80.52 89.97 11.0%
Billion)
The market for bottled water in Europe was valued at USD 38.94 billion in 2020 and is projected to
register a CAGR of 11.0% over the forecast period, to reach USD 89.97 billion by 2028.
Increasing awareness about health and wellness among consumers in countries including Germany,
France, Spain, and Italy is one of the major factors driving the market growth in Europe. Health concerns
play a crucial role in making bottled water the most popular drink among all drinks. As a result, the
rising use of bottled beverages is expected to drive the regional market growth over the forecast period.
The consumption of bottled water in Europe is based on the need for pollution-free water. Fortified
water, i.e. the water containing vitamins and minerals is also gaining popularity in the region. Moreover,
the trade association European Federation of Bottled Water (EFBW) supports the benefits of spring
water, natural mineral water, and other bottled waters. This, in turn, is expected to drive the regional
market growth in the coming years. Amongst the several European countries, Germany is expected to be
the largest market driving the regional market growth.
Change in drinking water preferences and availability of bottled water products have also been
responsible for increased consumption of bottled water. However, the environmental pollution caused
due to the disposal of plastic waste is restraining the growth of the market in the region. Toxicities with
respect to plastic bottles, including the presence of chemicals like bisphenol A (BPA), could have
neurological consequences, thereby restricting their use. Nevertheless, innovative packaging with
minimum health and environmental hazards are likely to provide lucrative market opportunities for
future growth.
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6.3.2 EUROPE BOTTLED WATER MARKET ESTIMATES AND FORECAST, BY PRODUCT, 2016 – 2028
(USD BILLION)
Table 15 Europe bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
3.77 4.15 4.58 5.07 5.66 6.23 6.88 7.60 8.41 9.33 10.36 11.54 12.86 10.8%
Water
Purified
9.37 10.34 11.42 12.67 14.17 15.63 17.27 19.12 21.20 23.56 26.22 29.24 32.66 11.0%
Water
Mineral
6.31 6.97 7.72 8.58 9.62 10.63 11.78 13.07 14.53 16.18 18.04 20.17 22.58 11.3%
Water
Sparkling
3.15 3.50 3.89 4.34 4.88 5.42 6.02 6.71 7.48 8.36 9.36 10.50 11.80 11.7%
Water
Distilled
1.72 1.89 2.07 2.28 2.53 2.77 3.04 3.34 3.67 4.05 4.47 4.95 5.48 10.2%
Water
Others 1.41 1.55 1.70 1.88 2.09 2.29 2.51 2.77 3.05 3.37 3.73 4.14 4.59 10.4%
Total 25.74 28.39 31.39 34.82 38.94 42.96 47.49 52.59 58.34 64.84 72.19 80.52 89.97 11.0%
of USD 14.17 billion in 2020. It is expected to register a CAGR of 11.0% from 2021 to 2028, to reach
USD 32.66 billion by 2028. However, sparkling water is anticipated to be the fastest-growing segment
with a CAGR of 11.7% from 2021 to 2028.
Drinking water, including regular bottled water, could contain small quantities of some contaminants.
Some individuals may be more vulnerable to the contaminants in drinking water than the general
population. To avoid the harmful effects of drinking contaminated water, the demand for purified
bottled water is expected to gain traction in the market.
6.3.3 GERMANY
6.3.3.1 GERMANY BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION)
Table 16 Germany bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 5.76 6.35 7.02 7.78 8.69 9.58 10.58 11.71 12.98 14.41 16.03 17.86 19.94 10.9%
Billion)
The German bottled water market was valued at USD 8.69 billion in 2020 and is projected to register a
CAGR of 10.9% over the forecast period, to reach USD 19.94 billion by 2028. Germany is expected to
account for a share of over 22.1% of the European bottled water market by 2028.
48
The growing shift from sugar-based beverages to healthier substitutes such as bottled water has
improved the consumption of water in Germany. The bottled water market in Germany is strongly
governed by locally sourced products, which are recognized as high-quality products. Several consumers
prefer premium spring water brands that emphasize their source. Bottled water with this type of
positioning has led to an increased preference for bottled water containing minerals and other
distinctive characteristics, such as the spring or source of the water.
6.3.3.2 GERMANY BOTTLED WATER MARKET ESTIMATES AND FORECAST, BY PRODUCT, 2016 –
2028 (USD BILLION)
Table 17 Germany bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
0.82 0.91 1.00 1.11 1.23 1.36 1.49 1.65 1.82 2.02 2.24 2.50 2.78 10.7%
Water
Purified
2.09 2.31 2.55 2.82 3.15 3.47 3.83 4.24 4.70 5.22 5.80 6.46 7.21 10.9%
Water
Mineral
1.59 1.75 1.94 2.15 2.41 2.66 2.94 3.26 3.62 4.03 4.49 5.01 5.60 11.1%
Water
Sparkling
0.67 0.74 0.83 0.92 1.04 1.15 1.28 1.42 1.59 1.78 1.99 2.23 2.50 11.7%
Water
Distilled
0.35 0.38 0.42 0.46 0.51 0.56 0.61 0.67 0.74 0.81 0.90 0.99 1.10 10.0%
Water
Others 0.24 0.26 0.29 0.32 0.35 0.38 0.42 0.46 0.50 0.55 0.61 0.67 0.74 9.8%
Total 5.76 6.35 7.02 7.78 8.69 9.58 10.58 11.71 12.98 14.41 16.03 17.86 19.94 10.9%
Purified bottled water are witnessing a significant demand across the country. Manufacturers that offer
purified bottled water generally set up an exclusive selling point and imposing a higher value than the
mainstream market, thereby attracting a broad group of consumers with a high income. The purity of
bottled water is frequently emphasized as a unique selling proposition by the market players in the
country.
49
6.3.4 FRANCE
6.3.4.1 FRANCE BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION)
Table 18 France bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 3.73 4.13 4.59 5.11 5.74 6.36 7.06 7.85 8.74 9.75 10.90 12.21 13.69 11.5%
Billion)
France bottled water market was valued at USD 5.74 billion in 2020 and is projected to register a CAGR
of 11.5% over the forecast period, to reach USD 13.69 billion by 2028. France is expected to account
for a share of over 19.1% of the European bottled water market by 2028.
The growth of bottled water in France is largely attributed to the increasing concerns of consumers
regarding clean drinking water. Additionally, the convenience of mobility of these bottles is one of the
important factors driving the industry growth. Moreover, the presence of some notable players in the
country is expected to support the market growth of bottled water in France. For instance, Danone is
one of the well-established leaders of bottled water in the country.
6.3.4.2 FRANCE BOTTLED WATER MARKET ESTIMATES AND FORECAST, BY PRODUCT, 2016 –
2028 (USD BILLION)
Table 19 France bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
0.54 0.60 0.66 0.74 0.83 0.92 1.01 1.12 1.25 1.39 1.55 1.73 1.94 11.2%
Water
Purified
1.36 1.50 1.67 1.86 2.09 2.31 2.56 2.85 3.17 3.54 3.95 4.43 4.97 11.5%
Water
Mineral
0.90 0.99 1.11 1.23 1.39 1.54 1.71 1.91 2.13 2.38 2.67 3.00 3.37 11.7%
Water
Sparkling
0.48 0.54 0.60 0.67 0.76 0.85 0.94 1.05 1.18 1.32 1.49 1.67 1.89 12.1%
Water
Distilled
0.24 0.27 0.29 0.32 0.36 0.40 0.44 0.48 0.53 0.59 0.65 0.73 0.81 10.6%
Water
Others 0.21 0.23 0.26 0.28 0.32 0.35 0.39 0.43 0.47 0.52 0.58 0.65 0.72 10.9%
Total 3.73 4.13 4.59 5.11 5.74 6.36 7.06 7.85 8.74 9.75 10.90 12.21 13.69 11.5%
50
Bottled water in France has shown substantial growth with several product segments which cater to a
number of consumer preferences. Spring water has benefited from more competitive pricing compared
to mineral water; still water has also maintained consumers' attention, while sparkling variants have
capitalized on the demand for carbonated products which do not contain added sugar content.
Nevertheless, purified bottled water is expected to maintain dominance in the market owing to the
rising preference for high-purity water. Furthermore, increasing health awareness and rising disposable
income are some of the other factors supporting the growth of the French bottled water market.
6.4 Asia Pacific
6.4.1 ASIA PACIFIC BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION)
Table 20 Asia Pacific bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 60.40 66.89 74.24 82.67 92.81 102.80 114.07 126.80 141.20 157.53 176.05 197.11 221.07 11.5%
Billion)
Asia Pacific dominated the global bottled water market in 2019. The region is also expected to witness
strong growth in the market during the forecast period. Growing awareness about the importance of
health and wellness in countries including China, India, Malaysia, and Indonesia is one of the major
factors supporting the market growth owing to the heightened demand for hygienic consumables. With
the growing awareness about the importance of hygienic food and water, the demand for bottled water
is also increasing, thereby creating avenues for the market growth in the region.
Furthermore, rising awareness regarding waterborne diseases including cholera, dysentery, typhoid, and
malaria in the economies of Indonesia, Vietnam, Singapore, Thailand, and Malaysia is encouraging
consumers to opt for purified and ultra-purified water. This, in turn, is expected to continue to support
the market growth in the years to come. Moreover, lack of access to safe drinking water in emerging
economies of the region and shift in consumer preference from water purifiers to bottled water are
expected to boost the market growth over the forecast period.
Additionally, amidst the outbreak of Coronavirus (COVID-19), the preference for bottled water is
expected to witness a considerable rise not only in Asia Pacific, but across the globe as well, owing to
stockpiling during the pandemic crisis and health concerns. However, the region records the lowest per
capita consumption of bottled water globally, owing to comparatively low consumer awareness in
heavily populated markets including India.
51
6.4.2 ASIA PACIFIC BOTTLED WATER MARKET ESTIMATES AND FORECAST, BY PRODUCT, 2016 –
2028 (USD BILLION)
Table 21 Asia Pacific bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
9.14 10.10 11.19 12.43 13.92 15.39 17.03 18.89 20.99 23.36 26.05 29.09 32.55 11.2%
Water
Purified
21.66 23.98 26.60 29.62 33.24 36.80 40.82 45.36 50.50 56.31 62.91 70.41 78.94 11.4%
Water
Mineral
14.88 16.50 18.34 20.46 23.00 25.52 28.36 31.58 35.22 39.36 44.05 49.40 55.49 11.6%
Water
Sparkling
7.45 8.29 9.25 10.36 11.70 13.03 14.54 16.25 18.19 20.40 22.93 25.81 29.10 12.1%
Water
Distilled
3.88 4.27 4.71 5.21 5.82 6.41 7.07 7.82 8.65 9.60 10.66 11.87 13.23 10.8%
Water
Others 3.40 3.75 4.14 4.59 5.13 5.65 6.24 6.90 7.65 8.50 9.45 10.53 11.75 10.9%
Total 60.40 66.89 74.24 82.67 92.81 102.80 114.07 126.80 141.20 157.53 176.05 197.11 221.07 11.5%
Rising concerns regarding the quality of tap water is one of the major factors driving the market growth.
Tap water can contain some contaminants and consuming such contaminated water is harmful for the
overall health of the public and can cause immediate illnesses. As a result, people increasingly prefer
bottled water over tap water across countries such as China, India, and Japan.
Premiumization is another major factor driving the market growth in the region. With the growing health
awareness and rising purchasing power, several consumers are practicing healthier choices within
bottled water, i.e., they opt for purified bottled water. As a result, these products are rich in minerals,
although they carry a much higher unit price than average.
52
6.4.3 CHINA
6.4.3.1 CHINA BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD BILLION)
Table 22 China bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 34.19 37.85 41.99 46.74 52.46 58.08 64.42 71.59 79.69 88.88 99.29 111.13 124.60 11.4%
Billion)
The Chinese bottled water market was valued at USD 52.46 billion in 2020 and is projected to register
a CAGR of 11.4% over the forecast period, to reach USD 124.60 billion by 2028. China is expected to
account for a market share of over 56.3% of the Asia Pacific bottled water market by 2028.
Growing concerns regarding the safety of drinking water is one of the key drivers of the rapid growth of
the market. Currently, bottled water is one of China’s fastest growing fast-moving consumer goods
(FMCG). China is one of the largest countries in the world that suffers serious water scarcity and
rampant pollution has plagued China’s precious water resources. China’s bottled water market for the
last two decades has moved in tandem with China’s overall economic growth. During the same period,
China’s water quality has been rapidly deteriorating due to increasing water pollution owing to large
quantities of industrial wastewater discharge, as well as increased municipal wastewater owing to
increasing urbanization.
6.4.3.2 CHINA BOTTLED WATER MARKET ESTIMATES AND FORECAST, BY PRODUCT, 2016 – 2028
(USD BILLION)
Table 23 China bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
5.40 5.97 6.61 7.34 8.23 9.09 10.06 11.16 12.40 13.80 15.39 17.19 19.24 11.2%
Water
Purified
11.18 12.37 13.72 15.27 17.13 18.96 21.03 23.36 26.00 28.98 32.37 36.22 40.59 11.4%
Water
Mineral
8.68 9.63 10.70 11.93 13.41 14.87 16.52 18.38 20.50 22.89 25.62 28.72 32.25 11.6%
Water
Sparkling
4.17 4.64 5.18 5.80 6.55 7.29 8.13 9.08 10.17 11.40 12.81 14.41 16.25 12.0%
Water
Distilled
2.53 2.79 3.07 3.40 3.80 4.18 4.61 5.10 5.64 6.26 6.95 7.73 8.62 10.8%
Water
Others 2.22 2.45 2.70 3.00 3.35 3.69 4.07 4.50 4.99 5.54 6.16 6.86 7.65 10.9%
Total 34.19 37.85 41.99 46.74 52.46 58.08 64.42 71.59 79.69 88.88 99.29 111.13 124.60 11.4%
53
In China, as the pollution and income are rising, a growing demand has been witnessed for bottled
water and this trend is likely to continue in the coming years. Companies and brands in the bottled
water industry, particularly in the high-end sector, are looking for avenues to attract consumers for -
purified water consumption.
6.4.4 INDIA
6.4.4.1 INDIA BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD BILLION)
Table 24 India bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 11.54 12.82 14.28 15.96 17.99 19.99 22.27 24.84 27.76 31.08 34.86 39.16 44.08 11.9%
Billion)
The Indian bottled water market was valued at USD 17.99 billion in 2020 and is projected to register a
CAGR of 11.9% over the forecast period, to reach USD 44.08 billion by 2028. India is expected to
account for a market share of over 19.8% of the Asia Pacific bottled water market by 2028.
Lack of clean drinking water has led to an increase in demand for bottled water in India. Flavored
bottled water has also become prevalent in the Indian market. Various types of flavored water
containing artificial sweeteners and fruit essence and artificial flavors like cola, sodas, juices, and other
sweetened beverages act as an alternative to plain bottled water. Occasionally, consumers select
flavored bottled water over regular bottled water. This shift in preference offers manufacturers the
opportunity for expanding their product line of bottled water in India.
Apart from individual sales of the product, the players in the country are leaning toward institutional
sales via partnerships with hotels, theatres, airlines, and shopping malls, among others. Such
partnerships ultimately boost product penetration, supported by the rise in the sales volume in the
country. Moreover, awareness amongst the increasing population about the significance of safe
drinking water to maintain good health, coupled with the rise in per capita income, is generating a
demand for bottled water in India.
54
6.4.4.2 INDIA BOTTLED WATER MARKET ESTIMATES AND FORECAST, BY PRODUCT, 2016 – 2028
(USD BILLION)
Table 25 India bottled water market estimates and forecast, by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
1.67 1.85 2.06 2.30 2.58 2.86 3.18 3.53 3.94 4.39 4.91 5.51 6.18 11.5%
Water
Purified
4.63 5.14 5.72 6.39 7.20 8.00 8.90 9.93 11.09 12.41 13.91 15.62 17.57 11.8%
Water
Mineral
2.70 3.01 3.35 3.75 4.24 4.72 5.26 5.88 6.58 7.38 8.30 9.34 10.53 12.0%
Water
Sparkling
1.40 1.56 1.75 1.97 2.23 2.49 2.79 3.13 3.51 3.96 4.46 5.04 5.70 12.5%
Water
Distilled
0.61 0.68 0.75 0.83 0.93 1.03 1.14 1.26 1.40 1.56 1.74 1.95 2.18 11.2%
Water
Others 0.53 0.59 0.65 0.72 0.81 0.90 1.00 1.11 1.23 1.37 1.53 1.72 1.92 11.4%
Total 11.54 12.82 14.28 15.96 17.99 19.99 22.27 24.84 27.76 31.08 34.86 39.16 44.08 11.9%
The bottled water market has become one of the flourishing markets in India. A large portion of the
Indian population has no access to clean drinking water, owing to which people rely on water that is
purified with the help of reverse osmosis or bottled mineral water. In recent years, growing preference
for bottled drinking water has gained traction in the Indian market, thereby boosting the growth of
purified bottled water products. Limited access to clean drinking water and rising concerns about
hygiene are further supporting the market growth in the country.
6.5 Central & South America

