Spring Water Market Outlook 2032
• The global spring water market was valued at US$ 224.96 Bn in 2022
• It is estimated to grow at a CAGR of 8.3% from 2022 to 2032
• The global spring water market is expected to reach US$ 497.37 Bn by the end of 2032
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Overview of Global Spring Water Market
Spring water comes from an underground aquifer. It comes from a subterranean source from which water naturally rises to the surface. Spring water varies in terms of mineral content and Total Dissolved Solids (TDS) levels; both of these are impacted by the location. Demand for nutrient-fortified water has been increasing among working professionals, travelers, and in-house consumers. Products labeled alkaline, electrolyte-rich, and fortified with added hydrogen or oxygen have been gaining popularity of late.
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According to the Natural Resources Defense Council (NRDC), the FDA regulates bottled water insufficiently, allowing producers to brand their product “spring water” even if it does not originate from a natural spring. Carbonated or sparkling spring water can be a good alternative for sugary drinks. The market for spring water is estimated to witness a healthy growth rate during the forecast period, owing to the increase in awareness about the benefits of spring water for skin. Rise in demand for flow spring water and spring mountain water is creating lucrative opportunities for players operating in the global spring water market.
Growth in Health Concerns to Drive Global Spring Water Market
The global canned spring water market is anticipated to grow at the fastest rate, with a valuation of US$ 46,002.2 Mn by the end of 2022. Concerns regarding numerous health issues caused by contaminated water, such as neurological disorders, reproductive issues, and gastrointestinal diseases, have boosted the global demand for hygienic and clean bottled or canned spring water. Bottled water manufacturers claim that seals of their bottles protect water from bacterial contamination regardless of storage time. Healthy mineral water is becoming more popular across the globe.
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As a result, bottled water makers are increasingly focusing on developing improved and new water products, while ensuring that all essential attributes of naturalness and hydration of traditional plain water are retained. This has resulted in several product launches and developments in the bottled water market; many of these are focused on various health benefits.
Rise in Awareness about Health Benefits of Spring Water Augmenting Market
Increase in health awareness among the people has led a shift in demand for safer, more convenient, nutritious, and refreshing beverages that are caffeine-free, calorie-free, or free of other artificial components. This is propelling the global spring water market.
Continuous urbanization, increase in spending power, and growth in preference for healthy water products are driving the food and beverage industry. In turn, this is boosting the demand for spring water. Spring water is free of toxins commonly found in drinking water, as it comes from a pure subsurface water source. Furthermore, pure spring water is high in minerals, which are incredibly good for the body. Spring water has a neutral or slightly alkaline pH, which aids in neutralizing acidity in the body and reducing free radical damage.
Innovative Packaging and Portability of Bottled Spring Water
In terms of container type, the global spring water market has been segregated into bottled and canned. The bottled segment held major share of 79.6% of the global market in 2022. Distribution of bottled spring water has expanded to meet the rising demand. It is now available at nearly every retail shop. Demand for bottled water is also driven by innovation in terms of portability of bottled water packaging. Led by increasingly busy lifestyles, consumers are willing to pay extra for a product that meets their drinking needs. Rise in bottled water purchases among the working population is projected to drive the spring water market.
Easily Accessible Hypermarkets/Supermarkets to Witness Rise in Sales of Spring Water
Based on distribution channel, the global spring water market has been classified into business to business (food service) and business to consumer. The business to consumer segment has been further segregated into hypermarket/supermarkets, departmental stores, convenience stores, and online retail. The hypermarkets/supermarkets sub-segment held major value share of 44.0% in 2022. It is anticipated to maintain a steady growth rate of 7.7% during the forecast period. Supermarket and hypermarket conglomerates such as SPAR, Walmart, 7Eleven, Target, and Aldi have vast grocery store chains with a large customer base around the world. This is projected to drive the sales of spring water in hypermarkets and supermarkets in the next few years. Increase in penetration of smartphones has created new opportunities for the e-commerce platform in the global market. Furthermore, doorstep delivery, discounts, easy accessibility, and quality assurance by companies are boosting the sales of spring water through the online retail sales channel.
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Analysis of Key Players in Global Spring Water Market
The global spring water market is consolidated, with a small number of large-scale vendors controlling the majority of the share. Most of the firms are investing significantly in comprehensive research and development activities. Expansion of product portfolios and mergers and acquisitions are the key strategies adopted by the leading players. Orient Beverages Pvt. Ltd. (Bisleri International Pvt. Ltd.), CG Roxane, LLC, Bluetriton Brands, Pepsico, Berrington Water, Ten Spring Water, Coca-Cola (Valpre), Danone (Evian), Himalayas ONTOP, 3 Spring Water, Magnetic Spring, Mountain Valley Spring Water (Primo Water Corp.), Premium Waters, Inc., Nestle S.A., and Tata Consumer Products Limited (Himalayan) are the prominent entities operating in this market.
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