The global bottled water market could almost double in size in the next six years, reaching a value of $319 billion, according to a new report from Allied Market Research (AMR), Portland, Ore. In 2015, the market was worth nearly $170 billion, AMR reports, and is expected to grow at a compound annual rate of 9.5 percent up to 2022.
The report says the still bottled water segment dominates the market, at more than 35 percent of the total share, driven largely be convenience as the motivating factor. In 2015, still water represented more than two-thirds of overall bottled water market volume, and should maintain its lead throughout the forecasted period, AMR found.
"The functional bottled water segment is expected to witness the highest growth, owing to increasing consumer inclination towards energy-based beverages with added minerals," stated Eswara Prasad, AMR team lead for chemicals and materials.
According to AMR, India is predicted to be the fastest-growing country for market grown, with compound revenue growth of 15.1 percent a year. North America accounted for the largest market share.
The rise in global health awareness about waterborne diseases such as malaria, typhoid, diarrhea, food poisoning, and others also support market growth, but in North America, water's newfound popularity seems to stems from the health and wellness movement.