6.5.1 CENTRAL & SOUTH AMERICA BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 –
2028 (USD BILLION)
Table 26 Central & South America bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 9.88 10.80 11.85 13.03 14.45 15.81 17.33 19.02 20.92 23.04 25.43 28.11 31.12 10.1%
Billion)
The market for bottled water in Central & South America was valued at USD 14.45 billion in 2020 and is
projected to expand at a CAGR of 10.1% over the forecast period to reach USD 31.12 billion by 2028.
55
The Central & South America region is expected to account for a share of over 6.2% of the global bottled
water market by 2028.
The Central & South American bottled water market demand is driven by countries like Brazil, Argentina,
Chile, and Peru. Brazil and Argentina together make most of the demand for bottled water market in this
region. Strong demand for clean and hygienic drinking water is driving the market growth. Bottled water
with added vitamins, minerals, and antioxidants is gaining momentum in the regional market as
consumers are looking for water with added health and wellness benefits.
Moreover, the growing inclination towards a healthy lifestyle in countries such as Brazil, Argentina, and
Mexico has heightened the demand for hygienic food and drinks. As a result, there is an increase in
demand for bottled water as well. This, in turn, is boosting the market growth in Central & South
America.
Furthermore, many Central & South American countries such as Brazil, Mexico, and Argentina are
witnessing high demand for bottled water due to inadequate public water supply for basic needs. As a
result, consumers in these countries prefer safe, convenient, and healthy bottled drinking water. In the
future, market players can leverage the active desire of consumers for bottled water over other soft
drinks, particularly the carbonated ones with excessive sugar content.
6.5.2 CENTRAL & SOUTH AMERICA BOTTLED WATER MARKET ESTIMATES AND FORECAST BY
PRODUCT, 2016 – 2028 (USD BILLION)
Table 27 Central & South America bottled water market estimates and forecast by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
1.45 1.58 1.73 1.90 2.10 2.29 2.50 2.74 3.01 3.30 3.63 4.00 4.42 9.8%
Water
Purified
3.36 3.68 4.03 4.43 4.91 5.37 5.89 6.46 7.10 7.82 8.63 9.53 10.55 10.0%
Water
Mineral
2.67 2.92 3.21 3.53 3.92 4.30 4.71 5.18 5.71 6.29 6.95 7.69 8.53 10.2%
Water
Sparkling
1.20 1.32 1.46 1.61 1.80 1.98 2.18 2.41 2.66 2.94 3.27 3.63 4.04 10.6%
Water
Distilled
0.64 0.70 0.77 0.84 0.93 1.02 1.11 1.21 1.33 1.46 1.61 1.77 1.96 9.7%
Water
Others 0.55 0.60 0.65 0.71 0.79 0.86 0.93 1.02 1.12 1.22 1.34 1.47 1.62 9.4%
Total 9.88 10.80 11.85 13.03 14.45 15.81 17.33 19.02 20.92 23.04 25.43 28.11 31.12 10.1%
By product, the purified water segment generated the highest revenue of USD 4.91 billion in 2020. It is
expected to expand at a CAGR of 10.0% from 2021 to 2028 to reach USD 10.55 billion by 2028.
56
However, the sparkling water segment is anticipated to be the fastest-growing segment with a projected
CAGR of 10.6% from 2021 to 2028.
While bottled water and its carbonated versions are now perceived as essentials in many Central &
South American countries, purified bottled water have been gaining traction among consumers. By
focusing on children and their parents and positioning it as a replacement for carbonated drinks,
purified bottled water is expected to gain traction in the regional market in the years to come.
6.5.3 BRAZIL
6.5.3.1 BRAZIL BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION)
Table 28 Brazil bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 6.46 7.06 7.73 8.50 9.41 10.29 11.26 12.35 13.56 14.93 16.45 18.17 20.09 9.9%
Billion)
The Brazil market for bottled water was valued at USD 9.41 billion in 2020 and is projected to expand
at a CAGR of 9.9 % over the forecast period to reach USD 20.09 billion by 2028. Brazil is expected to
account for a market share of over 64.6% of the Central & South America bottled water market by
2028.
The Brazil bottled water market is growing, with a rise in number of players every year, mainly owing to
positive sales. Nestlé and Danone dominate the Brazil bottled water market. Also, the need for premium
bottled water is likely to drive the market growth in the country during the forecast period. This growth
can be majorly attributed to consumer awareness regarding drinking water and food hygiene. However,
rising concerns regarding plastic waste and easy availability of tap water are likely to present a
challenge for market growth.
57
6.5.3.2 BRAZIL BOTTLED WATER MARKET ESTIMATES AND FORECAST BY PRODUCT, 2016 – 2028
(USD BILLION)
Table 29 Brazil bottled water market estimates and forecast by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
0.94 1.02 1.12 1.23 1.36 1.48 1.61 1.76 1.93 2.12 2.33 2.56 2.83 9.6%
Water
Purified
2.20 2.40 2.63 2.89 3.20 3.49 3.82 4.19 4.60 5.06 5.58 6.16 6.81 9.9%
Water
Mineral
1.75 1.92 2.10 2.31 2.56 2.80 3.07 3.37 3.71 4.09 4.51 4.98 5.52 10.1%
Water
Sparkling
0.80 0.88 0.97 1.07 1.19 1.31 1.44 1.59 1.76 1.94 2.16 2.39 2.66 10.5%
Water
Distilled
0.42 0.45 0.50 0.54 0.60 0.65 0.71 0.78 0.85 0.94 1.03 1.13 1.25 9.6%
Water
Others 0.35 0.38 0.42 0.46 0.50 0.55 0.60 0.65 0.71 0.78 0.85 0.94 1.03 9.3%
Total 6.46 7.06 7.73 8.50 9.41 10.29 11.26 12.35 13.56 14.93 16.45 18.17 20.09 9.9%
expected to expand at a CAGR of 9.9% from 2021 to 2028 to reach USD 6.81 billion by 2028. However,
the sparkling water segment is anticipated to be the fastest-growing segment with a CAGR of 10.5%
from 2021 to 2028.
Purified bottled water types distinguish themselves from the usual bottled water through precisely
standardized pH levels, mineral content, purity, and presentation. In addition, owing to the improved
standard of living, a paradigm shift from aerated drinks to functional and flavored water is observed
amongst many consumers. This, in turn, is anticipated to drive the market for purified bottled water over
the forecast period.
6.6 Middle East & Africa
6.6.1 MIDDLE EAST & AFRICA BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028
(USD BILLION)
Table 30 Middle East & Africa bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 12.34 13.47 14.72 16.14 17.85 19.46 21.26 23.26 25.49 27.99 30.77 33.89 37.38 9.7%
Billion)
The market for bottled water in the Middle East & Africa was valued at USD 17.85 billion in 2020 and is
projected to expand at a CAGR of 9.7% over the forecast period to reach USD 37.38 billion by 2028.
The Middle East & Africa region is expected to account for a share of over 7.50% of the global bottled
water market by 2028.
58
Bottled water has been able to make robust volume gains over the last decade and a half by profitably
tapping into some divergent consumer trends across the Middle East & Africa region. Improved health
awareness has facilitated the position of bottled water as an alternative not just for tap water, but also
most importantly to carbonated juices and soft drinks in the beverage marketplace. Consumers, not just
in the Middle East & Africa region but across the globe, see bottled water as not only a way of attaining
hydration, but also as a functional beverage.
With growing awareness about the health hazards of drinking polluted water, many consumers have
started opting for bottled water. Apart from drinking, some consumers even use bottled water for
cooking food and making beverages. Moreover, increasing incomes and booming expatriate community
in the region have contributed to the rise in demand for bottled water. Additionally, rapid growth in the
number of tourists and pilgrims in countries such as UAE, Dubai, and Saudi Arabia has resulted in high
sales of bottled water as these countries have extremely hot and humid climatic conditions.
6.6.2 MIDDLE EAST & AFRICA BOTTLED WATER MARKET ESTIMATES AND FORECAST BY PRODUCT,
2016 – 2028 (USD BILLION)
Table 31 Middle East & Africa bottled water market estimates and forecast by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
1.89 2.06 2.24 2.45 2.71 2.95 3.21 3.51 3.84 4.20 4.61 5.07 5.58 9.5%
Water
Purified
4.52 4.93 5.39 5.91 6.53 7.12 7.78 8.51 9.32 10.23 11.24 12.38 13.65 9.7%
Water
Mineral
2.81 3.07 3.36 3.70 4.10 4.48 4.90 5.37 5.90 6.49 7.15 7.89 8.73 9.9%
Water
Sparkling
1.36 1.50 1.65 1.83 2.03 2.24 2.46 2.71 3.00 3.32 3.67 4.08 4.53 10.5%
Water
Distilled
0.96 1.04 1.13 1.23 1.35 1.46 1.59 1.72 1.88 2.04 2.23 2.44 2.68 8.9%
Water
Others 0.81 0.87 0.95 1.03 1.13 1.22 1.33 1.44 1.56 1.70 1.86 2.03 2.22 8.8%
Total 12.34 13.47 14.72 16.14 17.85 19.46 21.26 23.26 25.49 27.99 30.77 33.89 37.38 9.7%
expected to expand at a CAGR of 9.7% from 2021 to 2028 to reach USD 13.65 billion by 2028.
However, the sparkling water segment is anticipated to be the fastest-growing segment with a CAGR of
10.5% from 2021 to 2028.
Economic development in South Africa and GCC Countries has resulted in rising disposable incomes of
consumers and eventual change in their lifestyles. As a consequence of this, the demand and usage of
purified bottled water is witnessing a considerable increase in the region, thereby supplementing overall
market growth.
59
6.6.3 SOUTH AFRICA
6.6.3.1 SOUTH AFRICA BOTTLED WATER MARKET ESTIMATES AND FORECAST, 2016 – 2028 (USD
BILLION)
Table 32 South Africa bottled water market estimates and forecast, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Revenue
(USD 2.62 2.85 3.11 3.40 3.75 4.08 4.44 4.85 5.30 5.81 6.37 7.00 7.70 9.4%
Billion)
South Africa market for bottled water was valued at USD 3.75 billion in 2020 and is projected to expand
at a CAGR of 9.4% over the forecast period to reach USD 7.70 billion by 2028. South Africa is expected
to account for a market share of over 20.6% of the Middle East & Africa bottled water market by 2028.
In South Africa, the bottled water market is small as compared to the overall beverage market, inclusive
of alcoholic beverages. Bottled water continues to experience strong demand in South Africa. This
growth is mainly attributed to the water crisis caused by the continuing drought and spread of water-
borne diseases. Growing health consciousness and sugar tax on sweetened drinks are other factors
increasing the popularity of carbonated and flavored bottled water in South Africa. These drinks have
become convincing substitutes to carbonates, as they offer a refreshing taste with lower sugar content.
High rates of entrepreneurship in South Africa let individuals launch their services, as the category
continues to present strong growth potential.
6.6.3.2 SOUTH AFRICA BOTTLED WATER MARKET ESTIMATES AND FORECAST BY PRODUCT, 2016
– 2028 (USD BILLION)
Table 33 South Africa bottled water market estimates and forecast by product, 2016 – 2028 (USD Billion)
CAGR
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2021-
28)
Spring
0.39 0.43 0.47 0.51 0.56 0.61 0.66 0.72 0.79 0.86 0.94 1.03 1.13 9.2%
Water
Purified
0.96 1.04 1.14 1.24 1.37 1.49 1.62 1.77 1.93 2.12 2.32 2.55 2.81 9.4%
Water
Mineral
0.60 0.66 0.72 0.79 0.87 0.95 1.04 1.14 1.25 1.37 1.50 1.66 1.83 9.7%
Water
Sparkling
0.31 0.34 0.37 0.41 0.45 0.49 0.54 0.60 0.66 0.73 0.80 0.89 0.98 10.2%
Water
Distilled
0.19 0.21 0.23 0.25 0.27 0.29 0.32 0.34 0.37 0.40 0.44 0.48 0.52 8.6%
Water
Others 0.16 0.17 0.19 0.20 0.22 0.24 0.26 0.28 0.31 0.33 0.36 0.39 0.43 8.5%
Total 2.62 2.85 3.11 3.40 3.75 4.08 4.44 4.85 5.30 5.81 6.37 7.00 7.70 9.4%
expected to expand at a CAGR of 9.4% from 2021 to 2028 to reach USD 2.81 billion by 2028. However,
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the sparkling water segment is anticipated to be the fastest-growing segment with a projected CAGR of
10.2% from 2021 to 2028.
Consumers are increasingly prioritizing their health and wellness, which is boosting the demand for
purified bottled waters. Consumers chose to opt for bottled water on-the-go, as it is a healthier option to
high calorie, carbonated, and sugary drinks such as sports drinks and juices. Rising awareness
regarding healthy beverages due to access to information and dissatisfaction of tap water quality are
resulting in an increased shift towards purified bottled water.
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CHAPTER 07
Competitive & Vendor Landscape

