Press release
Smart Bottle Market - Rising Disposable Income and Improving Living Standards are Projected to Drive the Smart Bottle
The technological advancements have resulted the implementation of Artificial Intelligence (AI) and Internet of Things (IoT) in water bottle. An integrated hydration management platform helps consumers to set goals for daily drink, receive alerts for individual hydration goals, and display consumption levels. The technology is used by various athletes, gymnasts or sportsperson for enhancing the performance, dieters for attaining the weight goals and elderly age group people suffering from dehydration. The technology is gaining traction across the drinking water, pharmaceutical and alcoholic beverages sectors which is further expected to fuel the market growth. Rising disposable income and improving living standards are .projected to drive the market over the forecast period. Fitness-enthusiasts are progressively adopting the technology for enhancing the exercising experience subsequently increasing the demand for smart bottles. The integrated water bottles are anticipated to decrease the global plastic waste since these bottles are recyclable and made of Bisphenol-A (BPA) which is a free polymer material such as Tritan. Tritan-based manufacturing smart bottles is projected to spur the demand further owing to their light weight and durable properties.
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The global smart bottle market has been segmented based on types, distribution channel, and applications. On the basis of types, the bottles are segregated as metal and polymer type. Based on distribution channel, the market is bifurcated as offline and online channels. as The application of the Smart Bottles include pharmaceutical bottles, water bottle, alcoholic beverages bottles, and others. Water bottles application segment is estimated to contribute majorly in the in terms of revenue. However, metal segment is projected to witness drop in market share over the forecast period of time owing to properties such as heavy weight and taste transferred to the water. The online distribution channel segment is expected to account for largest share in terms of revenue. Growing trends of online shopping and easy availability of internet are likely to enhance the sales through online distribution channel segment.
North America region is expected to dominate the market owing to the presence of large number of participants in the U.S. along with continuous R&D in fields of IoT and AI have resulted in gaining major market share in terms of revenue. Additionally, Asia Pacific region is anticipated to witness steadygrowth over the forecast period. The rising demand in emerging nations has been credited to various government initiatives such as Make in India, Digital India, and others. Furthermore, increased awareness for hydration levels maintenance is further projected to spur the market.
Prominent players leading the global market are Ecomo, Caktus, Inc., Hidrate Inc., HydraCoach, Inc., Out of Galaxy, Inc., Moikit, Trago, Inc., Groking Lab Limited, Thermos L.L.C., and Open-2, LLC. The corporations develops, manufactures, and design the integrated water bottles and are concentrating on implementing innovative strategies and promotional methods to attract consumers of all age groups.
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The industry players focused on R&D activities for developing new features within the technology. For instance, Ecomo, a hydration solution provider, has introduces an add-on feature of three-in-one filter installed in the flask, apart from the hydration tracking sensor band and is expected to fuel the market growth.
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