Bottled Water - Montenegro

The Bottled Water market in Montenegro has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the changing preferences of consumers. Montenegrin consumers are becoming more health-conscious and are increasingly opting for bottled water as a healthier alternative to sugary drinks. Bottled water is seen as a convenient and refreshing option for staying hydrated, especially during the hot summer months. Additionally, there is a growing awareness about the importance of clean and safe drinking water, which has further fueled the demand for bottled water.

Trends in the market: One of the key trends in the Montenegrin Bottled Water market is the increasing popularity of premium and flavored bottled water. Consumers are willing to pay a premium for high-quality and unique flavored water options. This trend can be attributed to the rising disposable income levels in the country, which has led to an increased willingness to spend on premium products. The demand for flavored water is also driven by the desire for variety and new taste experiences. Another trend in the market is the growing focus on sustainability and environmental consciousness. Montenegro is known for its pristine natural beauty, and consumers are increasingly concerned about the environmental impact of plastic bottles. As a result, there is a growing demand for eco-friendly packaging options, such as biodegradable or recyclable bottles. Some companies have responded to this trend by introducing innovative packaging solutions, such as plant-based bottles or bottles made from recycled materials.

Local special circumstances: Montenegro is a popular tourist destination, attracting millions of visitors each year. The tourism industry plays a significant role in driving the demand for bottled water in the country. Tourists, especially those coming from countries with lower quality tap water, prefer to drink bottled water to ensure their health and safety. This influx of tourists during the summer season contributes to the overall growth of the Bottled Water market in Montenegro.

Underlying macroeconomic factors: The Montenegrin economy has been growing steadily in recent years, which has had a positive impact on the Bottled Water market. Rising disposable incomes and an expanding middle class have resulted in increased purchasing power among consumers. This, in turn, has led to higher demand for bottled water as consumers are willing to spend more on premium products. Furthermore, Montenegro's accession to the European Union in the near future is expected to bring additional economic benefits and further boost consumer confidence and spending. Overall, the Bottled Water market in Montenegro is driven by changing consumer preferences, including a shift towards healthier options and a growing focus on sustainability. The market is also influenced by the country's tourism industry and the overall economic growth. As these trends continue, it is expected that the Bottled Water market in Montenegro will continue to thrive in the coming years.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Non-Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.