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Drinkware Market Size, Share, Growth, Analysis, Trends and Outlook 2023-2030.
Drinkware Market-DataM Intelligence 4Market Research
Global Drinkware Market reached USD 3.8 billion in 2022 and is expected to reach USD 5.0 million by 2030, growing with a CAGR of 3.7% during the forecast period 2023-2030.
Lifestyle changes have shaped the drinkware industry. Due to the rise in health and wellness awareness, consumers want drinkware that promotes hydration and good drinking. Tumblers and water bottles are in demand as individuals live increasingly active and on-the-go lives.
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Market Drivers:
Increasing Demand for Various Applications of Home Decoration and Beverage Consumption
As expected, population growth is steady. By 2022, Europe will have over 700 million inhabitants. Population growth need homes and cookware. Kitchenware includes cookware, drinkware, and tableware. Decorative items are also included. All modern kitchens have the essential equipment.
There are other drinkware alternatives for different occasions. The market is growing due to increasing beverage consumption and product demand. According to the International Coffee Organisation, global consumption rose 1.24 million bags to 169.34 million in 2019-20.
Growth in social events like birthday parties, graduation parties, baby showers, and others is also driving product consumption. Customer interest in kitchenware fairs like the Zuchex International Home & Kitchenwares Fair, Madina Expo for Modern Hotels Asian Houseware & Kitchen Show, and others also helps.
Market Segmentation:
Rising Demand for Everyday Glass Due to Availability and Affordability of Glass
The everyday glass segment holds a major share of around 62.3% of the global drinkware market. The availability and affordability of ordinary glass drinkware are two major factors in its appeal. Everyday glass items are more affordable and easily accessible to a wide variety of customers than luxury or specialized drinkware solutions. Its price makes it a desirable option for people and families looking for durable drinkware that won't break the budget.
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Drinkware Market Companies:
The major global players include Libbey, AnHui DeLi Glassware, Bormioli Rocco, Pasabache, Steelite International, The Oneida Group, Arc Holdings, Thermos LLC, Klean Kanteen and Nomader.
By Product
• Wine Glass
• Beer Glass
• Coffee Mugs and Tea Cups
• Everyday Glass
• Cocktail Glass
• Spirit Glass
• Others
By Material
• Glass
• Steel
• Plastic
• Ceramic
• Others
By Price Range
• Low-end
• Medium Range
• High-end
By Distribution Channel
• Supermarket/Hypermarket
• Independent Stores
• E-Commerce
• Others
By Application
• Everyday Use
• Outdoor & Travel
• Sports & Fitness
• Others
By End-User
• Household
• Commercial
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa
Geographical Share:
Asia-Pacific Growing Popularity of the Tourism Industry.
The Asia-Pacific drinkware market has witnessed significant growth and popularity covering nearly 53.4% share in 2022. The rapid growth of the rubber manufacturing industry in developing countries including South Korea, Japan, China and India. The Asia-Pacific drinkware market is expanding because of the availability of cheap and skilled labor, land for industry development, simple regulatory standards and favorable job opportunities with economically strong countries.
Industry Developments:
• On February 3, 2023, BASCO, Inc expands its glassware business by acquiring Discount Vials. They anticipate that this combination will benefit both BASCO and Discount Vials greatly, opening up new chances for both companies as they expand collaboratively.
• On April 26, 2023, Igloo, a pioneer in cooler solutions with headquarters in Texas, launched a new line of stainless-steel drinkware with nine different bottle and tumbler designs and sizes ranging from 12 ounces to 80 ounces.
Related Reports:
Glass Packaging Market: https://www.datamintelligence.com/research-report/glass-packaging-market
Glass Tableware Market: https://www.datamintelligence.com/research-report/glass-tableware-market
Glassware Market: https://www.datamintelligence.com/research-report/glassware-market
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