The home water purifier filter market size is expected to grow at a compound annual growth rate of 6.14% from 2022 to 2027. The market size is expected to increase by US$1,715.22 million. The growth of the market is dependent on several factors such as technological innovation for product differentiation, rise in water-borne diseases, and high penetration of low-cost Home water purifiers.
This Home Water Purifier Filters market report provides extensive coverage by distribution channel (offline and online), technology (RO Purification Filters, Gravity Purification Filters, and UV Purification Filters) and geography (Asia Pacific, North America, Europe, South America, the Middle East and Africa). It also includes in-depth analysis of drivers, trends and challenges. Additionally, the report includes historical market data from 2017 to 2021.
What will be the Size of the Home Water Purifier Filter Market During the Forecast Period?
Home Water Purifier Filters Market: Key Drivers, Trends and Challenges
Our researchers analyzed data with a base year of 2022, as well as key drivers, trends and challenges. A comprehensive analysis of the drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Drivers of Home Water Purifier Filter Market
One of the key factors driving the growth of the Home water purifier filter market is the high penetration of low-cost Home water purifiers. Consumer demand for alternative water treatment solutions is increasing for safer drinking water. Additionally, demand for low-cost water purifiers is increasing, especially in India and China, where rural populations are very large.
Additionally, rising awareness in rural areas has led to increased sales of non-electric water purifiers. Therefore, it encourages several international players in the global water market to develop affordable and effective water treatment solutions to meet consumer demands and penetrate the market. Hence, these factors are expected to drive market growth during the forecast period.
Key Home Water Purifier Filter Market Trends
A key factor influencing the growth of the Home Water Purifier Filters market is the adoption of digital and social media for marketing strategies. Several market players in the global Home water purifier filters market are leveraging digital and social media platforms to increase awareness of their products and conduct promotional campaigns. Instagram, YouTube, Facebook, Twitter, and Pinterest are some of the key social media platforms used by market players to promote their products.
In addition, market players are developing various tutorials and demonstration videos to be displayed on these platforms to increase customer understanding of the products. For example, Eureka Forbes Ltd. promotes its Aquagard range of water purifiers through an advertising campaign in India, in which Indian actress Madhuri Dixit endorses the technology used in water purifiers and filters. Hence, these factors are expected to drive market growth during the forecast period.
Key Home Water Purifier Filter Market Challenge
The availability of packaged drinking water is one of the key challenges hindering the home water purifier filter market growth. There is a growing popularity for packaged drinking water among consumers due to its easy availability and low price. Some of the prominent companies in the market which offer packaged drinking water include Bisleri, PepsiCo, and The Coca-Cola Company.
As a result, the increasing preference for packaged water among consumers will significantly lower the sales of water purifiers and filters. Several market players offer packaged water in various quantities such as 5 liters and 20 liters. Furthermore, there are many marketing promotional activities that emphasize o the purity of packaged water which will negatively impact the water purifier market growth. Hence, such factors are expected to hinder market growth during the forecast period.
Home Water Purifier Filter Market Customer Landscape
The market research report includes the adoption life cycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
What is the Largest-Growing Segments in the Home Water Purifier Filter Market?
The offline segment is estimated to witness significant growth during the forecast period. The offline segment mainly includes hypermarkets, convenience stores, clubhouse stores; specialty stores; and department stores. There is a decline in sales through offline channels due to the increasing preference of customers to purchase through online channels. As a result, in order to increase the sales through offline segment several market players are directing their sales through local retail entities.
The offline segment was the largest segment and was valued at USD 3,224.54 million in 2017. Several market players are establishing strategic partnerships with Home appliance retail chains for boosting the sales of products including Home water purifier filters. For instance, Haier Smart Home Co. Ltd. has partnered with prominent retailers in China, such as GOME Retail and Suning, for selling its products, including Home water purifier filters. Additionally, these market players are formulating many innovative marketing strategies to increase sales through offline channels. Haier Smart Home Co. Ltd. established many clubs, such as V58 and V140 clubs, to nurture its relations with prominent enterprises engaged in the regional distribution of Home water purifier filters. Hence, such partnerships and alliances are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Post time: Oct-06-2023