Project Saudi Water - V2

AFKAR HOLDING COMPANY
SAUDI ARABIA BOTTLED DRINKING WATER MARKET STUDY
KSA
BOTTLED
DRINKING
WATER
MARKET
INDEX
Sr. No. Content Page No.
1 Macroeconomic Environment 3
2 Saudi Vision 2030 13
3 Tourism 15
4 Bottled Market Overview 20
5 Listed Water Manufacturing Companies 29
6 Water Scarcity in the Kingdom 34
7 Importance of Bottled Water Industry 35
8 Water Production Compliance & Standards 36
9 Trends, Challenges & Opportunities 38

1. MACROECONOMIC ENVIRONMENT
• Saudi Arabia’s total population has reached 32.2 million according to the latest census report. The
country’s demographic profile is predominantly young, with median age of the population is just
29 years old.
• According to the ministry report, the Kingdom is enjoying a demographic dividend providing a
window of opportunity to support the growth of the country’s economy.
• The average Saudi Arabian household size stood at 3.7 members (Saudi National Household
Average 4.8, Expatriate household size 2.7 members) as per the recent database of Saudi Arabia
statistical database which is available on public domain. The per capita income which is highest in
this region and among best in the world supports consumer spending on family-related categories
of goods and services, including food and beverages.
• An expanding young population, high inflow of recreational and religious tourism, rising income
levels, and changing attitudes towards spending amongst families are expected to back the growth
of spending on food and beverages in general and clean bottled water in particular.
1a. – National Population Survey Report
Key Parameters Population & Household Size

Population 32,175,224
Median Age of Population 29
Population (Saudi Nationals) 18,800,000
Population (Expatriates) 13,400,000
Saudi-Expatriate Ratio 58.4 % - 41.6%
Avg. Household size (Saudis) 4.8
Avg. Household size (Expatriate) 2.7
Avg. Household size 3.7
Source: Ministry Census data

2022
1b. – National Population By Region
Region Saudi Nationals Expatriates Total

Ar Riyadh 4,439,210 4,152,538 8,591,748
Makkah Al Mukarramah 4,153,723 3,867,740 8,021,463
Eastern Region 2,949,854 2,175,400 5,125,254
Al Madinah Al Munnawara 1,352,146 785,837 2,137,983
Aseer 1,444,688 579,597 2,024,285
Jazan 1,002,779 402,218 1,404,997
Al Qaseem 926,490 409,689 1,336,179
Tabuk 637,601 248,435 886,036
Hail 527,885 218,521 746,406
Al Jawf 440,264 155,558 595,822
Al Najran 394,976 197,324 592,300
Northern Borders 271,358 102,219 373,577
Al Bahah 251,288 87,886 339,174
Total 18,792,262 13,382,962 32,175,224
Source: Saudi Govt. database for 2022

1c. – Population By Major Region – Saudi Nationals

1d. – Population By Major Region – Expatriates

1e. – Average Household Size & No. Of Households

1f. – Gross Domestic Product (GDP)

Period 2021 2022 2023
Oil Sector 928,651 1,617,919 1,265,525
Non-Oil Sector; of which 2,151,578 2,348,160 2,520,159
a) 'Government Sector 667,942 700,711 736,246
b) 'Private Sector 1,483,637 1,647,449 1,783,913
Gross Value Added 3,080,231 3,966,079 3,785,684
Net Taxes on Products 197,854 191,064 217,752
GDP ( SAR Million) 3,278,085 4,157,143 4,003,436
Gross Domestic Product

(At Current Price)
4,130 4,157.14
4,003.44
3,930
3,730
3,530
(SAR bn)
3,330
3,278.09
3,130 3,144.69
2,930
2,753.52
2,730
2019 2020 2021 2022 2023
1g. – Macro Outlook Indicators

