Global Plant Based Water Market Overview
Plant Based Water Market Size was estimated at 10.52 (USD Billion) in 2022. The Plant Based Water Market Industry is expected to grow from 12.55(USD Billion) in 2023 to 61.4 (USD Billion) by 2032. The Plant Based Water Market CAGR (growth rate) is expected to be around 19.29% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Plant Based Water Market Trends Highlighted
The concept of using Plant Based water is quickly becoming popular as an eco-friendly substitute for common beverages. The reasons for this trend include increasing health awareness, the desire to protect the planet, and the increase of veganism. Areas of market potential include broadening the scope of distribution channels, doing some up-market product innovation, and focusing on a particular market segment. The recent trend shows the development of Plant Based waters of a functional nature with added vitamins, minerals, and flavors. Besides, such plant water can be used as an ingredient in food and beverage products, which can help in achieving growth.
Plant Based Water Market Drivers
Rising Health Consciousness
In the modern era, consumers are becoming more cognizant of the benefits of living a Plant Based lifestyle, such as having an overall healthier cardiovascular system, being less prone to type 2 diabetes, being immune from some types of cancer, and having overall better weight control. Taking all these advantages into account, there is a surge in demand for plant alternatives that exceed their traditional, inferior, animal-based counterparts, such as Plant Based water.
Plant Based water can be definitively considered healthier as it lacks the synthetic sugars, flavorings, and preservatives that are inert in traditional bottled water. Plant Based water is also a rich source of a wide array of essential vitamins and minerals, including but not limited to calcium, magnesium, and potassium.
Growing Environmental Concerns
Consumers today have a growing interest in the environment. Bottled water does a great deal of harm to the environment, as producing it requires many resources and much energy. The production process is not environmentally friendly, and few of the plastic bottles are recycled, which means that they are wasted, polluting the earth. Water from vegetable sources is regarded as the best solution, as it is a very cost-effective and environmentally friendly alternative.
Expansion of the Vegan Population
The number of people adopting a vegan lifestyle is growing rapidly around the world. Vegans abstain from consuming any animal products, including meat, dairy, eggs, and honey. As a result, there is a growing demand for Plant Based alternatives to traditional products, such as Plant Based water. Plant Based water is a good source of hydration for vegans, and it is also free from any animal-derived ingredients.
Plant Based Water Market Segment Insights
Plant Based Water Market Type Insights
According to the Plant Based Water Market segmentation by Type, the Sparkling, Still, and Flavored segments can be outlined. It is estimated that the Sparkling segment is expected to hold the largest market share by 2023, and its CAGR will amount to 21.0% during the envisaged period. The Still segment is likely to have the second-largest market share, with a CAGR of 18.5%. Finally, by the end of 2023, the Flavored segment may see the fastest CAGR of 24.5%. The Sparkling segment of Plant Based water is growing due to the rising popularity of carbonated beverages, as well as the increased health consciousness among consumers.
Several key players have launched different flavors and packaging solutions to accelerate the development of the Sparkling segment of the Plant Based water market. The Still segment of Plant Based water is on the rise because a growing number of consumers are interested in unsweetened and naturally flavored drinks. People continue to demonstrate improved knowledge regarding the benefits of Plant Based water, such as fewer calories, lack of added sugars, and a plethora of nutrients. The Flavored segment of Plant Based water is likely to experience substantial growth over the forecast period owing to the increasing demand for multiple flavors of Plant Based beverages.
Such market players as PepsiCo and Keurig Dr. Pepper are launching new flavor combinations to meet the changing demands of consumers. Overall, the increasing demand for Plant Based water as a healthier and more invigorating alternative to other drinks is facilitating the expansion of the Plant Based Water Market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Plant Based Water Market Source Insights
The source segment plays a crucial role in the Plant Based Water Market, influencing product quality, taste, and consumer preferences. Among the key sources, spring water holds a significant market share due to its perceived purity and natural mineral content. The spring water market is projected to reach USD 30.2 billion by 2024, growing at a CAGR of 5.2%. Artesian well water, sourced from underground aquifers, is another important segment, gaining popularity for its consistent quality and high mineral content. Purified water, obtained through various filtration processes, is also witnessing steady growth due to increasing consumer demand for safe and contaminant-free drinking water.
The segmentation of the Plant Based Water Market by source offers insights into consumer preferences, regional variations, and the competitive landscape, enabling stakeholders to make informed decisions and develop targeted marketing strategies.
Plant Based Water Market Packaging Insights
The packaging segment plays a crucial role in the Plant Based Water Market, influencing consumer choices, product preservation, and environmental sustainability. Bottles, cans, and cartons are the primary packaging formats used in the industry. Bottles, particularly made from polyethylene terephthalate (PET), dominate the market due to their lightweight, durability, and recyclability. They offer convenience for on-the-go consumption and extended shelf life. In 2023, the Plant Based water market revenue from bottles was estimated to be around USD 320 million, but it is projected to reach USD 700 million by 2028, exhibiting a CAGR of 13.5%.
Cans, primarily made from aluminum, are gaining traction due to their sustainability advantages. They are infinitely recyclable and have a high recycled content, contributing to the growing demand for eco-friendly packaging solutions. The Plant Based Water Market segment for cans is expected to reach USD 150 million by 2028, growing at a CAGR of 14.2%. Cartons, such as Tetra Paks and gable-top cartons, offer an alternative to bottles and cans. They are lightweight, portable, and have a lower environmental impact compared to other packaging materials.
The Plant Based Water Market for cartons is estimated to be around USD 120 million in 2023, projected to grow to USD 280 million by 2028, with a CAGR of 12.5%.
