According to The Insight Partners study on “Sparkling Water Market Forecast to 2028 – COVID-19 Impact and Global Analysis – By Category (Plain, Flavored); Packaging Type (Bottles, Cans), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, Others)” the sparkling water market was valued at USD 23,271.30 million in 2021 and is projected to reach USD 55,298.58 million by 2028; it is expected to grow at a CAGR of 11.7% from 2021 to 2028.The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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Sparkling water is one of the preferred alternatives for soft drinks such as soda and juices. Sparkling water is produced when water is infused with carbon dioxide under pressure which makes it drink similar to soft drink with less calories. It comes in plain and flavored categories with added sweeteners and sugar. Sparkling water keeps person hydrated and provides weight management benefits. Research also states that, sparkling water improves digestion and help to relieve constipation. Currently, sparkling water gaining popularity owing to its health benefits and less calorie content compared to other soft drinks.
Consuming sparkling water can help consumers in managing weight, improving digestion, staving off dehydration, and reducing cholesterol and sugar levels. As per the Union of European Beverages Associations (UNESDA), soft drinks manufacturers in Europe lowered the added sugars in drinks by an average of 14.6%, which has resulted in a total reduction of 26% since 2000. This move indicates their concerns regarding a strong competition from companies offering functional beverages. Thus, health benefits associated with sparkling water are boosting the market growth
Effect of COVID-19 on Sparkling Water Market
With the spread of COVID 19 across the globe, most countries declared a health emergency and stopped unessential movements, thus impacting heavily on the supply chain of goods. This also raised the demand for healthy food and beverage from the consumers that boost immunity. With the relaxation of the COVID 19 norms, the market conditions resumed with the necessary precautions. The pandemic largely influenced the buying behavior of consumers towards healthy and nutritious food and beverages. During the initial months of the Covid-19 pandemic, a majority of public places and offices were closed, which led to a considerable drop in the commercial demand for sparkling water. However, widespread home isolation orders have spurred the demand for bottled water of various kinds among households across the globe, including sparkling water. This pandemic is projected to impact the sparkling water market at a low level and is anticipated to recover in the next two to three quarters.
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Based on distribution channel, the global sparkling water market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held the largest share of the global sparkling water market in 2021. Supermarkets and hypermarkets are amongst the prominent distribution channels for sparkling water, especially in developed countries. A supermarket is a large self-service retail store that primarily offers groceries and household goods. Fresh fruits, dairy goods, baked items, meat, canned and packaged meals, a variety of non-food items, and wide assortments of beverages are commonly found in a supermarket. A hypermarket is a bigger version of a supermarket and generally stocks everything a customer requires, including groceries, household goods, toys, furniture, and electronic gadgets. Customers can shop a variety of products of different brands under one roof. Moreover, supermarkets and hypermarkets offer products at discounted prices which attracts large consumer groups. Supermarkets and hypermarkets are considered as highly accessible and convenient sources to shop a variety of products. High customer traffic in supermarkets and hypermarkets makes it easier for the sparkling water brands to reach a wide group of customers. The manufacturers highly focus on selling sparkling water through supermarkets and hypermarkets since these retail stores are well-equipped with storage facilities like refrigerators that ensure the product is kept chilled.
The global, sparkling water market is segmented into five main regions— North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. In 2021, Asia Pacific accounted for the largest share of the global sparkling water market. Many Asia-Pacific countries, such as China and India, are among the world’s fastest-growing populations. The packaging industry is expanding in the region because of its wide range of applications. The existence of various established sectors such as food & beverage, in nations such as China, India, Japan, and South Korea has increased the demand for packaging solutions in the region. The surging consumption of processed food and rising technologies for packaging drive the growth of the sparkling water market. Consumers are becoming more health-conscious and looking for healthy products. Hydration has become a crucial issue in the beverage business resulting in an increase in demand for bottled water, coconut water, and functional beverages. Soft drink companies have responded to this trend by releasing sports drinks and functional bottled water that are all focused on hydration. With the growing consumption of packaged food & beverages in the region, sparkling water market in Asia Pacific is expected to witness significant growth over the forecast period.
Sparkling Water Market: Competitive Landscape and Key Developments
PepsiCo, Nestle, A.G. Barr, Crystal Geyser Water Company, Talking Rain, National Beverage Corp., Asahi Group Holdings, Ltd., Dr Pepper Snapple Group, The Coca-Cola Company, and Limitless are among the key players in the global Sparkling Water market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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