1h. – Key Statistics
CAGR
Indicator Unit 2019 2020 2021 2022 2023
2019-2023
Nominal GDP - at current
SAR bn 3,174.7 3,144.6 3,278.1 4,157.1 4,003.4 6.6%
price
Nominal GDP Per Capita - at
SAR bn 104,598 87,268 106,485 129,203
current price
Disposable Income Per
SAR 135,700 125,600 148,600 185,300 189,900
Household
Real GDP (Index 2018 =100) Base : 2018 -100 105 103 111 117 112
Population 0.0 30,063.8 31,552.5 30,784.4 32,175.2 32,931.3 2.4%
Consumer Price Index (CPI) Base: 2018=100 97.9 101.3 104.4 107.0
Number of Households Units 8,174,674
Members per
Avg. Household Size 3.7
household
Inflation Rate % -2.09% 3.45% 3.06% 2.47% 2.47%
Source: Saudi Ministry and National Census 2022
1i. – Economy Forecast

• In 2024, the household disposable income in Saudi Arabia is forecast to amount to US$0.52tn.
• In 2024, the household disposable income per capita in Saudi Arabia is forecast to amount to
US$13.87k.
• The total consumer spending in Saudi Arabia is forecast to amount to US$0.40tn in 2024.
• The consumer spending per capita on food and non-alcoholic beverages in Saudi Arabia is
forecast to amount to US$1.92k in 2024.
• The consumer spending per capita on housing in Saudi Arabia is forecast to amount US$2.85k in
2024.
• The consumer spending per capita on the household in Saudi Arabia is forecast to amount
US$0.74k in 2024.
• The consumer spending per capita in hospitality and restaurants sector in Saudi Arabia is forecast
to amount US$0.55k in 2024.
2. SAUDI VISION 2030

• Increase FDI from 3.8% to 5.7% of GDP.
• To increase SME contribution to GDP from 20% to 35%.
• To lower the rate of unemployment from 11.6% to 7%.
• To increase women’s participation in the workforce from 22% to 30%.
• Take the economy to world Top 15.
• To increase the private sector’s contribution from 40% to 65% of GDP.
• Increase non-oil revenue from SAR163 billion to SAR1 Trillion.
• To increase household spending on cultural and entertainment activities inside the Kingdom from
the current level of 2.9% to 6%.
2a. – Saudi Vision 2030 Track

Pillar Base Latest Goal Analysis
Female labour participation Economy 22% 36% 30% Exceeded the 30% target in Q2-2020
Unemployment of Saudis Economy 116% 8.50% 7% Q4-22 was the lowest on record at 8.0%
PIF assets (SAR) Economy 0.6trn 2.9trn 7trn Partly due to transfers of Aramco equity and IPO cash
17th largest GDP globally, in both nominal and PPP
Size of economy Economy 19th 17th 15th
terms
SME share of GDP Economy 20% 28.7% 35% Data according to Monsha'at
Globalcompetitiveness Economy 25th 36th 10th+ The WEF index is no longer published
Logistics Performance Economy 40th 41st 25th As of 2023
Private sector share of GDP Economy 40% 45% 65% We based this on private sector real GDP + net axes.
Non-oil exports (% non-oil Based on SAMA data which includes re-exports, non-
Economy 16% 16% 50%
GDP) monetary gold and services.
FDI inflow (% of GDP) Economy 3.80% 0.7% 5.7% As of 2022
Non-oilfiscal revenue
Nation 163bn 411bn 1trn Trending higher in 2023 (up 11% y/y in H1)
(SAR)
Government Effectiveness Nation 80th 68th 20th As of 2021
The original target was 52% in 2020, when the result
Home ownership by Saudis Society 47% 67% 70%
was 62%
Non-resident Umrah Impacted by Covid, though 2019 was 7.5m, below the
Society Sm 4m 30m
pilgrims baseline
3. TOURISM
• Tourism is an important component of Saudi Arabia's economic growth, where both religious and
non-religious activities have significant potential for expansion. With the rising influx of both
local and foreign tourists in tourist centers especially in Makkah and Madina, it is expected to
increase the consumption of treated water, i.e., bottled water, in the country. Due to the increasing
tourism in the country, the foodservice channels, such as hotels and restaurants, are increasing in
Saudi Arabia.
• To offer quality service to the tourist, contributes to the high share of sales in bottled water,
primarily from the still-bottled water segment. According to the Ministry of Tourism Saudi Arabia
data from 2022, 16 million tourists stayed in hotels in Saudi Arabia. Owing to significant growth
in the tourism industry, companies manufacturing bottled water in Saudi Arabia are developing
and marketing various sizes of bottled water, which can be conveniently carried by users.
3a. – Growth In Tourism

