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Water Filters Market Segmented By RO Filters, UV Filters, Carbon Filtration Product Type in 1 Stage Filters, 3 Stage Filters, 5 Stage Filters, 7 Stage Filters
Water filters are gaining increased attention of consumers around the world, due to rising pollution concerns with the usage of bottled water. These are also being highly preferred as they dispense pure water without affecting the mineral composition of the water. The report by PMR talks about why RO filters are much sought-after across regions, and how manufacturers in the global water filter market are leveraging all these factors to push sales and increase profits. It also explains in detail why the regions of Asia Pacific and Europe are projected to be lucrative markets for various stakeholders in this industry.
Declining Water Quality Driving Global Water Filter Market: Globally, the greatest water related challenge is pollution of its surface and ground water resources from agricultural, industrial, as well as domestic sources. It has been largely realized that, urbanization impacts the quality of water, by and large in a negative manner. Considering the fact that freshwater resource is needed for nearly all drinking and irrigation water demand, declining water quality index of freshwater resources is a major concern. As opposed to biological contamination, chemically-contaminated water does not show an immediate effect on human health; however, it leads to accumulation in the body and subsequent ill effects. As a result, consumer preference is increasing toward water filters within the domestic sector, guaranteeing consumption of water with excellent water quality index. This factor is aiding the expansion of the global water filter market size.
Manifold Benefits of Water Filtration Systems Surging Sales of Water Filters: Inclusion of water filtration systems in practically every household is because of the manifold benefits they come with, augmenting sales in the water filter market. An established fact is that, water filters help remove water impurities, but in hindsight, filtered water tastes and smells better, satisfying the palette of consumers. Drinking pure water boosts the immune system and mental health function. Moreover, it offers tenfold benefits, ranging from skin hydration, nutrient absorption, detoxification, and digestion, to reduction in the risk of cancer. Water filters remove contaminants from water without voiding it of essential minerals, which is highly beneficial for optimal health. As such, sales in the global water filter market are surging at an impressive rate.
Water Filters Gaining Traction over Bottled Water: In general, bottled water sales have witnessed an increase in recent years, owing to the need for high quality water. The middle-class population, worldwide, is considerably high, ranging from 40-60%. As a matter of fact, regular purchase of bottled water is considerably high, but water filters are being considered as a more effective replacement, thereby driving global demand in the water filter market. Evidently, water filters guaranty convenience. The mere fact that a water filter dispenses fresh, high quality drinking water readily gives it an upper hand over bottled water. Moreover, water filters are durable, portable, and easy to change for quick filtration, and are low maintenance. Additionally, bottled water tags along with it the menace of plastic waste accumulation and pollution of all forms. In order to curb this menace, there has been a surge in the expansion of the water filter market.
Uncertainty of regulatory measures associated with water filters are challenging the positive trajectory of the water filter market. Water filters are not regulated by any health commission or department, thereby highlighting the variable effectiveness of water filters among various manufacturers operating in the industry.
The National Sanitation Foundation (NSF), a nongovernmental organization that tests products used to filter water, awards an NSF seal to those who pass the test. However, testing is voluntary and there exist no standards and regulations regarding the installation and use of water filters, creating uncertainty in this space. Consumers are gaining awareness toward authenticity and benefits within every sector, and a stricter lookout toward false claims has caught the attention of manufacturers, subsequently diminishing the negative impact on the water filter market to some extent.
The global water filter market represents a moderately consolidated competition landscape, where a majority of key water filter market players maintain their strategic focus by adding new brands into the store shelf space, refurbish brand identity, focus on innovative pricing strategy, market expansion, strategic partnerships, and mergers & acquisitions.
According to PMR’s report, the water filter market is estimated to register a CAGR of more than 8% during the forecast period of 2020-2030. Asia Pacific held the largest water filter market share in 2019, followed by Europe, owing to rise in income and purchasing power, population strength, and increase in brand consciousness. Moreover, rising demand for point-of-entry water filters also drives global sales of water filters. East Asia and South Asia hold the largest market, owing to the large consumer base. The Middle East & Africa region holds the lowest share in the global water filter market.
The world is facing an unprecedented global health, social, and economic emergency as a result of the COVID-19 pandemic. The pandemic and effective lockdowns have hit the retail sector hard, though for a brief period. Factory shutdowns have slashed production capacity, also stalling sales for a brief period of time. In hindsight, the online sales channel has proliferated in a big way, mainly in developing countries. Additionally, since a water filter is an essential small-scale home appliance, demand and sales have bounced back post-lockdown.
A brief overview of the changing landscape of the water filter market has led our analysts to conclude that, the market is gaining healthy momentum. Adoption of point-of-entry water filters is expected to influence the overall market over the coming years. On the other side, increasing demand for technological advancements and espousal of third-party e-Commerce channels are expected to continue in the future. Also, customers are changing the way they shop; therefore, omni-channel point of distribution, and predominantly online retailing, is gaining importance.
PMR’s research study on the global water filter market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The water filter market is segmented on the basis of product type, stage, end use, sales channel, and region. Every segment is analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
The water filter market research report includes a competitive landscape that provides a dashboard view of key competitors operating in the market. Some of the market players included in this section are 3M, A.O. Smith Corporation, GE, Kent Supreme, Eureka Forbes, Aquasana, Brita, Crystal Clear, Culligan, Watts Premier, Everpure, HUL, Propure Technologies, Home Master, Express Water, and Panasonic, among others.