Who Owns Aqua?
Aqua is a bottled water brand owned by Danone (Euronext Paris: BN), a publicly traded French multinational food and beverage company headquartered in Paris, France. Founded in 1973 by Tirto Utomo in Indonesia, Aqua is the dominant bottled water brand in Indonesia. Danone acquired a majority stake in PT Tirta Investama, the company behind Aqua, in 1998.
Parent Company
Danone
Acquired
1998
Status
Publicly Traded
Headquarters
Jakarta, Indonesia
Who Owns Aqua?
- Parent Company: Danone
- Ownership Type: Wholly owned
- Acquisition Year: 1998
- Company Type: Publicly Traded
- Stock Ticker: Euronext Paris: DANOY
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Aqua | Danone | Wholly owned |
History of Aqua
- Founded: 1973
- Founders: Tirto Utomo
- Acquired by Danone: 1998
Aqua was founded in 1973 by Tirto Utomo, an Indonesian businessman who recognized the need for safe, clean drinking water in Indonesia. At the time, tap water in Indonesia was not reliably safe to drink, and Utomo saw an opportunity to provide purified bottled water to Indonesian consumers. The company was initially called PT Golden Mississippi and launched the Aqua brand as its flagship product.
The early years were challenging. Bottled water was a new concept in Indonesia, and many consumers were skeptical about paying for water. Utomo and his team worked to educate consumers about the benefits of purified water and the risks of drinking contaminated tap water. The brand's name, Aqua (Latin for water), was chosen for its simplicity and universal recognition.
Aqua's growth accelerated through the 1980s as Indonesia's middle class expanded and awareness of water quality issues grew. The brand established multiple production facilities across Indonesia to meet growing demand and ensure product freshness. Aqua became the dominant bottled water brand in Indonesia, synonymous with bottled water in the same way that Xerox became synonymous with photocopying.
In 1998, Danone acquired a majority stake in PT Tirta Investama (the company behind Aqua) for approximately $70 million, integrating Aqua into its global water portfolio. The acquisition gave Aqua access to Danone's global resources, technology, and distribution expertise. Tirto Utomo, the founder, passed away in 1994, but his family remained involved in the business.
Under Danone's ownership, Aqua has continued to grow and expand. The brand has invested heavily in sustainability initiatives, including programs to reduce plastic waste, improve water source management, and support local communities near its production facilities. Aqua's sustainability efforts reflect both Danone's corporate values and growing consumer expectations around environmental responsibility.
Aqua has maintained its dominant position in the Indonesian bottled water market, with a market share estimated at over 40% in Indonesia. The brand is available across Indonesia through an extensive distribution network that reaches even remote areas of the archipelago.
About Danone
Danone delivered strong performance in FY2024, marking significant progress in its strategic transformation under the "Renew Danone" plan. The company achieved positive volume-mix for the first time since launching the strategic plan in 2022, demonstrating successful execution of its health-focused strategy.
Financial Performance: Danone reported 2024 sales of €27.4 billion, with net income more than doubling to €2.02 billion from €881 million in 2023. Operating income rose to €3.4 billion from €2.04 billion in 2023, while earnings per share more than doubled to €3.14 from €1.36 in 2023. Recurring operating margin improved to 13% from 12.6% in 2023.
Volume-Mix Improvement: CEO Antoine de Saint-Affrique noted that Q4 2024 marked the sixth quarter in a row of volume-mix improvement, with high-protein, coffee, and medical nutrition posting double-digit growth. The company's Essential Dairy & Plant-Based (EDP) category achieved positive volume-mix in Europe for five consecutive quarters after 10 years of decline.
Health-Focused Strategy: Danone's increased focus on health and nutrition research and strategic shift to formulations perceived as healthier is paying dividends. The company successfully petitioned the US FDA in 2024 to secure a science-backed claim linking yogurt consumption with reduced risk of developing type-2 diabetes.
- Founded: 1919
- Headquarters: Paris, Ile-de-France, France
- Company Type: Publicly Traded
- Stock: Euronext Paris: DANOY
- Revenue: €27.4 billion (FY2024)
- Employees: Over 90,000
Where Is Aqua Made / Based?
- Headquarters: Jakarta, Indonesia
Aqua Sustainability & Ethics
Danone achieved B Corp certification for its global operations in 2025, covering Aqua along with all other Danone brands. Danone was one of the first major multinational food companies to attain the B Corp designation across its full corporate group.
Aqua has publicly committed to achieving 100% circularity for its plastic packaging in Indonesia, with a stated goal of recovering more plastic from the environment than it produces. Aqua's actual performance against this target has been disputed by environmental organizations, as detailed in the Recalls & Controversies section.
Danone publishes an annual Integrated Annual Report that includes sustainability metrics for water usage, packaging circularity, and carbon emissions across all brands including Aqua. Danone's water stewardship programs include watershed protection projects in the Ciburial and Kubang catchment areas in West Java, where several Aqua production facilities are located.
Awards & Recognition
Aqua holds SNI (Standar Nasional Indonesia) certification for drinking water quality, the Indonesian national standard for bottled water, as required of all bottled water brands sold in Indonesia.
Danone's B Corp certification (2025) applies to Aqua as part of the Danone corporate group. The B Corp designation is administered by B Lab, a U.S.-based nonprofit.
Aqua has received recognition from the Indonesian Ministry of Environment for its AQUA Peduli program, a community-based waste collection initiative operating in several Indonesian cities. No independently verified industry award data is available for Aqua beyond these governmental and certification recognitions.