7.1 Key Players, Recent Developments, and Their Impact on the Industry
The bottled water market is highly dynamic as numerous large and strong players including Nestlé S.A.,
Danone S.A., The Coca-Cola Company, Primo Water Corporation, and PepsiCo are operating in North
America, Central & South America, and the Middle East & Africa. Furthermore, a large number of
domestic players including Gota Water S.A., Vivante Water, Embol SA, and Agua Cristal are also
operating with an adequate market share at a country level.
Owing to the pandemic, various bottled water companies have started or expanded their home delivery
services in various countries in order to cater to the sudden increase in demand for bottled water. For
instance, in February 2020, Nestlé Waters North America (NWNA), which is now known as BlueTriton
Brands, announced that it would expand its beverage delivery ‘ReadyRefresh’ services. The main aim
for this expansion is to deliver products conveniently to its customers through its online portal.
In addition, the growing awareness with regard to the pollution caused by single-use plastic bottles,
coupled with the growing stringent regulations for plastic pollution, has led to bottled water
manufacturers launching water in innovative packaging to attract customers. For instance, in June
2020, ZenWTR, a U.S.-based bottled water manufacturer, launched its first bottled water in the U.S.
made from certified ocean-rescued plastic. The company has aimed to recover up to 70 million plastic
bottles from the ocean by the end of 2021.
In another instance of eco-friendly packaging, in May 2020, TEN Alkaline Spring Water, America’s
premium alkaline water brand, expanded its product portfolio with the launch of a 12-ounce aluminum
can. These innovative packaged water products are anticipated to witness a high growth rate owing to
the shifting consumer preferences toward eco-friendly bottles or cans.
Key players are adopting various marketing strategies in line with the abovementioned market trends.
Companies are especially focusing on products launches in order to increase product visibility globally.
Some of the key product launches have been mentioned below
► In May 2021, VOSS Water launched three new products under its VOSS+ product portfolio, namely, VOSS
+ Collagen, VOSS + Vitamin D, and VOSS + Aquamin. The products are currently available at retail stores
in the U.S.. The company unveiled this new line of products in order to elevate consumer experience and
provide unique hydrating solutions.
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► In February 2021, The Coca-Cola Company owned brand smartwater+ launched a new line of premium
wellness waters, namely, smartwater+ clarity, smartwater+ tranquility, and smartwater+ renew in
distinctive ingredients and flavor extracts such as cucumber lime, watermelon mint, strawberry
blackberry, and pineapple kiwi.
► In February 2021, PepsiCo Inc. launched five new caffeinated sparkling waters under its bubly brand. The
company has expanded its line of caffeinated sparkling water with the addition of mango passion fruit,
blood orange grapefruit, triple berry, blueberry pomegranate, and citrus cherry flavors.
► In March 2020, The Coca-Cola Company launched a new line of sparkling water under the brand ‘AHA’ in
the U.S. market. This new brand of sparkling water in the U.S. comes in eight different flavors, including
lime and watermelon, strawberry and cucumber, and blueberry and pomegranate.
7.2 Key Company Categorization