• Tourism in Saudi Arabia is undergoing a major transformation, driven by the Vision 2030
initiative. The government has taken several initiatives to accelerate the achievement of the
National Tourism Strategy and Vision 2030 targets of attracting millions of visitors per year,
increasing the tourism sector's contribution to GDP, and creating tourism jobs. By 2025,
the tourism industry was projected to contribute to Saudi Arabia’s economy over 86 billion U.S.
dollars. All this projected influx of recreational as well as religious tourism is directly corelated
with the sale of bottled drinking water in the Kingdom.
• The largest Travel & Tourism market in Saudi Arabia is the Hotels market with a projected market
volume of US$2,506m in 2023.
• User penetration in Saudi Arabia is 25.9% in 2023 and is expected to hit 27.4% by 2027.
• The average revenue per user (ARPU) in Saudi Arabia is expected to amount to US$398.70.
3b. – Tourism Statistics

Unit 2021 2022 H1 2023
Inbound Tourism
Tourists Number (Overnight Visitors) ('000) 3,477 16,638 14,599
Overnight Stays ('000) 31,771 270,728 261,699
Tourists Spending SAR Mn 14,716 98,295 86,923
Average Length of Stay Night 9.1 16.3 17.9
Avergae Sending per Trip SAR 4,232 5,908 5,954
Average Spending per Night SAR 463 363 332
Domestic Tourism
Tourists Number (Overnight Visitors) ('000) 63,834 77,837 39,007
Overnight Stays ('000) 353,331 369,606 246,417
Tourists Spending SAR Mn 102,184 107,259 63,129
Average Length of Stay Night 5.5 4.7 6.3
Avergae Sending per Trip SAR 1,601 1,378 1,618
Average Spending per Night SAR 289 290 256
INDUSTRY OVERVIEW
(Bottled Drinking Water in the Kingdom)
4. BOTTLED WATER MARKET OVERVIEW

• The Saudi Arabian bottled water market is highly competitive with the presence of both global
and regional players. Over the years regional players had taken lead in this sector with several
bottled water manufacturing Companies are giving tough competition to international brand either
produced locally or imported.
• Furthermore, companies are increasing their investments in research, development, and marketing
and expanding their distribution network to maintain their position in the market to offer
innovative bottled water.
• The prominent players in the market are Hana Food Industries Company (Hana Water), Bin
Zomah Group Trading & Mfg (Safa), Health Water Bottling Co. (Nova Water), Pepsi Co., and
Aloyoun Water Factory Inc. etc.
4a. - List Of Popular Water Manufacturing

Companies
 Aloyoun Water Factory Inc.
 Agthia Group PJSC (Al-Ain)
 Maeen Water
 Hana Food Industries Co. (Hana Water)
 Health Water Bottling Co. Ltd (Nova
Water)
 PepsiCo Inc. (Aquafina)
 Bin Zomah International Co. Ltd (Safa)
 Hayat factory bottled water Ltd. (Hayat)
 The Red Sea Development Company
 Berain Water & Beverages Factory
(berain)
 Naqi Water Co. (Naqi)
 Ojen Water Company
 Najran Water Company (Najran)
 AL Qassim Health Water (Al Qassim)
 Nord Water
 Almar Water Solutions
4b. Brand Shares By Value And Volume