Aqua Recalls & Controversies
Aqua has faced significant controversies related to plastic pollution, environmental impact, and sustainability claims, reflecting the broader challenges facing the bottled water industry in Southeast Asia and globally.
Plastic Pollution Leadership (2024): Aqua was identified as Indonesia's largest plastic polluter according to a comprehensive river litter audit conducted by environmental NGO Sungai Watch. The audit found that Aqua bottles were the most common type of trash found in Indonesian rivers, accounting for 13% of plastic waste in some waterways. This finding was particularly notable given Aqua's B Corp certification and public sustainability commitments, creating significant tension between the brand's environmental claims and its actual environmental impact.
Plastic Offsetting Project Suspension (2024): Danone's plastic offsetting project in Indonesia, which was part of Aqua's sustainability strategy, was suspended following community allegations. The project, registered under Verra's plastic credit programme, was suspended after complaints that a recycling facility built by a local partner in Bali was constructed illegally close to residential areas without proper community consultation. The facility was accused of impacting community health and breaching housing regulations.
Environmental Justice Concerns: Indonesian environmental campaigners criticized plastic offsetting projects like Danone's as attempts to avoid addressing the root causes of plastic pollution. Groups like the Plastic Diet Movement argued that companies should focus on reducing plastic production rather than investing in removal schemes. The Indonesian government has set a target for 30% waste reduction by 2025, putting pressure on major plastic users like Aqua to reform their practices.
Bali's Biggest Polluter Label: Environmental NGOs have specifically identified Aqua as Bali's biggest plastic polluter, raising questions about the brand's environmental claims versus its actual impact. This designation has created tension between Aqua's marketing as a sustainable water provider and its role in contributing to plastic pollution in popular tourist destinations and local communities.
Circular Packaging Claims Scrutiny: Aqua's commitment to achieving 100% circularity by recovering more plastic from the environment than it uses by 2025 has faced scrutiny from environmental groups. Critics argue that such claims may be misleading given the brand's continued production of single-use plastic bottles and the challenges of implementing effective recycling infrastructure in Indonesia.
Community Health Impact: The suspended plastic offsetting project highlighted concerns about the health impacts of plastic recycling facilities on local communities. Residents near the Samtaku Jimbaran facility in Bali reported health issues related to the facility's operations, raising questions about the environmental justice implications of plastic waste management projects.
Sustainability Certification Controversy: Aqua's B Corp certification has been questioned by environmental groups given its role as Indonesia's largest plastic polluter. Critics argue that the certification may not adequately account for the full environmental impact of single-use plastic packaging and the brand's contribution to plastic pollution in waterways and communities.
Water Resource Management: Aqua has faced questions about the sustainability of extracting and bottling water resources in Indonesia, particularly in regions facing water scarcity. Environmental groups have raised concerns about the long-term impact of commercial water extraction on local water tables and community access to clean water resources.
Regulatory Compliance Issues: The plastic offsetting project suspension highlighted potential regulatory compliance issues in Aqua's sustainability initiatives. The facility's construction without proper permits and community consultation demonstrated gaps in the company's due diligence processes for environmental projects.
Consumer Trust Challenges: The controversies have created challenges for Aqua in maintaining consumer trust, particularly among environmentally conscious consumers who expect sustainable practices from B Corp-certified brands. The gap between Aqua's sustainability messaging and its environmental impact has led to increased scrutiny from consumers and advocacy groups.
Aqua Ownership: Pros & Cons
Advantages
- +Backed by Danone's significant financial resources and beverage expertise
- +Access to Danone's global distribution networks and supply chain
- +Professional quality control and production standards
- +Integration with Danone's sustainability and health initiatives
- +Strong brand recognition in Southeast Asia
- +Significant investment in production and distribution infrastructure
Considerations
- -Regulatory oversight from water and beverage authorities
- -Competition from other bottled water brands
- -Dependency on Danone's strategic priorities
- -Environmental concerns related to plastic packaging
- -Changing consumer preferences toward sustainable packaging
- -Exposure to water quality and safety regulations
Frequently Asked Questions About Aqua
Sources & Further Reading
- Aqua Official Website -
- Danone Sustainability -
- Danone Impact Journey -
- Danone B Corp Certification -
- Danone Water Stewardship -
- Greenpeace Unearthed: Danone Plastic Offsetting Investigation -
- Eco-Business: Aqua Plastic Pollution Audit -
- Eco-Business: River Trash Audit Response -
- Danone: Aqua Plastic Pledge -
- Verra: Plastic Credits Programme -
- Plastic Diet Movement Indonesia -
- Sungai Watch: River Cleanup NGO -
- Euronext Paris: Danone Stock -
- Danone Indonesia Sustainability Report 2024 -
- Wikidata Entry for Aqua -
- Southeast Asia Water Access Initiatives -
Where to Buy
Disclosure: We may earn commission from purchasesCompetitors to Aqua
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Pepsico | USA | 1994 | Mass market | Global | All Genders | |
| Coca Cola Company | USA | 1999 | Mass market | Global | All-ages |
Learn More About Competitors

Aquafina
Owned by PepsiCo
American brand of purified bottled water produced by PepsiCo, featuring both still and flavored water products distributed in more than 30 countries.

Dasani
Owned by The Coca-Cola Company
American purified bottled water brand known for its mineral-enhanced water and distinctive blue bottle design, marketed by The Coca-Cola Company worldwide.
Competitive Analysis
Market Positioning: Aqua competes with 2 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
Danone Stock Information
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