Table 34 Company categorization
Categorization Company
 Nestlé S.A.
Market Leaders  The Coca-Cola Company
 Danone S.A.
 PepsiCo
Key Innovators
 Primo Water Corporation
 FIJI Water Company LLC.

 Gerolsteiner Brunnen GmbH & Co. KG
Emerging Players  VOSS Water
 Nongfu Spring
 Rhodius Mineralquellen Und Getranke GmbH & Co KG
Sources: D&B Hoovers, European Federation of Bottled Waters, Company Publications, Primary Interviews, Grand View Research
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7.3 Vendor Landscape
7.3.1 KEY BOTTLED WATER COMPANY MARKET SHARE ANALYSIS, 2020
Fig.13 Company market share analysis, 2020, (%)
Nestlé S.A.
17.1% The Coca-Cola Company
Danone S.A.
35.5% PepsiCo
Primo Water Corporation

11.7%
FIJI Water Company LLC.
Gerolsteiner Brunnen GmbH & Co.

KG
VOSS Water
10.1%
Nongfu Spring
0.8%
6.3% Rhodius Mineralquellen Und

Getranke GmbH & Co KG
7.4%
2.0% 1.1% Others
5.7%
2.3%
The industry is consolidated in nature with numerous strong players with deep pockets as well as
domestic players. The market players face intense competition, especially from the top bottled water
manufacturers as they have a large customer base. Strong brand recognition and vast distribution
networks also intensify the degree of rivalry among competitors, and companies have been
implementing various expansion strategies, such as partnerships and new product launches, to stay
ahead in the game.
Companies have been making strategic moves to firmly establish a hold in the bottled water market. A
number of market players are taking steps to gain maximum customer penetration across the globe.
Some of the recent market initiatives are as follows:
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► In February 2021, Nestlé S.A. announced that it would sell its regional spring water brands, purified water
business, and beverage delivery service in the U.S. and Canada to One Rock Capital Partners in
partnership with Metropoulos & Co. for an amount of USD 4.3 billion. The bottled water division was
renamed as BlueTriton Brands in the region.
► In April 2020, the Danone-owned brand Evian announced that its operations have been certified as
carbon neutral by the Carbon Trust. Its operations are certified by PAS 2060 standard. Evian reduced its
carbon footprint by light-weighting its plastic bottles and increasing the amount of recycled PET (rPET) in
its packaging.
► In March 2020, Cott Corporation completely acquired Primo Water Corporation. Cott Corporation changed
its corporate name to Primo Water Corporation. The acquisition is expected to increase the top-line growth
and margins and drive long-term value creation for the shareholders. Furthermore, Cott Corporation’s
strategy involves transitioning to a pure-play water solutions provider.
► In March 2020, Danone launched ‘WeActForWater’, an initiative to tackle global water challenges. It is
aimed at bringing healthy hydration and safe drinking water to people around the world in the most
responsible way. The initiative is composed of various actions, ambitious objectives, and new
investments. It focuses on responsible packaging, climate neutrality, watershed preservation, and access
to safe drinking water.
► In January 2020, FIJI Water Company LLC launched Blue Nature Alliance, a project and global partnership
that aims to catalyze conservation of 18 million square kilometers of ocean in five years through
improved management of coastal ecosystem and coastal conservation areas. The company aims to
achieve balanced conservation along with the well-being of people and local communities.
► In August 2019, The Coca-Cola Company’s forefront bottled water brand Dasani introduced PlantBottle, a
fully recyclable PET bottle made partially from plants. The brand has also launched HybridBottle in the
U.S., a mixture of plant-based renewable material, known as PlantBottle, and rPET. Through this strategic
launch, the brand continues to introduce innovative packaging options to roll out the use of virgin PET
plastics in its bottle water product portfolio.
► In October 2018, Cott Corporation acquired Mountain Valley Water Company, a manufacturer, marketer,
and retailer of bottled water. The natural spring water of the company is available in both, glass and PET
containers, and is available in spring water and sparkling water variants. The acquisition helped the
company to add a large consumer base and expand its footprint in Southern California.
Owing to the shortage of clean, hygienic, and safe water across the Middle East & Africa and Central &
South America, a large number of players with huge manufacturing facilities and distribution networks
are expanding their brand penetration in these regions. Moreover, some of the North American
countries such as Mexico have also witnessed a significant demand for bottled water in recent years.
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Nestlé S.A. is the largest bottled water manufacturer as well as distributor in every region, including
North America, Central & South America, and the Middle East and Africa. Nestlé is the market leader in
the bottled water industry in countries like the U.S., Canada, Chile, Peru, South Africa, Nigeria, and
Egypt. Furthermore, Danone S.A. and The Coca-Cola Company are the second- and third-largest bottled
water companies, respectively, in all three regions.
Nestlé has a large number of bottled water brands through which it offers variety of water, including
still, carbonated, and flavored water. In addition, the company has its own water distribution services
‘ReadyRefresh’ for delivering bottled water across cities.
In addition, a large number of domestic brands such as Minalba Brasil in Brazil, President's Choice
owned by Loblaw Companies Limited in Canada, Gota Water S.A. in Argentina, Agua Cristal in Colombia,
and Blue Republic Artesian Water in South Africa are thriving with the growing demand for clean and
safe bottled water.
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CHAPTER 08
Company Profiles
8.1 Nestlé S.A.
8.1.1 COMPANY OVERVIEW
Nestlé S.A. was incorporated in 1866 and is headquartered in Vaud, Switzerland. The company is
engaged in the business of manufacturing a wide range of food products and drinks. Nestlé operates its
business through seven segments, namely, powdered and liquid beverages; nutrition and health
solutions; milk products and ice cream; pet care; prepared dishes and cooking aids; confectionery; and
water. It operates through more than 2000 international brands, including Nescafé, Nespresso, Ninho,
Nestlé Pure Life, ReadyRefresh, Starbucks, Maggi, KitKat, and MilkyBar.
Bottled water is manufactured under its water segment and marketed and sold through various
international brands like Nestlé Pure Life, S.Pellegrino, Vittel, Perrier, Buxton, Acqua Panna, Irikli, and
Poland Spring. The company also offers ReadyRefresh by Nestlé, which is a customizable water and
beverage line.The company plans to reduce the use of carbon access in its product offerings and is
planning to carbon neutralize its brands—including S.Pellegrino, Perrier, and Acqua Panna—by 2022.
As of December 2020, the company had an employee strength of around 273,000 workers across 186
countries. The company’s high-growth categories of coffee, water, pet care, nutrition, and nutritional
health science represented 63% of its sales, which grew by 3% in 2020. The company’s global reach is
segmented into the Americas (AMS); Asia, Oceania, and Sub-Saharan Africa (AOA), and Europe, Middle
East, and North Africa (EMENA).
8.1.2 FINANCIAL PERFORMANCE
2019 2020
USD 98.41 Billion USD 102.94 Billion