Owner Brand Volume Share by Value
Bin Zomah Group Trading & Manufacturing Safa 16.2% 16.9%
Health Water Bottling Co. Ltd NOVA 13.3% 15.5%
National Factory for Healthy Water HANA 12.4% 12.0%
PepsiCo Aquafina 11.3% 9.8%
Berain Water and Beverages Factory Berain 8.4% 9.8%
Al-Oyoun Water Factory Al-Oyoun 6.1% 6.2%
Nestlé Saudi Arabia Nestlé Pure Life 6.8% 5.6%
Naqi Water Co. Naqi 4.8% 4.2%
Coca-Cola Company Arwa 2.4% 2.3%
Agthia Group Alain 2.2% 1.8%
Other 16.1% 15.9%
*Others include many other companies/brand including Hayat Water Company, Maeen Water, Al Qassim, Tania, Akoya and
few others.
4c. - Major Highlights

• The Saudi Arabia Bottled Water Market size is estimated at USD 2.33 billion in 2024, and is
expected to reach USD 3.59 billion by 2029, growing at a CAGR of 8.99% during the forecast
period (2024-2029)
• Over the period, the market growth is augmented by high disposable income, growing
urbanization, and increasing demand for sparkling water. Such factors provide growth
opportunities to global and regional bottled water manufacturers, primarily to cater to the
increasing demand from institutions such as hospitals. Additionally, due to the pandemic, several
countries were under lockdown.
• This increased bottled water sales, primarily in the home delivery channel. Furthermore,
government initiatives for personal hygiene are expected to drive the demand for bottled water.
The Saudi Arabian bottled water market witnessed significant growth due to the rising tourism
industry. Moreover, the country's food service channels, such as hotels and restaurants, are also
increasing. Therefore, to offer quality service to their tourists, they also contribute to a significant
share of sales in the bottled water market.
4d. – Revenue Forecast

 Revenue, at home (e.g., revenue generated in supermarkets and convenience stores) in the
Bottled Water market amounts to US$2.33bn in 2024.
 Revenue, out-of-home (e.g., revenue generated in restaurants and bars) amounts to US$98.1m in
2024.
 Revenue, combined amounts to US$2.4bn in 2024.
 The revenue, at home is expected to grow annually by 3.57% (CAGR 2024-2028).
 In relation to total population figures, the average revenue per capita, at home of US$60.42 are
generated in 2024.
 In the Bottled Water market, volume, at home is expected to amount to 4.0bn L by 2024.
 The Bottled Water market is expected to show a volume growth, at home of 1.6% in 2025.
 The average volume per person, at home in the Bottled Water market is expected to amount to
106.L in 2024.
Source: https://www.statista.com
4e. – Industry Outlook

• The number of licensed companies in Saudi Arabia's bottled water market reached more than
200 in 2021.
• Most of these companies are small and their production does not exceed 2,000 bottles per day,
(Euromonitor International).
• Meanwhile, large companies account for about 84% of the total market share in terms of value
and volume.
• In terms of value, Safa, which is owned by Bin Zomah Group Trading & Manufacturing, holds
the largest market share with 16.9%, followed by NOVA, owned by Health Water Bottling Co.
Ltd. with 15.5%. HANA, owned by National Plant for Healthy Water, comes third with 12%
market share, followed by PepsiCo-owned Aquafina and Berain, owned by Berain Water and
Beverages Factory, with 9.8% each.
4f. – Water Bottle Consumption

• The per capita consumption of bottled water in Saudi Arabia is estimated at 202.5 litres annually in
2021 which is considered one of the highest rates in the world, due to factors including the scarcity
and scantily of underground water and rain.
• The total market size for bottled water in the Kingdom was estimated at approximately 6.7 billion
litres in 2021 equivalent to SAR 8.8 billion in value terms). The Saudi bottled water sector grew by
2.4% in volume terms over 2018-2021.
• The bottled water market is expected to reach about 8.8 billion litres by 2026, with a value of circa.
SAR 12.2 billion.
Volume Value
Period
(bln liters) (SAR bln)
2018 6.3 7.8
2020 6.2 7.8
2021 6.7 8.8
2024f 8.1 10.8
2026f 8.8 12.2
Compound Annual Growth Rate (2018-2021) 2.4% 3.7%
Compound Annual Growth Rate (2022-2026)f 5.5% 6.9%
4g. – Projections
• Supported by factors including expansion of Saudi Arabia’s economy, efforts to reduce its
dependence on hydrocarbon by increasing tourism in the Country with the liberalization multi
entry Visa for Saudi Arabia, rising per capita disposable income levels, and a growing trend
towards health and wellness, the country’s bottled water market is set to experience a recovery
over the forecast period 2022-2026, growing at a CAGR of 5.5% in volume terms to reach 8.8
billion litres by 2026.
• In value terms, the Saudi Arabian bottled water market is projected to increase at an average
annual rate of 6.9% in nominal terms over 2022-2026 to reach SAR 12.2 billion (USD 3.3 billion)
by the end of that period, reflecting an anticipated rise in prices due to several factors, including
the increased demand for bottled water in the domestic market, the VAT impact on pricing across
the bottled water industry value chain, and the opening up of exports of Saudi Arabian bottled
water products.
4h. – Popular Packaging Size
• Packing Size: 600ml

