Spring Water Market to Reach $465.2 Billion, Globally, by 2031 at 8.7% CAGR: Allied Market Research

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Mar 07, 2023, 10:35 ET

Increase in awareness of waterborne diseases, rise in concern about numerous health-related concerns, increase in urban population, surge in disposable income, rise in living standards, and the advent of eco-friendly container materials drive the global spring water market.

PORTLAND, Ore., March 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Spring Water Market by Packaging Type (Bottled, Canned), by Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Online Retail): Global Opportunity Analysis and Industry Forecast, 2021-2031." according to the report the global spring water industry generated $210.7 billion in 2021, and is estimated to reach $465.2 billion by 2031, witnessing a CAGR of 8.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, restraints, and opportunities:

Increase in awareness of waterborne diseases like typhoid, diarrhea, and food poisoning, rise in concern about numerous health-related concerns, such as gastrointestinal ailments, neurological disorders, and reproductive problems, increase in urban population, surge in disposable income, rise in living standards, and the advent of eco-friendly container materials drive the global spring water market. However, rise in environmental pollution caused by spring water plastic bottles, lack of awareness about health issues caused by low-cost tap water, and high cost of spring water restrict the growth of the market. On the other hand, rise in consumer awareness of different health concerns, such as gastrointestinal disorders caused by consuming polluted water, expanding innovative work initiatives and modernizing new products, and drinking water shortages in several areas are expected to produce ample opportunities to accelerate spring water market size in the coming years.

COVID-19 Scenario:

The consumer goods sector was negatively impacted by the COVID-19 pandemic that affected both the production and the demand for spring water market share along with severe disruptions in the supply chain.
The global market was also negatively impacted by the social distancing norms, closed borders, and production constraints caused by the pandemic in nations such as China, India, and the United States.
Economic slowdown affected the setup of new spring water projects across the world as majority of government fundings were diverted toward consumer goods sector owing to rapid spread of the COVID-19 virus, impacting the market to the great extent.
Additionally, owing to the rising concerns regarding contamination among consumers followed by rising awareness of health & hygiene practices, the demand for packaged water increased during COVID-19.

The specialty stores segment to dominate the market during the forecast period:

In terms of distribution channel, the specialty stores segment contributed to the largest share of more than two-fifths of the global spring water market revenue in 2021, and is expected to retain its dominance by 2031. The rising convenience of quickly choosing the desired brand of spring water with a certain combination of minerals will drive segment growth throughout forecast period. On the other hand, hypermarkets/supermarkets segment would portray the fastest CAGR of 9.0% during the forecast period. This is because, companies that operate supermarkets and hypermarkets, such SPAR, Walmart, 7Eleven, Target, and Aldi, have extensive grocery store networks and a large international customer base. The rising use of smartphones has opened up fresh market opportunities for e-commerce platforms globally.

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The bottled segment to rule the roost:

Based on packaging type, the bottled segment garnered the highest share in 2021, holding more than three-fourths of the global spring water market revenue, and is expected to retain its dominance by 2031. When large amounts of spring water are collected by a tanker truck and transported to a bottling factory, there is a risk of contamination. To ensure the purity of the bottled water, it must be filtered and treated. Bottle spring water right from the source for safer water. However, the canned segment, is projected to witness the fastest CAGR of 10.0% from 2022 to 2031. This is owing to many advantages of canned bottles, such as a resealable cap, a convenient design and portability, quick cooling, and no effect on the taste of the water.

Europe region garnered the major share in 2021:

By region, Europe accounted for the highest share in 2021, holding more than two-fifths of the global spring water market revenue, and is projected to rule the roost by 2031. The segment's growth is due to high demand for items in Germany and France. Growing public awareness of the advantages of spring water has opened up new opportunities for regional makers and retailers. Moreover, Asia-Pacific region would portray fastest CAGR of 9.3% during the forecast period, owing to rise in demand for spring water due to factors such as rise in health awareness, rapid urbanization and changing lifestyles.

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Leading Market Players:

Nestle S.A.
Ten Spring Water
Mountain Valley Spring Water
CG Roxane, LLC
Orient Beverages Pvt. Ltd.
3 Spring Water
Coca-Cola
Danone
Pepsico, Inc.
Tata Consumer Products Limited

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