Bottled Water - Hungary

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

Customer preferences: One of the main reasons for this growth is the changing preferences of consumers in Hungary. With increasing health consciousness and a growing emphasis on leading a healthy lifestyle, more and more people are turning to bottled water as their beverage of choice. Bottled water is seen as a healthier alternative to sugary drinks and carbonated beverages, and it is also convenient and easily accessible.

Trends in the market: Another trend that is driving the growth of the Bottled Water market in Hungary is the increasing popularity of flavored and functional waters. Flavored waters, such as those infused with fruit flavors or natural extracts, are appealing to consumers who want a more refreshing and flavorful drinking experience. Functional waters, on the other hand, are targeted towards consumers who are looking for additional health benefits, such as enhanced hydration or added vitamins and minerals.

Local special circumstances: In addition to changing customer preferences, there are also some local special circumstances that are contributing to the growth of the Bottled Water market in Hungary. One such circumstance is the quality of tap water in the country. While tap water in Hungary is generally safe to drink, some consumers prefer the taste and quality of bottled water. This preference for bottled water is further reinforced by concerns about aging water infrastructure and occasional water quality issues.

Underlying macroeconomic factors: The growth of the Bottled Water market in Hungary can also be attributed to underlying macroeconomic factors. As the economy in Hungary continues to grow, disposable incomes are increasing, allowing consumers to spend more on premium products like bottled water. Additionally, the tourism industry in Hungary is booming, with an increasing number of tourists visiting the country each year. This influx of tourists is driving the demand for bottled water, as visitors often prefer the convenience and safety of bottled water when traveling. In conclusion, the Bottled Water market in Hungary is experiencing significant growth due to changing customer preferences, the popularity of flavored and functional waters, local special circumstances such as water quality concerns, and underlying macroeconomic factors such as increasing disposable incomes and a thriving tourism industry.

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.