Source: Nestlé S.A., Annual Report 2020
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8.1.3 PRODUCT BENCHMARKING
Brand Description
Poland Spring sources its water from natural springs in Maine and distributes it across New England
Poland Spring
and the Northeast. The product is available in still and sparkling varieties, in various flavors and sizes
The brand offers natural spring water and its water is sourced from three springs located in Michigan.
Ice Mountain
The product is available in still, distilled, and sparkling varieties of water
The brand offers natural spring water and its water is sourced from 13 springs located in four states of
Deer Park
the Mid-Atlantic region
The brand sources its water from wells or municipal supplies. It further goes through a rigorous 12-step
Nestlé Pure Life quality process to meet high quality standards. It is available in a variety of sizes, including kid-friendly
8oz bottle collections
The brand offers natural mountain spring water. Products offered include sparkling and spring water.
Arrowhead The product contains a unique composition of naturally-occurring minerals, giving it a refreshing, crisp
taste
The brand offers natural spring water and it is sourced from natural springs in Texas and has natural
Ozarka mineral content that provides an unparalleled taste and quality It is available in sparkling, spring and
distilled varieties of water.
Zephyrhills The brand offers sparkling, spring, as well as mineral water
The brand is a customizable water and beverage delivery service. It offers 5gallon water bottles for
ReadyRefresh
water dispensers across North America
The brand sources its water from natural springs located at the foothills of the Italian Alps. The mineral
S. Pellegrino water is naturally enriched with mineral salts. It is available in flavors such as caramel, coffee, vanilla,
cocoa, blood orange, and black raspberry
Buxton is a natural mineral water brand that infuses plant polyphenols, magnesium, and a mix of fruits
Buxton
and herb flavors. Its bottles are fully recyclable
Perrier mineral water is sourced from minerals with a unique blend of distinctive bubbles and balanced
Perrier
mineral content, providing a fresh and clean taste
Source: Company Website
8.1.4 STRATEGIC INITIATIVES

► In March 2021, Nestlé Waters, through its mineral water brand S. Pellegrino, introduced new flavors like
blood orange, black raspberry, cocoa, and coffee. The strategic launch was aimed at helping the brand
accelerate its growth.
► In August 2020, Nestlé Waters received the Platinum Alliance for Water Stewardship (AWS) Standard
certification. The company received this certification for meeting its highest standards for water
stewardship and other factors such as location of watershed sites, water quality & quantity, and
importance given to water-related areas.
► In July 2020, Nestlé stated that it will sell its Canadian Pure Life bottled water business to Ice River
Springs. The deal includes two factories located in Puslinch, Ontario and Hope, British Columbia, along
with a well in Erin, Ontario. The sale is expected to improve the company’s focus on the iconic
international brands of San Pellegrino, Perrier, and Acqua Panna.
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► In July 2020, Nestlé Waters through its Buxton brand launched Plant+Water by Buxton. The mineral water
constitutes spring water along with plant polyphenol-extracted from coffee beans, mixed fruits, and herbs.
The company added the goodness of plants in mineral water, sensing a shifting consumer preference for
plant-based diets and healthier lifestyles.
► In June 2020, Nestlé sharpened its focus on its international, premium mineral, and functional water
brands. It strategized to invest in differentiated healthy hydration, such as functional water products. It
has also been exploring strategic acquisitions to grow in this category, while pledging to make its entire
global water portfolio carbon-neutral and replenish associated watersheds by 2025. It is further exploring
various strategic options, including a potential sale, for most of the Nestlé Waters businesses in North
America. The strategy is expected to enable the company to aggressively pursue emerging consumer
trends, such as functional water, while doubling down on its sustainability agenda. It also offers the best
opportunity for long-term profitable growth in the category, while appealing to environmentally and health-
conscious consumers.
► In June 2020, Nestlé offloaded the Nestlé Vera bottled water brand to Aqua Vera Spa. With this
agreement, Aqua Vera Spa acquired the bottling facilities in Santo Stefano Quisquina, Sicily and
Castrocielo, Frosinone from S.Pellegrino, as well as the Nestlé Vera brand itself. The sale of the brand is
projected to allow the company to concentrate on the development of premium water brands both in Italy
and internationally.
► In November 2018, Nestlé Waters North America announced the installation and commencement of
operations of a third wind turbine at its water bottling facility in Cabazon, California. The combined power
generated by all three wind turbines is 22 million kilowatt hours per year and is expected to supply nearly
50% of the plant's total electricity needs.
► In June 2018, Nestlé was granted a three-year permit to continue operating its bottled water pipeline in
the San Bernardino National Forest by the U.S. Forest Service. The company is also expected to take
necessary measures to improve the watershed’s health.
► In March 2017, Nestlé Waters collaborated with Danone and a startup based in California to launch the
NaturAll Bottle Alliance, a research consortium. The strategic R&D partnership aims to develop plastic
bottles formulated with bio-based materials. The company is looking to develop innovative packaging
solutions that can be re-used to lessen its environmental impact. In 2018, PepsiCo, Inc. joined the
alliance to promote the use of bio-based plastic bottles among consumers.
8.2 The Coca-Cola Company

The Coca-Cola Company was established in 1886 and is headquartered in Georgia, U.S. It is involved in
marketing, manufacturing, and selling beverage concentrates, syrups, and finished beverages, including
sparkling soft drinks; water and sports drinks; juice, dairy, and plant-based drinks; and tea & coffee. The
company owns 900 bottling plants across the world and has a network of 225 bottling partners
worldwide. It also owns over 500 brands, which together offer more than 4300 varieties of beverages.
The company offers bottled water under the water and sports drinks segment. The major water and
sports drinks brands offered by the company under the Still Beverages segment include Dasani,
smartwater, Aquarius, vitaminwater, I LOHAS, ZICO, Ciel, Topo Chico, and Powerade.
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The company also offers premium bottled water under its Dasani, smartwater, vitaminwater, and Topo
Chico brands. Dasani’s bottled water contains a blend of minerals and is formulated by the process of
reverse osmosis. It is majorly distributed and consumed in the U.S. and is America’s mainstream bottled
water brand.
As of 2020, the company had over 700,000 employees across the company and its bottling partners.
The company sells its products through 28 million retail customer outlets. It manufactures and markets
its products in over 200 countries worldwide across five operating regions—Asia Pacific, Europe, the
Middle East & Africa, Latin America, and North America.
2019 2020

Source: The Coca-Cola Company, Annual Report 2020

Brand Description
DASANI is a mineral water brand, available in bottles and cans. DASANI is formulated with a blend of
DASANI
minerals and undergoes a reverse osmosis filtration process.
Smartwater is vapor-distilled water with electrolytes and balanced pH. A variety of smart water drinks are
offered under this brand, including smartwater sparkling, smartwater antioxidant, smartwater flavored
smartwater
infused, and smartwater alkaline 9+ pH. The product contains a blend of electrolytes, including potassium,
calcium, and magnesium, which creates a distinctly fresh, crisp, and pure taste
smartwater This brand offers vapor-distilled sparkling water, electrolytes, and delicate carbonation. It is available in
sparkling three flavors—strawberry blood orange, fuji apple pear, and raspberry rose
Topo Chico The sparkling mineral water brand offers bottled water in several flavors
AHA offers sugar-free sparkling water in eight distinctive flavor fusions—Lime-Watermelon, Strawberry-
AHA Cucumber, Citrus-Green Tea, Black Cherry-Coffee, Orange-Grapefruit, Apple-Ginger, Blueberry-Pomegranate,
and Peach-Honey
The functional sports water drink combines simple hydration with essential minerals. Aquarius offers its
Aquarius
sports water drinks in two distinctive flavors: lemon and lime
I LOHAS is a natural water brand that sources water from various purifying techniques. Products under this
I LOHAS brand include I LOHAS Sparkling, ILOHAS, and I LOHAS Lemon. The brand blends natural water sources with
purifying techniques and is sold across Japan. This brand in not available in the U.S.
Ciel is a bottled water brand that is available in varieties like Ciel Exprim Lime, Ciel Sparkling, Ciel Squeeze
Ciel Strawberry flavor, Ciel Squeeze Cucumber flavor, Ciel Squeeze Coconut-Raspberry flavor, Heaven, and
Mineralized Sky
Source: Company Website& Annual Report
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► In February 2021, the company’s bottled water brand smartwater+ launched a new line of premium
wellness waters, namely, smartwater+ clarity, smartwater+ tranquility, and smartwater+ renew in
distinctive ingredients and flavor extracts such as cucumber lime, watermelon mint, strawberry
blackberry, and pineapple kiwi. The rising focus on wellness and health, the demand for innovative
packaging, and the growing popularity of flavored, fruit-infused waters among consumers are the key
reasons for the strategic launch. smartwater+ is the latest addition to the brand’s portfolio.
► In March 2020, The Coca-Cola Company launched a new line of sparkling water under the brand AHA in
the U.S. market. This new brand of sparkling water in the U.S. was introduced in eight flavors, including
lime and watermelon, strawberry and cucumber, and blueberry and pomegranate. Sparkling water is
currently gaining popularity among consumers as they turn to healthier alternatives to sodas. The
company launched these products keeping this trend in mind.
► In August 2019, The Coca-Cola Company’s forefront bottled water brand Dasani introduced PlantBottle, a
fully recyclable PET bottle made partially from plants. The brand also launched HybridBottle in the U.S., a
mixture of plant-based, PlantBottle and rPET. Through this strategic launch, the brand continues to
introduce innovative packaging options to roll out the use of virgin PET plastics in the bottled water
product portfolio.
8.3 PepsiCo, Inc.
PepsiCo, Inc. was incorporated in 1965and is headquartered in New York, U.S. The company, in
collaboration with various authorized bottlers, contract manufacturers, and other third parties,
manufactures, distributes, and sells a wide variety of beverages, foods, and snacks in over 200
countries. Most of its products are sold through direct-store-delivery (DSD), customer warehouses,
independent distributors, and retailers. The company offers two major categories of products, namely,
Food and Beverages. Energy drinks, carbonated drinks, and bottled water fall under the Beverages
category.
The company operates through six divisions—Frito-Lay North America (FLNA), Quaker Foods North
America (QFNA), North America Beverages (NAB), Latin America, Europe Sub-Saharan Africa & Asia
(ESSA), and Middle East & North Africa (AMENA). The FLNA segment includes branded food and snack
businesses in the U.S. and Canada.
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The company operates through more than 23 brands, of which, the company’s international brands are
Pepsi, Aquafina, 7UP, Lays, Mountain Dew, Brisk, Doritos, Tropicana, Quaker Oats, and Lipton, among
others. The company offers Aquafina, LIFEWTR, and bubly under its bottled water product portfolio. The
products are available in plain and flavored variants.
As of 2020, the company’s beverage category accounted for 45 %of its total sales. The company’s
major focus areas are Packaging, Agriculture, Water, Product, Climate, and People. QFNA includes
cereal, rice, pasta, and other branded food businesses in the U.S. and Canada. The NAB includes
beverage concentrates, fountain syrups, and finished goods businesses in the U.S. and Canada. The
Latin America, ESSA, and AMENA divisions include beverage, food, and snack businesses directed in
the respective regions.
2019 2020

