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The expansion of the bottled water sector in India has led to growing health concerns and the non-restriction of clean drinking water. The market is predicted to increase at a compound annual growth (CAGR) rate of ~20.75 percent by the end of 2023, due to its current INR ~160 Bn of value. The volume means that by 2023 the market is expected to grow by about ~35,53 Bn, with a CAGR growth of ~18,25% between 2018 and 2023. Bislery, Kinley, and Aquafina are the biggest bottled water brands operating in India.
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Indian Market Scenario
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Flavored drinking water bottled in India has been popular. Various types of flavored water including the essence of fruit and artificial sweeteners such as soda, cola, juice, and other sweetened drinks commonly serve as a replacement for pure bottled water. Sometimes people prefer bottled water flavored to conventional water bottled. This move is giving bottled water firms a chance to extend their product line in India.
In India, market actors have recently tended towards institutional sales by partnerships with airlines, film theatres, and hotels, in addition to individual sales.
Such agreements ultimately increase the market penetration and the overall volume of sales in India.
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Drivers of the Market
Around 18% of the world's population is in India. Furthermore, Indians' per capita income grew by ~8.6 percent in 2017. In addition, rising awareness of the necessity of safe drinking water for healthy maintenance among the growing population, combined with a strong increase in per capita earnings, creates a demand for bottled water in India.
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Bottled water is preferred to conventional tap water by tourists. The rate of international tourists in India will increase by ~6.7% from 2015 to 2025. In turn, the sale of the bottled water in India is expected to increase.
Demand for Flavoured Water
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Since the consumer attention initially focuses on the necessary nutritional intake of vitamins and mineral-infused functional drinks, this is likely to change towards healthier beverage options. Therefore, during the projection period, the COVID-19 pandemic provided greater prospects for the functional water market.
· Online retail channels can also achieve a larger growth rate in terms of sales of functional water throughout the projection period than the conventional distribution channels, such as supermarkets and specialty stores.
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· Vitamins, acids, minerals, herbs, fruit or vegetables, contribute to improved immunity, and the energy consumption is a few frequent supplements. The transition from high sugar and charcoal drinks could stimulate demand for the water industry.
· In addition, an increase in obese and diabetic populations has switched the attention from carbonated drinks to bottled water in the past in America, China, India, Australia, and the United Kingdom. Research by the Food and Health Foundation's International Food Information Council found that 47% of all consumers choose foods containing supplementary nutrients. This is why the market growth studied is projected to expand.
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Consumption convenience and its impact on human nutrition are the driving forces that enhance market demand. The increased popularity of working water among the working class and thousand-year-old populations is predicted to promote market growth.
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Global Market Scenario
In the North American region, the components consumed in food and beverage items are transitioning towards healthy, weight-management substances. The region is in a key position as functioning water adds to it. U.S. consumers have been developing an interest in drinks that provide benefits and beyond simple refreshments that also help expand the functional water market.
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Competitive Landscape
Danone SA, Coca-Cola Company, and PepsiCo Inc. are among the leading participants in the water sector. The Vitamin Well AB, Triamino Brands LLC, and New York Spring, among others, were among the other players. Their unique product portfolio, i.e. water supplemented with flowers and organic herbs, has underlined their position on the market with Balance Water and Herbal Water. Regional or domestic corporations have also launched tactics for their products, including sponsorship and major publicity investments.
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