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Biodegradable Water Bottles Market is expected to clock a CAGR of 4.5% during the forecast period 2030
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The need of research for an alternative solution for plastic water bottles has risen, as plastic water bottles play a vital role in the environmental pollution. The biodegradable water bottle launch is a major technological invention toward controlling the waste of plastics. Biodegradable water bottles are usually made of plants such as bamboo, algae, sugarcane, pulp, paper, and various biodegradable plastic such as polylactic acid (PLA), starch based plastics, poly-butylene succinate (PBS), Polyhydroxyalkanoates (PHA), and Polyhydroxybutyrate (PHB), which are easily decomposed in the soil within 100 days. The production of these materials does not use fossil fuels, which are hazardous to soil or water. The plaguing oceans has also become a major issue in current times and increasing at a very fast rate. Following this, many companies are preferring and promoting environmental sustainable products. Due to these reasons, growth in demand for biodegradable water bottles is expected to grow strongly during the forecast period.
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Rise in Awareness about Environment Protection among Youth to Drive Global Market
People today are becoming more careful about packaging materials of products. Water bottles are among the major products used while travelling and the basic human need. In order to avoid future consequences, most people have started to be concerned about the material of water bottles available in the market. Massive amount of plastic waste is generated everyday which has harmful and long-term impacts on the environment. In order to avoid this, biodegradable water bottles are witnessing demand.
Increase in Demand for Bottled Water to Offer Lucrative Opportunities
During the COVID-19 outbreak, bottled water is one of the solutions started to gain importance due to increased preference for hygienic and safe drinking measures. This has become a major factor in fueling the demand of biodegradable water bottles.
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Biodegradable Water Bottles Market: Competition Landscape
The global biodegradable water bottles market is highly fragmented in nature wherein the larger portion of market share is held by domestic market players. Some of the key players operating in the global biodegradable water bottles market are Paper Water Bottle, Choose Water, Lyspackaging, Raepack Ltd., Ecologic Brands Inc., Montana Private Reserve, Cove, Just Water, Mitsubishi Chemicals (MCPP), and TSL Plastics Ltd.
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The tier structure is formulated on the basis of segmental revenue and market share of the company. As per tier structure, Paper Water Bottle, Choose Water, and Lyspackaging are the tier 1 players in the biodegradable water bottles market. These players are focusing on widening their product portfolio for multiple applications to gain a competitive edge in the market. Tier 2 players include TSL Plastics Ltd., Montana Private Reserve, Cove, and Just Water.
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