• Packing Size: 1.5L
• Packing Size: 20 L
5. LISTED WATER MANUFACTURING

COMPANIES
Market
Close Price EPS
Issued Shareholders' Cap (%)
Net Income P/E P/BV
Company Shares Equity Market BV
(SAR mn) (SAR Ratio Ratio
Market (SAR) (mn) (SAR mn) Cap (SAR)
MN)
NAQI* Tadawul 72.3 20 42.95 253 1,414 0.01 2.148 33.15 12.65 5.58
Aljouf** Nomu 24.86 4.69 4.10 87.19 117 NA 0.876 28.3 18.60 1.34
*Naqi Water Company (Code: 2282)
**Aljouf Mineral Water Bottling Co. (Code: 9532)
• Aljouf Mineral Water sets IPO price at SAR 35/share on Nomu Parallel Market in Saudi Arabia.
• NAQI Water sets IPO price at SAR 69/share on Tadawul Main Market in Saudi Arabia.
5a. Company Statistics
Current Valuation SAR

116.91
Market Cap
M
123.32
Enterprise Value
M
Trailing P/E 28.34
Price/Sales 1.52
Price/Book 1.34
Enterprise
1.6
Value/Revenue
Enterprise
9.59
Value/EBITDA
5a. Company Statistics
Current Valuation SAR

Market Cap 1.41B
Enterprise Value 1.35B
Trailing P/E 32.84
Price/Sales 5.91
Price/Book 5.58
Enterprise
5.64
Value/Revenue
Enterprise
18.99
Value/EBITDA
5b. – Company Financial Data

INCOME STATEMENTS 2023
(SAR) ALJOUF NAQI
Tadawul Code 9532 2282
Sales 76,873,031 238,822,627
Cost of Sales (37,866,211) (153,663,556)
Gross Profit 39,006,820 85,159,071
Sales & Distribution Expenses (25,842,346) (27,761,046)
Gen. and Admin Expenses (7,380,029) (14,379,254)
Operating Expenses (33,222,375) (42,140,300)
Operating Income 5,784,445 43,018,771
Finance Cost (2,040,960) (1,025,097)
Expected Credit Loss Provision- Trade
- (593,045)
Receivables
Other Income 501,253 565,070
Deposit Income 4,013,813
Net Income before Zakat 4,244,738 45,979,512
Less: Zakat (140,112) (3,029,391)
Net Income/(Loss) for the Period 4,104,626 42,950,121
Earnings Per Share 0.876 2.15
Weighted Average No. of Shares 4,687,500 20,000,000
5b. – Company Financial Data

BALANCE SHEET 2023
(SAR) AlJOUF NAQI
Tadawul Code 9532 2282
Total Non-Current Assets 163,001,361 156,840,838
Total Current Assets 46,897,966 135,662,061
Total Assets 209,899,327 292,502,899
Total Non-Current Liability 44,672,864 11611814
Total Current Liability 78,032,934 27759333
Total Liabilities 122,705,798 39,371,147
Paid up Capital 46,875,000 200,000,000
Total Equity 87,193,529 253,131,752
Property, Plant & equipment 160,469,471 137,183,701
Weighted Average No. of Shares 4,687,500 20,000,000
Par Value of Shares (SAR) 10 10
6. WATER SCARCITY IN THE KINGDOM

