The sparkling water market size is projected to reach US$ 68.03 billion by 2031 from US$ 28.03 billion in 2023. The market is expected to register a CAGR of 11.7% in 2023–2031. The growing popularity of sparkling water among millennials is likely to remain a key sparkling water market trends.
Sparkling Water Market Analysis
Various health benefits associated with sparkling water are boosting the growth of the sparkling water market. With the growing trend of adopting a healthy lifestyle among all age groups, consumers are progressively switching to healthy and innovative drinks, including sparkling water, especially as an alternative to sodas and sugary carbonated beverages. This is increasing the sparkling water market size. According to Nestlé, a Switzerland-based food and beverages company, ~64% of consumers prefer functional beverages with no added calories. In addition, most young age consumers are increasingly opting for sparkling water over plain water, mainly due to their preference for flavours.
Sparkling Water Market Overview
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 drinks with less calories. It comes in plain and flavoured categories with added sweeteners and sugar. Sparkling water keeps a person hydrated and provides weight management benefits. Research also states that sparkling water improves digestion and helps to relieve constipation. Currently, sparkling water is gaining popularity owing to its health benefits and less calorie content compared to other soft drinks.
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Sparkling Water Market: Strategic Insights
Market Size Value in US$ 23,271.30 Million in 2021 Market Size Value by US$ 55,298.58 Million by 2028 Growth rate CAGR of 11.7% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Sparkling Water Market: Strategic Insights
| Market Size Value in | US$ 23,271.30 Million in 2021 |
| Market Size Value by | US$ 55,298.58 Million by 2028 |
| Growth rate | CAGR of 11.7% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Sparkling Water Market Drivers and Opportunities
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 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. Also, 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.
Surge in At-Home Consumption
During the initial months of the COVID-19 pandemic, most offices and public places were closed, which led to a substantial drop in the commercial demand for sparkling water. However, widespread home isolation orders due to COVID-19 have driven the demand for various types of bottled water, including sparkling water, among households. The change in consumers’ shopping behavior is also one of the significant factors driving sales through the online channel. Thus, a surge in at-home consumption is creating lucrative opportunities for the growth of the sparkling water market players.
Sparkling Water Market Report Segmentation Analysis
Key segments that contributed to the derivation of the sparkling water market analysis are category, packaging type, and distribution channel.
- Based on category, the sparkling water market is segmented into plain and flavoured. The flavoured segment held a larger market share in 2023.
- By packaging type, the market is segmented into bottles and cans. The cans segment held a larger share of the market in 2023.
- In terms of distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retail, others. The supermarkets and hypermarkets segment held a larger share of the market in 2023.
Sparkling Water Market Share Analysis by Geography
The geographic scope of the sparkling water market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The Asia Pacific region holds a larger share of the global market. North America is also one of the major contributors in the global sparkling water market growth. In North America, the sparkling water market is currently in the growth phase and experiencing exponential growth. With the growing trend of leading a healthy lifestyle among all age groups, the population of North America is gradually shifting towards healthy and innovative drinks, including sparkling water. The market is likely to be driven by rising consumer preference for sparkling water over soda water and sugary carbonated drinks.
Sparkling Water Market Report Scope
Sparkling Water Market News and Recent Developments
The sparkling water market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for sparkling water and strategies:
- PepsiCo, the leading-edge food and beverage company, just launched its latest innovation, soulboost, a sparkling water beverage with a splash of real jsuice and functional ingredients. Soulboost captures the fun of a fruity drink through a light, guilt-free sparkling water refreshment. Its two varieties, Lift and Ease, offer four delicious flavors and just 10 to 20 calories per 12 oz can. (Source: Cision US Inc, Company Website/News Release/2021)
- Perrier, a brand of Nestlé SA, Vevey, Switzerland, expanded into the carbonated energy beverage market with its latest release: Perrier Energize. The effervescent mineral water from France sources its caffeine from organic green coffee and yerba mate extracts. (Source: BNP Media., Company Website/ Articles /2021)
- Keurig Dr Pepper acquired Chicago-based caffeinated sparkling water brand Limitless. Terms of the deal were not disclosed. (Source: Industry Dive, Company Website/ News/2020)
Sparkling Water Market Report Coverage and Deliverables
The “Sparkling Water Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Category ; Packaging Type; Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, El Salvador, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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