Source: PepsiCo, Annual Report 2020

Brand Description
It offers caffeinated sparkling water in five flavors, namely, mango passion fruit, blueberry
bubly bounce
pomegranate, triple berry, citrus cherry, and blood orange grapefruit
It offers unsweetened sparkling water in 20 flavors, including natural fruit flavors, and
bubly sparkling water
contains no calories or sweeteners
Driftwell Blackberry It is an enhanced still water beverage with magnesium, a hint of blackberry lavender flavor,
Lavender and L-Theanine, an ingredient to help promote relaxation
Aquafina is a purified still water bottle brand, consisting of flavored and unflavored water.
Aquafina
Products under Aquafina are available in bottles and cans.
Aquafina FlavorSplash This flavored non-carbonated water is available in grape, raspberry, and wild berry flavors
This brand offers sparkling water with an infusion of fruit flavors like berry, lemon, orange, and
H2OH!
original
The electrolyte and fruit-flavored water manufactured under this brand is available in 16
Propel flavors. Some of the flavors are peach mango, strawberry raspberry, electrolyte water, grape,
berry, watermelon, peach, and black cherry
This brand offers water enhanced with various flavors like Acai raspberry, black and blueberry,
SoBeWater
blood orange and mango, fuji apple pear, strawberry dragon fruit, and yumberry pomegranate
The premium bottled water contains purified water, is pH balanced, and contains added
LIFEWTR
electrolytes for taste
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► In January 2021, PepsiCo, Inc. announced its strategy to reduce greenhouse gas (GHG) emissions across
its value chain by more than 40% by 2030. In addition to this, it plans to achieve net-zero emissions by
2040. For this, the company is focusing on creating scalable models and partnerships to achieve
progress across its value chain. The company is further striving to reduce virgin plastics and increase
recycled content in its packaging. The company’s main aim lies in achieving global sustainability and
through this strategy, might attain it to a certain level by the end of the decade.
► In January 2021, PepsiCo’s two major brands, SodaStream and bubly, announced the launch of freshly-
made flavored sparkling water under the brand name ‘bubly drops.’
► In December 2020, the company’s bubbly sparkling water brand entered into a venture with SAGE, a
national advocacy organization dedicated to the LGBTQ+ community, to support New York City's LGBTQ+
community under the #DragForAllFlavors campaign. The initiative helped the company increase brand
awareness by associating it to a social cause.
► In June 2019, the company announced its plans to cut the use of all virgin plastic from its Pepsi brand,
which will include beverage bottles sold in nine European Union markets by 2022. The company further
plans to include 100% rPET for its beverage bottles, which will further eliminate over 70,000 tons of
virgin, fossil-fuel-based plastic per year. The company is taking strategic actions to achieve its goals.
► In December 2018, PepsiCo acquired SodaStream International Ltd., a manufacturer and distributor of
sparkling water makers. The acquisition helped the company build a strong in-home beverage portfolio,
expand its beverage offerings to the consumers, while also reducing the amount of waste generated for a
more-sustainable planet.
► In June 2016, PepsiCo launched LIFEWTR and bubly, its premium mineral bottle-water brand. The growing
demand from consumers for innovative packaging and rising health concerns were among the key
reasons for the strategic launch.
8.4 Danone S.A.

Danone S.A. was established in 1919 and is headquartered in Paris, France. It is a leading
manufacturer of fresh dairy and plant-based products. The company operates through three major
segments, namely, essential dairy & plant-based products (EDP), waters, and specialized nutrition.
Some of its key brands are Activia, Aptamil,Danio, Danonino, Evian, Nutrilon, Nutricia, Volvic, AQUA,
Mizone, Oikos, Prostokvashino, Silk, Vega, and Damavand.
The company offers bottled water products under brands such as Font Vella, Evian, Volvic, Hayat, Salus,
Mizone, AQUA, Żywiec Zdrój, Villavicencio, Villa del Sur, and Bonafont. In 2019, the sales of its waters
business grew by 1.5% and reached USD5.64 billion. This growth is attributed to multiple innovations
brought in the category, improved packaging, and an efficient distribution channel. Some of the popular
brands under the category are Volvic and AQUA. The company has also been working on its
WeActForWater campaign that addresses climate, nature, and access issues.
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As of 2020, the company had around 100,00 employees and sold products in over 120 countries
across the globe, with more than 50% of the company’s sales from Europe and North America. It has a
strong global presence in international markets in Asia, Africa, and Latin America.
2019 2020

Source: Danone S.A., Annual Report 2020

Brand Description
The brand offers natural mineral bottled water consisting of more than 30 minerals and is formulated
Villavicencio
via a natural filtration process
The brand offers natural mineral water in various sizes and containers. It offers bottled water in 100,
Villa del Sur
150, and 200 ml
Salus is a natural mineral water bottled company operating as a subsidiary of Danone. It offers both
Salus
sparkling and still natural mineral water. It offers mineral water and fruit juices in orange flavor
The brand is an established packaged and bottled water company operating as Danone’s subsidiary. It
Hayat Su offers natural mineral water in bottles and containers. The brand’s water is sourced from two sources:
Şekerpınarı springs and Sakarya
The brand offers natural mineral water. It uses recycled plastic for its bottles and is available in various
evian sizes and shapes. Its products are sold in over 140 countries and it operates in a sustainable manner
with three main focuses—water resource, carbon, and plastic
The brand offers volcanic natural mineral water, plain, and aqua drinks. It offers an array of plain
Volvic
natural mineral water beverages as well as mineral water-based beverages
The brand offers mineral water formulated with advanced integrated technology, used in processing and
AQUA
quality control to ensure purity
Products by this Mexican natural water brand is distributed across the country owing to the growing
Bonafont
market demand
It offers natural mineral water and its entire product portfolio is based on this offering. Other products
Font Vella include flavored water and fruit juices available in various bottle sizes and flavors like orange,
pineapple, and apple

► In April 2020, Evian announced that its operations have been certified as carbon-neutral by the Carbon
Trust. Its operations are certified by the PAS 2060 specification. Evian has reduced its carbon footprint by
making its plastic bottles lightweight and increasing the amount of recycled PET (rPET) in its packaging.
The brand has also reduced the carbon footprint of its production operations through the use of
renewable energy at its carbon-neutral production site.
74
► In March 2020, the company launched ‘WeActForWater’, an initiative to tackle global water challenges. It
is aimed at bringing healthy hydration and safe drinking water to people around the world in the most
responsible way. The initiative is composed of various actions, ambitious objectives, and new
investments. It focuses on responsible packaging, climate neutrality, watershed preservation, and access
to safe drinking water.
► In February 2020, Danone acquired Harrogate Water Brands Ltd., a U.K.-based bottled water company.
This acquisition was aimed at strengthening the company’s water portfolio to meet the rising demand for
on-the-go consumption and sparkling water.
► In February 2020, the company was recognized as a global environmental leader and was awarded an
‘AAA’ score by CDP worldwide. The score acknowledges the company’s commitments toward being at the
forefront of positive environmental solutions, in line with its ‘One Planet. One Health’ vision.
► In June 2019, Danone became a certified B Corporation and announced its reincorporation as a public
benefit corporation. This represents its commitment to meeting the high standards of social and
environmental performance, transparency, and accountability.
► In September 2019, the company’s bottled water brand Żywiec Zdrój launched the first glass formats of
its pure mountain spring water in Poland.The strategy behind the launch involved cutting the use of
plastics in bottled water.
► In January 2018, Danone’s brand Evian pledged to recycle plastic and aimed to bolster its credentials
with regard to helping the environment. It vowed to make all its plastic bottles from 100% recycled plastic
by 2025, in order to tackle the issue of waste. The company launched its 100% rPET product range in
France, Belgium, Germany, Switzerland, and the United Kingdom.
► In November 2017, Danone invested in Kona Deep, a Kailua-Kona, Hawaii-based premium bottled water
brand. Kona Deep sources water from 3,000 feet below the sea surface, which contains natural minerals
and electrolytes. Danone made this investment to develop a new category of deep ocean water. With the
help of Kona, Danone can achieve its growth goals and provide consumers with natural bottled water and
real hydration benefits.
8.5 Primo Water Corporation
Primo Water Corporation was founded in 2004 and is headquartered in North Carolina, U.S. The
company offers water exchange, water direct, multi-gallon bottled water, water dispensers, and water
refill services to customers across the globe. The company operates as a subsidiary of Cott Corporation
LLC. The company’s business segments include North America and Rest of the World.
The company’s major operating segments include Route Based Services; Coffee, Tea and Extract
Solutions and All Others. Products under Route Based Services include bottled water, coffee, brewed
tea, water dispensers, coffee & tea brewers and filtration equipment. Major subsidiaries operating
under Route Based Services are DS Services of America, Inc. (“DSS”); Aquaterra Corporation
(“Aquaterra”); Mountain Valley Spring Company (“Mountain Valley”); Eden Springs Europe B.V. (“Eden”);
and Aimia Foods (“Aimia”).
75
Under bottled water, the company offers a range of products through well-known brands such as Primo
Water North America, Crystal Rock, Hinckley Springs, Kentwood Springs, Sparkletts, Canadian Springs,
Labrador, and Eden Springs. Through water filtration, the company offers a range of products including
carbon filtration and reverse osmosis filtration. The company sells 3G and 5G bottled water to a majority
of homes and offices in North America and Europe.
Route Based Services are majorly provided to customers in North America, Europe, and Israel, whereas
Coffee, Tea and Extract Solutions are provided to customers in the U.S. As of 2020, the company
reported 16 manufacturing sites, 111 distribution sites, and 2,900 employees across the globe. The
water direct business of the company distributes sustainable water solutions across 19 countries, both
to commercial businesses and households. The company’s water exchange business offers pre-filled
and reusable containers in over 13,000 retail locations, and water refill business offers water refill units
at approximately 22,000 retail locations in North America.
2019 2020
USD 1.78 billion (Adjusted Revenue) USD 1.95 billion (Adjusted Revenue)
Source: Primo Water Corporation, Annual Report 2020

