Pune, India, July 28, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Sparkling Water Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Category, Packaging Type, Distribution Channel, and Geography,” the sparkling water market is expected to grow from $ 23.27 billion in 2021 to $ 55.3 billion by 2028; it is estimated to grow at a CAGR of 11.7% from 2021 to 2028. The projected growth of the market is attributed to the health benefits associated with sparkling water and an increasing number of new product launches.
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In 2021, Asia Pacific held the largest revenue share of the global sparkling water market. Many Asia-Pacific countries, such as China and India, are among the world's fastest-growing populations. 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, the sparkling water market in the Asia Pacific is expected to witness significant growth over the forecast period. In China, the sparkling water market is predicted to rise as people become more health-conscious and seek healthier alternatives to carbonated beverages. The market for sparkling water is likely to grow in the forecast period as consumers become more health conscious, owing to the rising prevalence of lifestyle illnesses such as obesity and other related health issues as a result of increased consumption of soft drinks and unhealthy fast foods.
Increasing Number of New Product Launches
Manufacturers are launching innovative beverage varieties to reduce levels of added sugar and improve the overall consumer experience. In March 2020, Coca-Cola, North America, launched its novel sparkling water brand—Aha. Moreover, in March 2021, Nestle's US Perrier brand announced Energize, caffeinated sparkling water. With this, the company has presented its initial line of carbonated energy beverages. Further, in May 2021, PepsiCo launched Soulboost, an enhanced sparkling water beverage made with real juice and functional ingredients. The sparkling water market is witnessing continuous innovations in terms of flavours; however, the future of the sparkling water market is likely to be dominated by caffeinated sparkling water. In 2020, the caffeinated sparkling water segment held a significant market share. To satisfy the growing demands, manufacturers are trying to launch new product variants with caffeine in it. Therefore, the continuous product innovations by key sparkling water companies are grabbing the attention of consumers, thus propelling the sparkling water market growth.
Sparkling Water Market: Segmental Overview
Based on packaging type, the market is segmented into bottles and cans. The sparkling water market share for the cans segment was the largest in 2021. Cans are innovative and trendy packaging adopted for sparkling water. Cans are gaining a higher acceptance amongst the millennials owing to the trendy, colorful, and small packaging of cans. Consumers can easily hold a can in their hands and consume sparkling water anywhere and at any time. Sparkling water packed in cans remain fresh and flavorful for a longer duration as compared to sparkling water packed in plain and transparent bottles.
The sparkling water market, by distribution channel, is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The sparkling water market share for the supermarkets and hypermarkets segment was the largest in 2021. Supermarkets and hypermarkets are among 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. 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.
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Impact of the COVID-19 Pandemic on the Sparkling Water Market
Governments of various countries across the globe imposed country-wide lockdowns that directly impacted the growth of the industrial sector. In China, movement restrictions and related labor shortages reduced industrial activities across various industries. The unprecedented rise in the number of COVID-19 cases across the globe, along with the subsequent lockdown of manufacturing facilities in the countries, has negatively influenced the sparkling water market growth. On the other hand, the demand for healthy food and beverage that boost immunity has increased during the pandemic. This has positively impacted the sparkling water market growth. Widespread home isolation orders have spurred the demand for bottled water of various kinds among households across the globe, including sparkling water. In 2021, the lockdown restrictions have slowly lifted in different countries. With this, the demand for sparkling water has further improved in different countries.
Sparkling Water Market: Competitive Landscape and Key Developments
A few players operating in the global sparkling water market include PepsiCo; Nestle; A.G. Barr; Crystal Geyser Water Company; Talking Rain; National Beverage Corp.; Asahi Group Holdings, Ltd.; Dr Pepper Snapple Group, Inc.; Limitless; and The Coca-Cola Company. Players operating in the global sparkling water market focus on providing high-quality products to fulfill customer demand. These companies are adopting strategies such as product developments, capacity expansions, and mergers and acquisitions to expand their footprints across the globe and meet the growing demand from consumers.
Key Developments
- In 2021, PepsiCo launched Soulboost, a sparkling water beverage with a dash of real juice and beneficial ingredients. Soulboost is a light sparkling water refreshment that mimics the taste of a fruity beverage. Lift and Ease are the two flavours available, each with four exquisite flavours and 10 to 20 calories per 12 oz.
- In 2021, In the United States, Nestle added caffeinated sparkling water to their Perrier line. Perrier Energize is available in three flavours: Grapefruit, Tangerine, and Pomegranate.
- In 2020, Keurig Dr Pepper acquired the sparkling water brand “LIMITLESS”. The deal will help grow the distribution of limitless products.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
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Water Softeners Market Forecast to 2028 - COVID-19 Impact and Global Analysis
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