Premium Bottled Water Market Growth and Opportunities, 2028
The global Premium Bottled Water Market size is anticipated to reach USD 17.60 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.8% from 2021 to 2028. Growing consumer awareness regarding the health benefits of consuming premium bottled water containing minerals and pure elements are projected to drive market growth over the forecast period. Most Americans prefer bottled drinking water as they find it to be a safer and more convenient option than tap water. Moreover, the rising need for eco-friendly packaging of premium bottled water is offering lucrative growth opportunities for existing manufacturers and new entrants in the market.
Moreover, companies target selected groups of consumers and channels, such as 5-star hotels & resorts and clubs as the product price is slightly higher than regular bottled water. A rise in the number of 5-star hotels, resorts, spas, and clubs is likely to augment the product demand. For instance, LXR Luxury Resorts offer Icelandic Glacial premium bottled water to its customers. Furthermore, many companies have been launching new packaging consisting of new designs, logos, crystals, and more to give it a more personalized experience and thus, increase sales.
For instance, in November 2020, Bling H2O launched its new made-to-order collection called The Ten Thousand Bespoke Collection, wherein a single premium bottled water is priced at USD 2,700 and is made of over ten thousand hand-applied Swarovski Crystals. Consumers are seeking products that have added value and thus looking for premium brands, which showcase distinct mineral composition on the packaging. The assurance of purity of the water is often a key selling proposition used for brand positioning by many premium product manufacturers.
Related Press Release@ Premium Bottled Water Market Report
Premium Bottled Water Market Report Highlights
- The global market is expected to progress at a CAGR of 6.8% from 2021 to 2028
- New product launches and innovations in terms of sustainable packaging and bottle designs are some of the key strategies adopted by the market players to gain a higher share
- Europe is estimated to lead the global market in terms of revenue share while Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028
- The growth of the APAC market can be attributed to product innovation and the 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 the market growth further.