The global bottled water market has been experiencing steady growth, with particular momentum in Asia. By 2019, bottled water sales reached approximately 289 billion liters, with a projection to increase to 371 billion liters by 2024, expanding at a compound annual growth rate (CAGR) of 5.12% from the previous rate of 5.9% from 2014 to 2019. Belgium's market reflects this trend with rising per capita consumption, reaching €54 per capita in 2018, indicating a 35% increase from €40 in 2012. Despite the volume and per capita growth, company revenues have not proportionally increased, suggesting potential margin decreases or other factors impacting revenue recognition. The industry is facing significant environmental pressures, leading to increased use of recycled PET (rPET) in bottling, with large players like Evian aiming for 100% rPET by 2025. Flavored water is proliferating rapidly, growing at a CAGR of 28% between 2014 and 2019, expected to surpass 50 million liters by 2024. Belgium's
