With a market value of more than $200 billion worldwide, bottled water has gained popularity as a drinking option. There are several similar characteristics that make up the core demographic of bottled water customers, while the target market for bottled water differs based on the brand and the type of water.
People that emphasize their health and wellness are the main target market for bottled water. With millennials and Gen Z customers leading the way in bottled water consumption, this population tends to be younger. These customers frequently have no problem shelling out more money for bottled water that is touted as being pure, natural, and free of impurities.
Travelers and outdoor enthusiasts make up a significant additional target market for bottled water. Many companies have benefited from the fact that bottled water is an easy-to-carry source of hydration by developing packaging that is ideal for outdoor activities and travel.
One of the most popular bottled water brands in the world is Fiji Water, and a few crucial elements contributed to their success. First off, Fiji Water is positioned as a luxury good with a high price tag and upscale packaging. This appeals to customers who are prepared to shell out more money for a product they believe to be of superior quality.
The fact that Fiji Water comes from a secluded, pristine area of Fiji also contributes to the brand’s reputation of exclusivity and purity. The business has also placed a strong emphasis on sustainability, using eco-friendly packaging materials and funding Fijian conservation projects.
There are various feasible business ideas to take into consideration for entrepreneurs wishing to enter the bottled water sector. One choice is to develop a specialized brand of bottled water that targets a certain market segment, like athletes or health-conscious people. Another suggestion is to concentrate on environmentally friendly and sustainable packaging, which is gaining popularity among consumers.
There are a few important procedures to consider if you want to launch a water purifying business in South Africa. You must first conduct market research to ascertain whether there is a need for purified water in your region. The next step is to find a location, gather the necessary tools and supplies, and gain the relevant licenses and permits. Building a successful water filtration firm will also require careful consideration of marketing and branding strategies.
The market study summary is a crucial part of any company plan, to wrap up. This section describes the target market for your good or service, together with your rivals and current market developments. To produce a precise and useful market study summary, it is crucial to do in-depth research and analysis. This data is essential for assessing your company’s viability and luring lenders or investors.
Unfortunately, there is no information in the paper on how much money the water firms make. It largely focuses on the characteristics and reasons why people buy bottled water.
The article estimates that the global market for bottled water is worth about $200 billion.