Spring or mineral water is glacial or mountain water, which is rich in trace minerals like potassium, calcium, magnesium, and sodium. These minerals impart an alkaline nature to spring water which makes it a healthy substitute for normal tap water. Spring water also helps in providing essential nutrients to the body and prevent chronic ailments which are a product of unhealthy dietary and lifestyle preferences.
Forecast Analysis of the Spring Water Market
Growing concerns with respect to effects of regular intake of contaminated water on human health is predicted to be the primary growth driver of the global spring water market in the forecast period. Additionally, increasing awareness with respect to health benefits associated with intake of spring water is anticipated to push the market forward. Along with this, rapid urbanization and growth in the per capita spending capacity of urban populace is projected to offer numerous growth and investment opportunities to the market in the analysis timeframe. However, the high cost of spring water bottles is estimated to create hurdles in the full-fledged growth of the spring water market in the coming period.
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Regionally, the spring water market in the Europe region is expected to be the most dominant by 2031. Growing consciousness and awareness with respect to waterborne health diseases is expected to be the leading factor behind the growth of the market in this region.
According to the report published by Research Dive, the global spring water market is expected to gather a revenue of $465.2 billion by 2031 and grow at 8.7% CAGR in the 2022–2031 timeframe. Some prominent market players include Orient Beverages Pvt. Ltd. (Bisleri International Pvt. Ltd.), Ten Spring Water, 3 Spring Water, CG Roxane, Coca-Cola (Valpre), Mountain Valley Spring Water (Primo Water Corp.), Nestle S.A., Danone (Evian), Tata Consumer Products Limited (Himalayan), PepsiCo, and many others.
Covid-19 Impact on the Market
The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The spring water market, too, faced a negative impact of the pandemic. The disruptions in the global supply chains immensely affected the production of spring water bottles which led to a decline in the regular supply of finished goods in the market. This ultimately brought down the growth rate of the market during the pandemic.
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Significant Market Developments
The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the spring water market to flourish. For instance:
In November 2021, BlueTriton Brands, Inc., a leader in spring water industry, announced the acquisition of Saratoga Spring Water Company, a New-York based spring water company. This acquisition by BlueTriton Brands is predicted to help the company to increase its market share substantially in the coming period.
In October 2022, Primo Water Corporation, a global leader in sustainable drinking water solutions, announced the acquisition of Crystal Spring Water Company, a company specializing in manufacturing of bottled water. This acquisition is anticipated to help Primo Water Corporation to augment its resources and expand its business in the Americas and European region.
In March 2023, Source Global, a leading renewable drinking water solution developer, announced that it had signed an agreement to acquire Proud Source Water, a company manufacturing bottled spring water. This acquisition is predicted to help Source Global to increase its footprint in the global spring water market in the near future.
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