Product Description
Bottled Water Brands in North America

The brand offers prefilled multi-gallon purified bottled water and self-service refill
Primo Water North America
drinking water machines.
The brand offers direct distribution drinking water services, coffee, tea, water
Aquaterra
filtration appliances, and breakroom supplies.
The brand offers spring and sparkling water and offers direct distribution services in
The Mountain Valley Spring the U.S. The water is sourced from four protected and owned springs in the
Water Ouachita Mountains. The brand’s water has naturally balanced pH, a rich blend of
magnesium, calcium, and potassium, and is sodium-free.
The brand offers pure bottled water, beverage refreshments such as tea & coffee,
Crystal Springs breakroom supply and water filtration products. The water is sourced from natural
springs.
It offers spring water and sparkling water as bottled water, large bottled containers,
Sparkletts
and go-to cases.
The brand offers water filtration solutions for homes and offices in North America.
Pureflo
The brand’s units feature technology such as Internet of Things (IoT).
The brand offers direct-delivery drinking water services. It also offers an assortment
Canadian Springs
of bottled water and flavored beverages as an alternative to sodas.
76
It offers natural spring water sourced from mountain spring in the Mount Olympus.
Mount Lympus
It provides bottled water delivery services.
Kentwood Springs It offers spring water and bottled water services mainly in Florida.
Vermont Pure Natural Water It offers natural spring water, distilled water, and fluoridated water in a variety of
Springs packages. The bottles are available in 3 and 5 gallons and are reusable.
The brand offers bottled water and flavored bottled water delivery services to
Deep Rock Water
customers in Colorado.
The brand offers drinking bottled water delivery services and purification equipment
The Labrador Source
in Canada.
It offers natural spring water in bottled water. The water is available in plain as well
Hinckley Springs as flavored variants. These include black raspberry, orange mango, and spring
water.
Glacier Water It offers drinking water via refill machine services through retail stores.
Bottled Water Brands in Rest of the World

It offers multi-gallon format bottled mineral water, small pack bottled, water
Eden Springs
dispensers, and water filtration appliances water.
Decantae Natural Mineral Water It offers mineral water available as spring and sparkling in bottled water packaging.

► In March 2020, Primo Water Corporation acquired Mountain Valley Water Company, a manufacturer,
marketer, and retailer of bottled water. The natural spring water of the company is available in both, glass
and PET containers, and is available in spring water and sparkling water variants. The acquisition helped
the company to add a large consumer base and expand its footprint in Southern California.
► In March 2020, Cott Corporation completely acquired Primo Water Corporation. Cott Corporation changed
its corporate name to Primo Water Corporation. The acquisition is expected to increase the top-line growth
and margins and drive long-term value creation for the shareholders. Furthermore, Cott Corporation’s
strategy involves transitioning to a pure-play water solutions provider.
► In January 2016, Primo Water Corporation acquired Aquaterra, a Canadian bottled water and coffee
direct-to-consumer home and office delivery services provider. Through the acquisition, the company
plans to span its water product portfolio and engage more with the customers through its direct-to-
consumers (DTC) services.
► In October 2016, Primo Water Corporation executed a definitive merger agreement and acquired Glacier
Water Services Inc. The strategic acquisition helped the company gain access to 46,000 retail locations in
the U.S. and Canada. The transaction united two highly complementary brands and generated significant
operating scale through an expansive refill and exchange network.
► In 2014, Primo Water Corporation acquired DS Services, a leading home and office water delivery
business in the U.S.DS Services sells its bottled water under several brand names: Alhambra, Sparkletts,
Athena water, Crystal Springs, Belmont Springs, Deep Rock, Mount Olympus, Hinckley Springs, Nursery
Water, Kentwood Springs, and Sierra Springs. The company expanded its footprint nationwide through
this acquisition. It further helped the company to capture consumer attention .
77
8.6 FIJI Water Company LLC

FIJI Water Company LLC was founded in 1996 and is headquartered in California, U.S. The company is a
pioneer in the manufacturing, packaging, and distribution of drinking water and several premium
beverages across the globe. It is a family-owned company with a presence in more than 50 countries
around the globe. FIJI Water is a premium bottled water company and offers bottled water derived and
shipped from FIJI. The company operates through Conservation International as its sole business
segment. The Conservation International’s supporters and partners include Foundations; Public
Funding, NGOs and Multilaterals; Individuals; Corporations; Investments; and Other Income.
The company provides its bottled mineral water through a well-established retail channel network and
convenient home and offices delivery services in more than 77 countries. The company offers bottled
water products in its signature square shaped bottles.
Its bottled water products are available in different sizes and containers. The company has a bottling
plant in Fiji, wherein its main source of water for bottling is Yaqara River, which is situated on the north
shore of Viti Levu, one of the largest islands in Fiji.
As of 2020, the company reported 68,000 employees in seven countries globally. The company
provides services in 77 countries with offices in around 30 countries across the globe. The company
has expanded its global presence in regions such as Europe, Mexico, Panama, Colombia, Guyana,
Suriname, Ecuador, Peru, Bolivia, the U.S., Brazil, Liberia, South Africa, Botswana, Kenya, Madagascar,
Cambodia, Singapore, Indonesia, the Philippines, Hong Kong, Timor-Leste, Japan, China, Australia, New
Zealand, Hawaii, and Fiji.
2019 2020
USD 151.2 million (Net Revenue) USD 163.0 million (Net Revenue)
Source: FIJI Water Company LLC, Annual Report 2020
Brand Description
 FIJI Water Company LLC offers mineral bottled water in its square bottles available
FIJI Bottled Water Brand in 330 ml, 500 ml, 700 ml, 1 liter, and 1.5-liter bottles.
 Its water is sourced from Yaqara River located in the islands of Fiji.
78
► In January 2020, FIJI Water Company LLC launched Blue Nature Alliance, a project and global partnership
that aims to catalyze conservation of 18 million square kilometers of ocean in five years through
improved management of coastal ecosystem and coastal conservation areas. The company aims to
achieve balanced conservation along with the well-being of people and local communities. The project
involves the collaboration of scientists, governments, NGOs, and indigenous people for effective long-
scale ocean conservation. Through this initiative, the company plans to achieve environmental
sustainability moving forward.
► In October 2019, FIJI Water Company LLC unveiled its multifaceted initiative to transform its use of plastic
while promoting a circular economy. It is committed to make all plastic bottles from 100% recycled plastic
(rPET) by 2025, with 20% rPET in its bottles by 2020. The company is also focusing on providing new
innovation and recyclable packaging solutions that helps reduce environmental impact.
► In July 2018, FIJI Water Company LLC implemented a new retail distribution model so that the company
can directly take charge of its own product delivery. Through this retail distribution model, the company
ensured a better experience for its retailers and distributors. Furthermore, the distribution model allowed
the consumers to gain access to a better in-store customer experience.
► In June 2018, FIJI Water Company LLC launched a fully integrated marketing campaign to promote the
FIJI Water Sports Cap bottle. The new bottle is available to customers through FIJI Water’s home delivery
website and in stores in the U.S. The company’s strategy for the campaign was to create a strong impact
in the digital space through social media, digital advertising, and influencer marketing. Furthermore, the
company plans to enhance its public relations while targeting the niche segment of fitness enthusiasts.
8.7 Gerolsteiner Brunnen GmbH & Co. KG
Gerolsteiner Brunnen GmbH & Co. KG was incorporated in 1888 and is headquartered in Gerolstein,
Germany. The company is engaged in the manufacturing, packaging, and distribution of mineral
drinking water across the globe. It offers mineral bottled water and mineral based soft drinks to
customers all over the world.
Some of its major products include Gerolsteiner Sparkling, Gerolsteiner Medium, Gerolsteiner Naturell
(Still), St. Gero Health Water, and carbonated soft drinks based on mineral water. The company offers
mineral water through brands such as, Gerolsteiner Feinperlig, and Gerolsteiner Mineral Water. Other
products include flavored drinks and refreshments.
As of December 2018, the company had an employee strength of 800 employees. In the same year, the
company sold 8.04 million hectoliters of water across the globe. The company manufactures and
markets its products in over40 countries, including the U.S., Japan, Germany, and Benelux countries.
79
Brand Description
 The product is infused with natural minerals.
Gerolsteiner Sparkling Mineral  Minerals include calcium, magnesium, and bicarbonate.
Water  The bottled water is available in a 0.5-liter PET bottle and in a 0.75 liter glass
as well as plastic bottle.
 It offers natural mineral water sourced from Volcanic Eifel containing minerals
and bicarbonate.
GerolsteinerNaturell
 It is available in a 0.5 liter and a 1-liter PET bottle, 0.33-liter glass bottle, and
in a 0.75-liter glass and plastic bottle.
Gerolsteiner Mineral Water  It offers mineral water with restricted sodium presence.
 It offers natural mineral water infused with around 50% natural apple juice.
Gerolsteiner Apple Spritzer
 The bottled product is available in glass bottle (25.3 FL OZ)

