The bottled water market has expanded significantly over the years and is still growing as more people worldwide appreciate its convenience and health advantages. The global market for bottled water was estimated to be worth over $200 billion in 2019 and is anticipated to expand to $330 billion by 2027, with a CAGR of 7.4% from 2020 to 2027, according to latest industry data.
Many things, including rising health consciousness among consumers, expanding access to flavored and functional water, and rising demand for safe drinking water, can be blamed for the increase in bottled water demand. Additionally, people favor bottled water because of its accessibility and practicality, which has contributed to the industry’s expansion.
Geographically speaking, the Asia Pacific region is anticipated to see the highest growth in the bottled water market because of the rising urbanization and population in nations like China, India, and Indonesia. With the United States being the world’s largest user of bottled water, North America and Europe are also anticipated to remain key markets for the beverage.
Nigeria’s enormous population and strong demand for clean drinking water make it a desirable place to launch a pure water business. Starting a pure water business in Nigeria might be expensive depending on the size of the enterprise, the area, and the legal requirements. In Nigeria, however, the average cost to build a small-scale facility to produce pure water is between $5,000 and $10,000, while the price to build a large-scale plant might reach $50,000 or higher. In conclusion, the market for bottled water is developing quickly and is predicted to do so for the foreseeable future. The market is expanding as a result of the rising demand for clean, safe drinking water as well as the convenience and accessibility of bottled water. Given the enormous demand for clean drinking water in Nigeria, operating a pure water business there could also be financially rewarding.