Global Spring Water Market Anticipated to Garner $465.2 Billion, Growing at a CAGR of 8.7% during the 2022-2031 Timeframe [238-Pages] | Calculations by Research Dive

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09 May, 2023, 10:59 GMT

The global spring water market is expected to grow primarily due to the increasing demand for spring water. Hypermarkets/Supermarkets sub-segment is expected to flourish immensely. The market in the Europe region is predicted to grow at a high CAGR by 2031.

NEW YORK, May 9, 2023 /PRNewswire/ --

Global Spring Water Market Forecast Analysis:

As per the report published by Research Dive, the global spring water market is expected to register a revenue of $465.2 billion by 2031 at a CAGR of 8.7% during the forecast period 2022-2031.

Segments of the Spring Water Market

The report has divided the spring water market into the following segments:

  • Packaging Type: bottled and canned
    • Bottled – Most profitable in 2021
      Growing customer awareness of the health benefits of drinking bottled water, consumer desire for vitamin and mineral-rich drinking water, and the premium quality and flavor of bottled water are expected to propel the sub-segment forward.
  • Distribution Channel: hypermarkets/supermarkets, specialty stores, and online retail
    • Hypermarkets/Supermarkets – Most lucrative in 2021
      Hypermarket and supermarket companies such as Walmart, SPAR, 7-Eleven, and others offer quick accessibility, discounts, doorstep delivery, and quality verification, which is anticipated to push the sub-segment forward.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • Europe – Significant market share in 2021
      Growing demand for spring water due to a scarcity of drinking water, rising awareness of waterborne health illnesses, increasing health consciousness, rapid urbanization, a surge in disposable income, increased penetration of the food service industry, and an improvement in living standards in this region are predicted to propel the market in the forecast period.

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Dynamics of the Global Spring Water Market

The increasing awareness among consumers about the health benefits of drinking spring water is expected to make the spring water market a highly profitable one in the forecast period. Additionally, the development of environmentally friendly packaging, flavored water with approved ingredients, portability, and rapid restaurant expansion are predicted to propel the market forward. However, the rise in environmental pollution caused by plastic bottles, as well as a lack of awareness about the health risks associated with low-cost tap water, might become a restraint in the growth of the market.

Increased attempts to reduce harmful effects caused by inappropriate disposal of spring plastic water bottles are predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, a rise in living standards, surge in disposable income, increase in urban population, and the advent of environmentally acceptable container materials are expected to propel the spring water market forward in the coming period.

COVID-19 Impact on the Global Spring Water Market

The COVID-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The spring water market, too, was negatively impacted due to the pandemic. During the pandemic period, due to the increased risk of virus transmission among the workforce, certain companies that make bottled water have either ceased or reduced their operations. Moreover, the global tourism sector's losses rapidly resulted in a drop in sales and a further reversal of the trend. As a result, spring water production decreased, limiting the market growth. However, after the relaxation of the pandemic, the growth of the spring water market is likely to surge because restaurants and food outlets are increasingly inclined to purchase spring water.

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Key Players of the Global Spring Water Market

The major players of the market include

  • CG Roxane LLC
  • Tata Consumer Products Limited (Himalayan)
  • Nestle S.A.
  • PepsiCo
  • Ten Spring Water
  • Coca-Cola (Valpre)
  • Orient Beverages Pvt. Ltd. (Bisleri International Pvt. Ltd.)
  • Danone (Evian)
  • Mountain Valley Spring Water (Primo Water Corp.)
  • 3 Spring Water

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

For instance, in March 2023, Kristal Kola, a manufacturer of natural spring water, mineral water, and soft drinks, announced the launch of the Turkish market's first spring water in cans, offering a sustainable product in sustainable packaging.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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