► In June 2020, Gerolsteiner Brunnen announced its plans to launch three Gerolsteiner mineral waters—
Sprudel, Medium, and Naturell—with a circumferential label design in a dinosaur look. The small
prehistoric characters playfully introduce children to drinking water and convey information about the
origin of Gerolsteiner mineral water. The initiative will encourage children to drink more water and stay
hydrated.
► In March 2020, Gerolsteiner Brunnen launched three variants, Gerolsteiner Sprudel, Gerolsteiner
Medium, and Gerolsteiner Naturell. The product launch was presented in a special label design for a
limited edition. The products are available in 0.75-liter PET disposable bottles. The launch was made to
further enhance the company’s product offerings and add more innovative products to its portfolio while
gaining consumer attention.
► In April 2019, Roel Annega was appointed the CEO of Gerolsteiner Brunnen. The company looks to
integrate his value, experience, and brand expertise, and further benefit from the newly implemented
marketing and sales strategy for product development.
8.8 VOSS Water
VOSS Water is a Norwegian-based company engaged in the manufacturing, packaging, and distribution
of mineral drinking water across the globe. The company was established in 1998 and is headquartered
in New York, U.S. Since 2016, the company operates as a subsidiary of Reignwood Group, an
independent Chinese investment company.
80
It offers bottled water under its Still Water, Sparkling Water, Flavored Water, and Flavored Sparkling
Water categories. Its flavored drinking water products are available in glass, cans, and high-grade 100%
recycled PET plastic containers. VOSS Artesian Water from Norway meets the requirements of the
bottled water standards for its quality and safety at the U.S. Federal, State, Norwegian, and
International levels. It offers a range of products under its VOSS+ line.
The company is continuously working for sustainability while focusing on package optimization, carbon
footprint reduction, and water stewardship. As of 2018, the company saved 98,000 gallons of water by
reducing water usage for its water plants by 15%. The company’s bottling plant is located in Vatnestrøm
in Iveland municipality, and its products are then shipped overseas. VOSS Water offers a wide range of
products in more than 50 countries globally, including the U.S., Canada, the U.K., and Australia.
2019 2020
USD 56.3 Million NA

Source: D&B Hoovers

Brand Description
 It offers natural and still water enhanced with Aquamin, which contains a blend of trace
minerals and electrolytes sourced from the coastal seas of Iceland.
 Its bottled water is a plant-based multi-mineral complex derived from seaweed, which
produces a neutral tasting, mineral-rich ingredient.
Products under this line include:
VOSS Plus (VOSS+)  VOSS + Collagen – The water is infused with the essence of berry and 10gms of collagen
protein.
 VOSS + Vitamin D- The water is a zero calorie, zero sugar functional water and is available
in natural citrus flavor.
 VOSS + Aquamin- This water is vegan, gluten free, and kosher. It contains a blend of 74
trace minerals and electrolytes. Its ingredients are sourced from coastal seas.
 VOSS Water from Norway meets all bottled water standards for quality and safety at the
Still U.S. Federal, State, Norwegian, and international levels.
 Under the Still category, it offers bottled water available in 3 sizes.
 This crisp sparkling water contains bubbles and low total dissolved solid level.
Sparkling
 Under the Sparkling category, it offers bottled water in 2 sizes.
 Under this category, it offers flavored sparkling water in bottles. Variants include lemon
Flavored Sparkling cucumber, raspberry rose, and lime mint.
 Flavored sparking water is used for making cocktails and mocktails.
81
► In May 2021, Voss Water launched three new products under its VOSS+ product portfolio, namely, VOSS
+ Collagen, VOSS + Vitamin D, and VOSS + Aquamin. The products are currently available at retail stores
in the U.S. The company unveiled this new line of products in order to elevate consumer experience and
provide unique hydrating solutions.
► In 2021, Voss Water is planning to expand its VOSS +100% recycled PET bottle product portfolio across
the EU market. This would help the company capture a majority of the EU markets while engaging more
with consumers by delivering innovative water products and sparkling beverages.
► In 2020, Voss Water launched VOSS+ enhanced waters in two types of packaging, namely, glass and PET
plastics. Later, it relaunched VOSS+ in 100% recyclable PET containers. The company is continuously
working to reduce the amount of plastics used in its bottled water products. As of 2020, the company
reduced around 12% of the plastics in its products.
8.9 Nongfu Spring

Nongfu Spring was incorporated in 1996 and is headquartered in Hangzhou, China. Nongfu Spring owns
an advanced drinking water production line and provides packaged drinking water and beverages in the
People’s Republic of China (PRC). The company’s product categories are packaged drinking water
products, tea beverage products, functional beverage products, juice beverage products, and other
products.
Under its Nongfu Spring bottled drinking water brand, the company produces around 100 million
bottles. Products include drinking natural water, natural mineral water with sports cap, drinking water
for infants and children, natural mineral water in glass bottles, and natural mineral water in zodiac
bottles. Its packaged drinking water products are sourced from quality natural water sources containing
natural mineral elements. The Functional Drinks product segment produces and sells functional
beverages through brands such as Victory Vitamin Water and Scream. Through the Others category, the
products offered include soda water beverage, sparkling flavored beverage, coffee beverage, and fresh
fruit and plant-based yogurts.
As of 2020, the company’s packaged drinking water products reported 61.0% of the total revenue, a
decline by 2.6% as compared to 2019.The revenue from beverage products decreased from 38.8% in
2019 to 37.3% in 2020. As of 2020, the company reported 19,079 employees. The company has a
well-established sales network and supply chain, and through this, it offers packaged drinking water
and beverages across China.
82
2019 2020

Source: Nongfu Spring Annual Report 2020

Product Description
 Nongfu Spring natural mineral water (glass bottled) – This brand is the company’s
drinking bottled water brand.
 It is widely recognized among Chinese consumers
Drinking natural
 It sources natural high-quality water. The water undergoes only the necessary treatment.
water
 The product is also suitable for infants and young children. The water meets foreign
regulations and special agencies’ requirements for drinking water for infants and young
children.
 It provides mineral water in glass bottles.
 It is available in four labels represented as the four seasons—spring, summer, autumn,
and winter—of the mountain. It is drawn from water sources of Moya Spring in Changbai
Natural mineral Mountain. Its sports bottles are convenient to use.
water  The product is also available in a lithium-rich version. It is drawn from Greater Khingan
Range, a volcanic mountain.
 The bottles are innovatively designed and feature eight different plant and animal species
from Moya Spring.

► In March 2018, Nongfu Spring launched natural drinking water in a 12Ldisposable barrel in new
packaging under its water products segment. The company plans to expand its product offerings and
inculcate the idea of healthy drinking among consumers in China.
► In 2019, Nongfu Spring launched two new variants under its ‘Scream Series Sports Drinks’ in innovative
sports bottle packaging. Variants include peach flavor and green mango flavor. The new products are
infused with electrolytes and other minerals. Strong demand from consumers and shifting inclination
toward healthy drinks is one of the key factors for the strategic launch.
8.10 Rhodius Mineralquellen Und Getranke GmbH & Co KG

Rhodius Mineralquellen Und Getranke GmbH & Co KG was founded in 1958 and is headquartered in
Burgbrohl, Germany. It owns an expertise and keen sense of quality in the bottling of premium
beverages. It fills and produces 220 million liters of mineral water and other non-alcoholic soft drinks
annually. The company has been investing in production, logistics, technology, and customer care to
secure the future of the business.
83
The company offers retailers and consumers a product range that meets the demand for non-alcoholic
drinks. It distributes RHODIUS brands around the world in collaboration with distribution partners to
ensure that consumers can enjoy the products worldwide.
Rhodius Mineralquellen owns popular brands such as RHODIUS, RHODIUS Gourmet, Vulkanpark-Quelle
Eifel POWER POINT, MAYA MATE, Key Cola, and Haindl's. These are a rounded, mutually complementary
range of non-alcoholic beverages for a globally exciting drinking experience. As of 2019, the company
owned state-of-the-art facilities and filled more than 300 million cans for international, national, and
regional companies every year as a private label service.

Product Description
 The product is available in three flavors: Classic with lots of carbon dioxide, Medium with low
carbon dioxide and Naturelle with no carbon dioxide. It gives the body all the bioavailable
minerals it needs, particularly magnesium.
Rhodius Mineral Water
 The product is also available in the RHODIUS mineral water can, which is small, light, and
unbreakable. These are made of aluminum that can be cooled quickly and has an effective
recycling rate of 98.9%.
 The product accompanies the character and flavor of food and emphasizes wines. It contains a
Original Rhodius Gourmet combination of balanced mineralization and fine sparkling carbon dioxide which makes it an ideal
companion for high-quality gastronomy.
 It is available in three versions—Classic: the bubbly version, Medium: the mild variant with less
Vulkanpark-Quelle Eifel
carbon dioxide, and Naturelle: the variant without any carbon dioxide.
84
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Fig.2 Information procurement ...................................................................................................................... 13

Fig.3 Primary research pattern ...................................................................................................................... 14

Fig.4 Primary research approaches............................................................................................................... 15

Fig.5 Primary research process ..................................................................................................................... 16

Fig.7 Bottled water market – Value chain analysis ...................................................................................... 20

Fig.9 Bottled water market: Porter’s Five Forces Analysis ........................................................................... 30

Fig.10 Roadmap of bottled water market ..................................................................................................... 32

Fig.13 Company market share analysis, 2020, (%) ..................................................................................... 64

Table 2 Number of restaurants in the U.S., 2015–2018 ............................................................................ 25

Table 3 Bottled water market – Restraint factor market analysis .............................................................. 27

Table 34 Company categorization ................................................................................................................. 63

Methodology & Scope

Bottled Water Market

Spring Water North America

For forecasting, the following parameters were considered:

► Product type scenario and expected developments

► Application industry trends and dynamics

► Trends in consumer behavior

► Market leading companies

► Raw material manufacturers

The key objectives of primary research are as follows:

► To validate our data in terms of accuracy and acceptability

► To gain an insight into the current market and future expectations

Fig.2 Information procurement

GVR’s Internal Database

Primary Research Secondary Sources & Third Party Perspectives

1.3.1 PURCHASED DATABASE

o Potential market-related statistics

o Information on unmet needs

o Regional expenditure pattern

o Investment information or opportunity-based statistics

1.3.2 GVR’S INTERNAL DATABASE

► Also includes internal audit reports & archives

1.3.4 PRIMARY RESEARCH

Fig.3 Primary research pattern

Interviews with raw material

1.4.1 DATA ANALYSIS MODELS

► Identifying variables and establishing market impact

- Derivation of market estimates via analyzing parent and ancillary markets

Fig.4 Primary research approaches

Bottom-up demand approach

Product Cost Penetration

Fig.5 Primary research process

The process entails multiple levels of

and the study is forwarded for publishing

Level 3: Validation by Partial Validation Move to Step 2

1.6 Data Validation & Publishing

Bottled Water Market Variables, Trends &

Fig.6 Bottled water market – Penetration & growth prospects, by region

The no go zone Mature

Penetration (Low to High along the axis)

3.3 Value Chain Analysis

Fig.7 Bottled water market – Value chain analysis