Reusable Water Bottle Market - The Changing Face of Packaging
The extremely diversified global market for reusable water bottles, encompassing numerous product varieties in terms of material, size, shape, and designs, features presence of a large number of water bottle manufacturers vying for a share in the market through the introduction of innovative products. The trends of increased usage of BPA-free materials and rising adoption of smart bottles are expected to have a profound influence on the overall development of the market in the next few years.
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Transparency Market Research estimates that the market will expand at a 4.2% CAGR over the period between 2016 and 2024. Expanding at this pace, the market, which valued at US$7.04 bn in 2015, is expected to surpass US$10.19 bn by 2024.
Polymer-based Reusable Water Bottles to Remain Most Lucrative Product Variety
Based on the type of material used to manufacture reusable water bottles, the market has been segmented into polymer, metal, silicone, and glass. Of these, the polymer-based reusable water bottles is presently the leading segment owing to its wide availability, differentiating features, and low cost. Based on TMR’s consumer survey analysis, the segment is ranked first in terms of the penetration level of reusable water bottles across the worlds and is expected to remain a prominent choice for respondents to purchase in the near future as well.
The segment of polymer-based reusable water bottle is also expected to be the dominant contributor to the revenues of the global reusable water bottle market over the forecast period. The increasing adoption of the “Tritan” material, which is a low cost, BPA-free, and recyclable polymer, will help boost the consumption of polymer-based reusable water bottles.
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Trailing the segment of polymer-based reusable water bottles is the segment of metal bottles. Features of metal bottles such as durability, easy availability in insulated varieties, which help keep water hot or cold for longer periods of time, and availability of several metal varieties for making metal bottles work in their favor. By 2024, the segment of metal reusable water bottles is expected to account for nearly 33.5% of the global market.
Asia Pacific to Retain Dominance in Terms of Production as well as Consumption
In terms of geography, the market for reusable water bottles in Asia Pacific is projected to be the one with the most promising growth in the global market. The regional market is expected to exhibit a CAGR of 5.0% over the period between 2016 and 2024. The region is expected to be highly favorable in terms of incremental opportunities for revenue generation. It is expected to account for a 34.3% of the global market in 2016, followed by Europe and North America.
The flourishing retail sector in Asia Pacific on the backdrop of increasing numbers of supermarkets/hypermarkets and a rapidly evolving e-commerce platform have led to the rise in the revenues of the region’s reusable water bottle market. The market for reusable water bottles is also driven by the growing middle income population, rising disposable incomes, and the improving living standards in the region. China is likely to continue to dominate the Asia Pacific market for reusable water bottle over the forecast period. China is not only a prominent consumer of reusable water bottles but also takes the top spot when it comes to the presence of large scale manufacturers of reusable water bottles.
Mature markets for reusable water bottles such as Europe and North America are highly regulated and are likely to create a substantial demand for reusable water bottle worth US$3.72 bn in 2016, approximately 3.2% higher than the previous year. Latin America and Middle East and Africa are estimated to collectively represent 14.8% of global reusable water bottle market in 2016.
Some of the key vendors operating in the global reusable water bottle market are CamelBak Products LLC, Klean Kanteen, Contigo, Sigg, Aquasana Inc, HYDAWAY, Bulletin Bottle, Thermos LLC, Thermo Fisher Scientific Inc., and Flaska.
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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