• Nearly 2.25 million km2 of the Kingdom (KSA) are arid, so is a water-scarce nation with limited
freshwater resources as have no perennial rivers or other ongoing bodies of water. Saudi Arabia is
among the driest contents in the globe due to its minimal rainfall with maximum evaporation
rates.
• The country's scarce water resources are under extreme pressure from these activities and growing
demand. The nation's scarce natural renewable water resources have been grossly overexploited to
supply the requirements of its people. The only supply of fresh water in the nation is from
aquifers.
• Saudi Arabia's culture of water consumption is unsustainable due to practices like excessive water
use, negligent water dispense management, unrestrained increase of population, and reckless
agricultural policy.
• Saudi Arabia has extremely few renewable water resources, yet the country uses roughly 7
billion/m3 of water every day, of which 60% is desalinated. Of total, 20% are stations run by the
private sector and 40% are public desalination facilities.
• The main obstacles KSA faces in achieving sustainable development are the dearth of water
resources which are renewable and the rising demand for water by various economic sectors and
societies.
7. IMPORTANCE OF THE BOTTLED WATER

INDUSTRY
• Bottled water is one of the world’s most popular beverages, and its industry is making the most of
it. Since the millennium, the world has advanced significantly toward the goal of safe water for
all. In 2020, 74% of humanity had access to safe water. This is 10% more than two decades ago.
But that still leaves two billion people without access to safe drinking water.
• Meanwhile, bottled water corporations exploit surface water and aquifers—typically at very low
cost—and sell it for 150 to 1,000 times more than the same unit of municipal tap water. The price
is often justified by offering the product as an absolute safe alternative to tap water.
• Highly profitable and fast-growing bottled-water industry is masking the failure of public systems
to supply reliable drinking water for all.
• The latest UN University report revealed that the annual sales of the global bottled-water market
is expected to double to $500 billion worldwide this decade.
• Growing faster than any other in the food category worldwide, the bottled-water market is biggest
in the Global South, with the Asia-Pacific, Africa, and Latin American and Caribbean regions
accounting for 60% of all sales.
• In 2016, the annual financing required to achieve a safe drinking water supply throughout the
world was estimated to cost $114 billion, which amounts to less than half of today’s roughly $270
billion global annual bottled-water sales.
8. WATER PRODUCTION COMPLIANCE &

STANDARDS
The Saudi Standards, Metrology and Quality Organization (SASO) has prepared the Saudi Standards
for Plastic Bottles Used for Water Bottling (Water Flasks) in parallel with specifications of Arab,
foreign and international standards.
Requirements • Color
• Raw materials The bottles shall be transparent or colored,
Raw materials used in manufacture of these provided that color of the bottle is
bottles shall be of the material allowed for homogeneous and free from any visible color
contact with food and subject to SFDA differences.
requirements and accordance with • Measurement of Bottle Dimensions
specifications. Measurement of bottles and permittivity of each
• Visual inspection measurement depends on the design provided
Bottles shall be free from any apparent defects by the manufacturer.
in manufacturing such as incomplete formation • Volume (Capacity)
or missing formation or protruding bulge and Volume of water flask is calculated according to
free from impurities and black dots on the wall the amount of water it contains until the
of the bottle or any similar defects. beginning of the nozzle neck area.
• Fall Resistance • Packaging

Cracking of bottle or leak of water should not The product should be packed in suitable
occur when it is freely dropped from a height of packages to protect it from damage during
4 meters on a flat wooden surface. transportation, storage and handling.
• Marking
• Heat and Cold Resistance The following details must be indicated on the
Cracking should not occur, and the outer shape packaging in Arabic or Arabic and English in a
should not change when placed at -5° C and 60° clear place that is difficult to remove.
C respectively for 72 hours. - Name of product
• Effect on Water - The manufacturer’s name or trademark.
- The country of origin
The color, taste, or smell of distilled water
- Type of plastic.
inside the bottle should not change when filled
- Date & number of Production Batch.
with water at 60° C for 72 hours.
- Volume (Capacity) in milliliters.
• Migration of Substances - Logo of validity for food use, figure (1)
The migration of substances from the wall of - Minimum & maximum
bottle should not exceed 60mg per kg according temperature borne by the bottle.
to the specification. - Warnings ( if any )
9. TRENDS, CHALLENGES AND OPPORTUNITIES

