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Extensive Use Of Disposable Bottles In Sports And Public Places Expected To Promote Reusable Water Bottle Market Growth

The global reusable water bottle market size is expected to reach USD 12.61 billion by 2030, registering a CAGR of 4.3% over the forecast period, according to a new report by Grand View Research, Inc.

Reusable Water Bottle Market Report Highlights

·         The plastic segment is projected to register the fastest growth rate during the forecast period. The demand for plastic-based reusable bottles among consumers is increasing owing to the easy availability of a variety of products as a result of the low cost of manufacturing by producers

·         The online distribution channel segment is expected to grow at the fastest CAGR during the forecast period

·         The increasing availability of a wide range of products of different brands on e-commerce platforms with services, such as free delivery and seasonal discounts, is among the major factors driving the segment

·         Asia Pacific accounted for the largest revenue share in 2021due to the high demand for silicone, glass, and metal bottles in the region as a result of the growing awareness regarding the negative impact of single-use water bottles on marine life and the environment

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Government regulations and the anti-plastic movement are encouraging consumers to switch to disposable water bottles and prompting manufacturers to develop eco-friendly products. Moreover, the extensive use of disposable bottles in sports and public places is discouraged by various campaigns to create awareness among people, which is expected to promote market growth. Some governments have taken initiatives for the same.

For instance, in February 2019, UNICEF and the Ministry of Education Maldives decided to provide reusable water bottles to all the first graders in the Maldives. In addition, increasing environmental awareness among consumers is likely to remain the fundamental driver for the market. Due to this, the majority of the leading players in the market have adopted new strategies, which are commonly driven by the need to improve the consumer experience. During the COVID-19 pandemic, consumers have been refrained from physical shopping and largely opted for online purchases. This scenario has driven the manufacturers to distribute their products via online channels, promoting the usage of reusable water bottles through the online distribution channel.

For instance, this trend has encouraged many new entrants and existing companies, such as 24Bottles, Friendly Cup, and United Bottles, to drive up sales using online traction. In terms of material type, the plastic segment is expected to register the fastest CAGR from 2022 to 2030. With sustainability becoming a major issue owing to the surge in plastic waste generated by single-use plastic water bottles, several countries like India, Canada, the U.K., and France, have banned single-use plastics and are promoting the reuse and refilling of bottles, which will propel the segment growth.

Reusable Water Bottle Market Insights By Geographical Region

Asia Pacific dominated the global market with a revenue share of more than 39%. Realizing the dangers of plastic water bottles, the government is actively pushing bottle makers to use eco-friendly and sustainable materials, a trend that is likely to drive consumers to actively use reusable water bottles. North America is estimated to grow with a steady CAGR over the forecast period due to the rising number of people engaging in various outdoor activities, which drives the product demand as a sustainable replacement to single-use plastic bottles.

Industry Share Analysis By Major Companies

The market is characterized by the presence of a few established players and new entrants. Players are diversifying the service offering to maintain their market share. Some of the key players operating in the global reusable water bottle market include:

·        Tupperware Brands Corp.

·        SIGG Switzerland AG, GmbH

·        CamelBak Products, LLC

·        Klean Kanteen

·        Contigo

·        Aquasana Inc.

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Grand View Research has segmented the global reusable water bottle market on the basis of material type, distribution channel, and region

on September 26 at 2:25

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