As one of bottled drinking water brands in Indonesia, AQUA is the market leader with the market share of 50.6% in December 2022 for both General and Modern Trade. As bottled drinking industry grows and increases its demand, other firms are joining the competition as new players, for instance LeMinerale, Nestle Pure Life, Crystalline, and other brands. Due to the competition, the market share of AQUA gradually decreased from time to time. This research is to formulate business strategy for AQUA and increase its market share. The results of analysis are summarized with SWOT matrix which describes each strength, weaknesses, opportunities, and challenges of the company. Then it is re-analyzed and formulated into TOWS strategy. Based on internal strengths and weaknesses as well as external opportunities and threats, there are four sets of strategic alternatives that can be taken by the company in the face of increasingly competitive competition.