The global bottled water market size was valued at $283.01 billion in 2021 and is forecast to hit $509.2 billion by 2030, with a compound annual growth rate (CAGR) of 6.7% during that period.
This expanding market has several strong drivers, including the scarcity of drinkable water, and the rising awareness among the population about the ill effects of contaminated water.
On the other hand, the easy availability of bottled water in retail outlets such as supermarkets and convenience stores has shaped the habits of consumers and contributed to the global growth of the industry.
Furthermore, the introduction and availability of various types of bottled water products such as mineral water, sparkling water, and distilled water has gained traction thereby fostering market growth in these segments.
Advancing Market for Various Bottled Water Segments
As the bottled water market evolved, it got a boost from the surging popularity of various kinds of water, which developed into strong market subsegments of their own.
One example is the global cannabidiol market, which was valued at $4.9 billion in 2021 and is projected to reach a value of $47.22 billion by 2028 at an impressive CAGR of 21.20% over that period.
The cannabidiol (CBD) market is experiencing expansion as consumer awareness of health and fitness increases. The demand for cannabidiol is predicted to increase as consumer disposable income increases and medical marijuana is legalized.
Additionally, CBD products treat various issues, including anxiety, stress, sleeplessness, migraines, inflammation, neurological conditions, and others. The capacity of CBD to ease chronic pain has made it a very popular form of medication.
Greene Concepts (OTC: INKW) is an example of a bottled water company that, apart from its natural artesian bottled water branded “Be Water”, also supplies a immune support CBD beverage, “Happy Mellow”, which offers advanced immune support formulations that include Vitamin C, Vitamin D3, and Vitamin B-12. Along with vitamin and mineral provisions, Happy Mellow incorporates an innovative, patent-pending, and crystal-clear water-soluble technology that was originally developed in the biopharma space. This innovative technology has an on-set time of 3 to 9 minutes, resulting in faster absorption into the bloodstream for increased health support. The Happy Mellow brand is offered in three flavors: Plum Punch, Lemon Lime, and Blood Orange.
CEO Lenny Greene said: “Greene Concepts is a company that is dedicated to helping people attain optimal well-being, and I am pleased to have created a drink that can support our consumers’ continued and long-term health. When I drink Happy Mellow, I have improved flexibility, a lack of inflammation, and I feel overall stress-free.”
Growing Demand for Wellness Drinks Boosts INKW Competitive Advantage
The market for cannabidiol and other types of wellness beverages and low sugar content drinks, has one crucial driver they are in high demand by millennials.
This allows smaller beverage companies like INKW to effectively compete in the energy, health, and functional beverage markets, which are less dominated by larger players than in the traditional soft drink market.
For example, the Be Water brand by INKW effectively competes in the traditional drink market because of its quality, taste, origin, and brand value traits. While most bottled water competitors supply purified municipal tap water, Be Water stands out because it uses water from certified springs producing natural artesian water that comes from underground wells. INKW owns seven natural artesian wells that are fed from a natural aquifer to provide an unlimited supply of fresh, clean water for its bottling plant production.
Apart from that, INKW also has a competitive advantage coming from its formulations of products for specific target audiences with unique health and exercise requirements, including CBD. Due to the calcium and magnesium contained in its water products it has a soft, refreshing taste. These positive minerals support stronger bones, muscles, and strengthen the nervous system. Also, the artesian water has a neutral or slightly alkaline pH, which helps to neutralize the acidity in the body and reduces the damage caused by free radicals.
INKW Growth Spurred by Convincing Brands, Expanding Bottling Facility
The company’s competitive advantage has also to do with its capacity to ensure its brands and stores are selling a product that meets the standards of states and the government. Moreover, it currently owns the trademark for “Be Water,” its flagship brand. INKW plans to maintain all registrations of its current trademarks and use future trademarks in the operation of its businesses.
Also, in promoting its brands, the company has access to industry stakeholders, influencers and high-profile consumers who can provide third-party endorsement of INKW products.
And, its bottling facility is in the company’s full ownership, along with the equipment, and the surrounding land. To support this growth, INKW is taking steps to expand its bottling plant size from 60,000 square feet to 80,000 square feet. It is also planning to install another high-speed production line to keep up with increased demand from larger national retailers. The facility can bottle not only its own products but also products for third-party manufacturers as well.
The solid base of a company-owned bottling facility, promising brands, and fast-growing market for various bottled water types all lead to increased sales volume and a stronger retail presence of current and future INKW bottled water products. INKW is working on expanding its bottling plant and improving its infrastructure.
INKW is an actively growing bottled water supplier with emerging brands attractive to various target audiences. It has the potential to make a splash this year given that the wellness-oriented bottled water industry is positioned for significant expansion in 2023. Investors should put this stock on their watchlist because there is tremendous potential for the company as it achieves its growth milestones while providing the public with timely and significant updates throughout the year its sales continue to rise.
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