TRENDS CHALLENGES
KSA bottled water market is undergoing substantial While experiencing growth, the GCC bottled water
growth, fueled by factors such as rising disposable market faces challenges, including growing awareness
income, increasing health consciousness, and growing of environmental sustainability. Concerns about the
population. The region's high temperatures underscore environmental impact of plastic packaging, given its
the importance of hydration, leading to a surge in role as a major consumer of plastic, lead to
bottled water consumption. Consumers are apprehensions about single-use plastics. Additionally,
increasingly choosing bottled water for its safety and the availability of numerous alternative beverage
convenience over tap water. This market encompasses choices may divert consumer preferences from
a diverse range of products, including natural mineral traditional bottled water. The arid conditions and
water, flavored water, and functional water with added water scarcity in the KSA region also contribute to
benefits. Moreover, there is a noticeable shift towards challenges, with increased scrutiny on water
premium and value-added water products. The bottled extraction and usage for bottling purposes. Evolving
water market in KSA is poised to continue its upward regulatory frameworks related to water extraction,
trajectory, offering opportunities for both local and packaging, and labeling may pose challenges for
international players in the industry. manufacturers, necessitating changes to production
processes and materials.
OPPORTUNITIES
The increasing disposable income, rise in the population and increase in regional and foreign tourists is
accelerating the demand for bottled water in Saudi Arabia. Today, the industry is producing and marketing
bottled water in various sizes and packaging suitable for all segment in the retail as well as Institutional clients.
Companies in the region are adopting recyclable materials, reducing plastic use, and introducing innovative
packaging solutions to enhance brand reputation and contribute to a greener and more sustainable future

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AFKAR HOLDING COMPANY

SAUDI ARABIA BOTTLED DRINKING WATER MARKET STUDY

2 Saudi Vision 2030 13

4 Bottled Market Overview 20

5 Listed Water Manufacturing Companies 29

6 Water Scarcity in the Kingdom 34

7 Importance of Bottled Water Industry 35

8 Water Production Compliance & Standards 36

9 Trends, Challenges & Opportunities 38

1a. – National Population Survey Report

Key Parameters Population & Household Size

Source: Ministry Census data

1b. – National Population By Region

Region Saudi Nationals Expatriates Total

Source: Saudi Govt. database for 2022

1c. – Population By Major Region – Saudi Nationals

1d. – Population By Major Region – Expatriates

1e. – Average Household Size & No. Of Households

1f. – Gross Domestic Product (GDP)

Gross Domestic Product

1g. – Macro Outlook Indicators

1h. – Key Statistics

1i. – Economy Forecast

2. SAUDI VISION 2030

2a. – Saudi Vision 2030 Track

3a. – Growth In Tourism

3b. – Tourism Statistics

4. BOTTLED WATER MARKET OVERVIEW

4a. - List Of Popular Water Manufacturing

4b. Brand Shares By Value And Volume

4c. - Major Highlights

4d. – Revenue Forecast

4e. – Industry Outlook

4f. – Water Bottle Consumption

4h. – Popular Packaging Size

• Packing Size: 600ml

5. LISTED WATER MANUFACTURING

5a. Company Statistics

Current Valuation SAR

5a. Company Statistics

Current Valuation SAR

5b. – Company Financial Data

5b. – Company Financial Data

6. WATER SCARCITY IN THE KINGDOM

7. IMPORTANCE OF THE BOTTLED WATER

8. WATER PRODUCTION COMPLIANCE &

• Fall Resistance • Packaging

9. TRENDS, CHALLENGES AND OPPORTUNITIES

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