Dublin, June 08, 2023 (GLOBE NEWSWIRE) -- The "Household Water Dispensers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Function and Distribution Channel" report has been added to ResearchAndMarkets.com's offering.
The household water dispensers market was valued at US$ 5,395.43 million in 2022 and is projected to reach US$ 7,401.12 million by 2028; it is expected to register a CAGR of 5.4% from 2022 to 2028.
Regional and international players in the household water dispensers market are engaged in expanding their geographical presence in the global market. For instance, in October 2021, Unilever announced the launch of Pureit, a reverse osmosis (RO) water purification system, in the US.
The launch was aimed to cater to the growing demand for household water dispensers in the international market. Thus, such development strategies by household water dispenser manufacturers are expected to open new opportunities in the market during the forecast period. Therefore, fueling the household water dispensers market growth.
Based on function, the household water dispensers market is bifurcated into water cooling/heating and regular. The regular household water dispensers segment accounted for a larger share of the market in 2022, and the water cooling/heating household water dispensers segment is expected to register a higher CAGR during the forecast period. Household water dispensers with heating and cooling functions are becoming increasingly popular among consumers. These dispensers offer a convenient and efficient solution to having hot and cold water readily available for drinking or cooking.
Moreover, one of the main benefits of these water dispensers is their energy efficiency as these dispensers use advanced technology to quickly and efficiently heat or cool water on demand; owing to this factor, more and more consumers are demanding household water dispensers with heating and cooling functions. Further, these dispensers are also equipped with safety features to prevent overheating or overcooling of the water. A few models of water dispensers are equipped with built-in filtration systems to ensure the water is clean and safe to drink at home.
Governments of various countries-imposed restrictions to prevent the spread of SARS-CoV-2 in the North America, which resulted in the shutdown of brick-and-mortar stores such as specialty stores, supermarkets, and hypermarkets. Thus, due to the shutdown of the retail stores, the sales of household water dispenser products decreased, ultimately affecting the growth of the market. However, the demand for household water dispensers surged owing to the increasing awareness regarding the benefits of water dispensers, rising investment by key manufacturers, and growing incidences of waterborne diseases.
Based on region, the household water dispensers market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2022, Asia Pacific held the largest share of the household water dispensers market and is estimated to register the highest CAGR over the forecast period.
The convenience of having access to clean hot or cold water at any time without having to boil or refrigerate it is a crucial factor driving the sales of household water dispensers with heating and cooling functions. Furthermore, using water dispensers at home eliminates the need for bottled water, which can save money and reduce plastic waste.
Consumers in China are becoming more health conscious and looking for ways to ensure the water they drink is clean and safe. Also, China has been facing severe environmental problems, and many consumers are looking for ways to reduce their environmental footprint. Consumers can use a water dispenser at home to reduce their use of single-use plastic water bottles.
Moreover, buying a household water dispenser ultimately saves money. The initial investment in a water dispenser might be higher than buying bottled water, but over time, it can save money on water bills and reduce the need to buy bottled water. Therefore, the above-mentioned factors drive the household water dispensers market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 153 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value in 2022 | 5395.43 Million |
| Forecasted Market Value by 2028 | 7401.12 Million |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increase in Demand for Clean Drinking Water
- Growing Adoption of E-Commerce Platforms
Restraints
- Additional Maintenance Costs and Frequent Component Replacement
Opportunities
- Strategic Development Initiatives by Key Market Players
Future Trends
- Technological Advancements in Household Water Dispensers
Companies Mentioned
- Sodastream, Inc.
- Avalon Water, Co. Inc.
- Blue Star Ltd.
- International Business Development, Inc.
- Cosmetal Srl
- Culligan International, Co.
- Canaletas Sa
- Waterlogic Holdings Ltd.
- Primo Water Corp.
- Clover Co. Ltd.
- Oasis International, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/w26722
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