Plant Based Water Market Distribution Channel Insights
The distribution channel segment plays a crucial role in the Plant Based Water Market, influencing market growth and revenue generation. Supermarkets and hypermarkets dominate the market, accounting for a significant share of Plant Based Water Market revenue. Their vast product offerings, strategic locations, and established customer base contribute to their dominance. Convenience stores are gaining traction due to their convenient locations and extended operating hours, catering to on-the-go consumers. Online retailers, leveraging the e-commerce boom, offer a wide selection of Plant Based water products, doorstep delivery, and competitive pricing.
Food service providers, including restaurants, cafes, and hotels, are expanding their Plant Based beverage offerings to meet the growing demand for healthier and sustainable options.
Plant Based Water Market Regional Insights
The Plant Based Water Market is expected to witness significant growth in the coming years, driven by rising consumer demand for healthier and more sustainable beverage options. Regionally, North America is expected to dominate the market, accounting for a significant share of the revenue. Followed by Europe. The Asia-Pacific region is also anticipated to exhibit robust growth, owing to increasing health consciousness and growing disposable incomes. South America and the Middle East and Africa (MEA) are expected to contribute moderately to the overall market growth.
Key market insights include the growing popularity of Plant Based diets, technological advancements in Plant Based water production, and increasing awareness about the environmental benefits of Plant Based water consumption.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Plant Based Water Market Key Players And Competitive Insights
Major players in the Plant Based water market industry are focusing on developing innovative products to meet the growing demand for Plant Based beverages. Leading Plant Based Water Market players are investing in research and development to create new flavors and formulations that appeal to a wider range of consumers. The development of the Plant Based water market is also being driven by the increasing popularity of Plant Based diets and the growing awareness of the environmental benefits of Plant Based products. The Plant Based Water Market Competitive Landscape is expected to remain competitive in the coming years, with new players entering the market and existing players expanding their product portfolios.
One of the leading companies in the Plant Based water market is Danone. Danone is a food and beverage company that offers a wide range of Plant Based products, including Plant Based water. Danone's Plant Based water is made with a blend of purified water and Plant Based ingredients, such as coconut water, almond milk, and oat milk. Danone's Plant Based water is a popular choice for consumers who are looking for a healthy and refreshing alternative to traditional water.
A competitor of Danone in the Plant Based water market is Oatly. Oatly is a Swedish company that specializes in the production of oat-based products, including oat milk and oat-based water. Oatly's oat-based water is made with a blend of purified water and oats. Oatly's oat-based water is a popular choice for consumers who are looking for Plant Based water that is high in fiber and protein.
Key Companies in the Plant Based Water Market Include
Dean Foods
Pepsico
SIG Combibloc
Rexam
Danone
Elopak
Lactalis Group
Unilever
Ardagh Group
Tetra Pak
Bel Group
Smurfit Kappa
Nestle
PepsiCo
The CocaCola Company
Plant Based Water Market Industry Developments
The Plant Based water market is witnessing a surge in demand due to increasing health consciousness and environmental concerns among consumers. Major market players are expanding their product portfolios and investing in research and development to cater to the growing demand. For instance, in 2023, Danone launched its first Plant Based water brand, AQUAhydrate, in response to the growing consumer demand for sustainable and healthy hydration options. Moreover, governments worldwide are implementing supportive policies to promote Plant Based diets, further driving market growth.
Plant Based Water Market Segmentation Insights
Plant Based Water Market Type Outlook
Sparkling
Still
Flavored
Plant Based Water Market Source Outlook
Spring Water
Artesian Well Water
Purified Water
Plant Based Water Market Packaging Outlook
Bottles
Cans
Cartons
Plant Based Water Market Distribution Channel Outlook
Supermarkets and Hypermarkets
Convenience Stores
Online Retailers
Food Service Providers
Plant Based Water Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 10.52(USD Billion) |
| Market Size 2023 | 12.55(USD Billion) |
| Market Size 2032 | 61.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 19.29% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Dean Foods, Pepsico, SIG Combibloc, Rexam, Danone, Elopak, Lactalis Group, Unilever, Ardagh Group, Tetra Pak, Bel Group, Smurfit Kappa, Nestle, PepsiCo, The CocaCola Company |
| Segments Covered | Type, Source, Packaging, Distribution Channel, Regional |
| Key Market Opportunities | Shift towards natural and sustainable products Increasing awareness of health benefits Growing demand from vegan and flexitarian consumers Rising popularity of plantbased diets Technological advancements in plantbased water production |
| Key Market Dynamics | Rising health consciousness Growing vegan population Product innovation Increasing awareness of environmental sustainability Expanding retail distribution channels |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Plant Based Water Market is expected to be valued at USD 12.55 billion in 2023.
The Plant Based Water Market is projected to grow at a CAGR of 19.29% from 2024 to 2032.
North America is expected to hold the largest market share in the Plant Based Water Market in 2023, followed by Europe and Asia-Pacific.
The food and beverage segment is expected to hold the largest market share in the Plant Based Water Market in 2023.
Key competitors in the Plant Based Water Market include The Coca-Cola Company, PepsiCo, Inc., Danone S.A., Nestle S.A., and Unilever PLC.
Key growth drivers of the Plant Based Water Market include rising consumer demand for Plant Based products, increasing awareness of the health benefits of Plant Based water, and growing government support for sustainable food and beverage production.
Key challenges faced by the Plant Based Water Market include high production costs, limited availability of raw materials, and competition from traditional water products.
Key opportunities for the Plant Based Water Market include expanding distribution channels, product innovation, and strategic partnerships.
Key trends in the Plant Based Water Market include the increasing popularity of flavored Plant Based water, the growing adoption of Plant Based water in food and beverage applications, and the emergence of new Plant Based water sources.
The Plant Based Water Market is expected to reach USD 61.4 billion by 2032.
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