The level of competition in the global reusable water bottle market is comparatively high owing to the presence of several well established companies, reports Transparency Market Research (TMR) in a research report. These companies have a strong presence across the globe with their variety of products and competitive pricing strategies. The leading companies are also focusing on marketing strategies, business expansion, development of new and innovative products, strategic mergers and acquisitions, and extensive brand promotion for gaining a strong consumer base. The leading companies operating in the global reusable water bottle market are Klean Kanteen, Contigo, CAMELBAK PRODUCTS LLC., SIGG, Bulletin Bottle, HYDAWAY, AQUASANA INC., and Thermos L.L.C. among others.
The global reusable water bottle market is expected to rise at a CAGR of 4.2% between 2016 and 2024. The market is estimated to be worth US$7,312.2 mn by the end of 2016 and is likely to rise to a valuation of US$10,188.9 mn by 2024.
Polymer to Dominate whereas Glass to Exhibit Strong Growth
Among the material types, water bottles made of polymers dominated the market in 2015 and is expected to retain a leading position over the coming years. The polymer reusable water bottle segment at presents accounts for a share of 35.2%. This segment is expected to create a total incremental opportunity of US$984.0 mn during the forecast period. According to a TMR analyst, “The high penetration of polymer reusable water bottles across the world is the primary reason behind the growth of this segment. The demand for polymer based reusable water bottle is further expected to intensify owing to the rising use of ‘Tritan’, which is a recyclable, BPA free, and inexpensive polymer.” The glass reusable water bottle segment is projected to exhibit strong growth over the forthcoming years. It is expected to rise at a CAGR of 4.5% from 2016 to 2024.
In terms of geography, the global reusable water bottle market is segmented into the Middle East and Africa, Asia Pacific, Europe, Latin America, and North America. Amidst these, Asia Pacific is estimated to witness a 5.0% CAGR during the forecast period and emerge as one of the potential markets for reusable water bottle. It has been expected that this region will account for over 34.3% in the global market in 2016 closely trailed by Europe and North America. India and China are expected to emerge as the most lucrative markets in Asia Pacific owing to a significant rise in the disposable income of consumers.
Eco-friendly and Economic Features to Lift Demand
The growing awareness among consumers regarding hydration and the health associate with water have lifted the consumption of water bottles across the globe. Furthermore, reusable water bottles are considered cost effective due to their reusable property, thus monetarily beneficial for the long run. The high use of reusable water bottles is also environment friendly as they are a step towards sustainable development and reduce the stress on fossil fuels and decreases waste accumulation. Manufacturers of reusable water bottles are also focusing on innovative design and packaging to enhance customer experience and product convenience. The scope of convenient products has increased due to technological advancements, high standards of living, and fast paced lifestyle. The shift in consumer preference is also another key factor driving the growth of the global reusable water bottle market. However, the market is expected to be negatively impacted by the concerns related to the health issues caused by reusable plastic water bottles, mounting prices of raw materials such as glass and steel, and tilt of certain consumers towards non-reusable water bottles.
This review is based on a Transparency Market Research report titled, “Reusable Water Bottle Market - Global Industry Analysis and Forecast 2016–2024.”
For the study, the global market for reusable water bottle is segmented as follows:
By Material Type
By Distribution Network
- Independent Stores
- Online Sales
By Primary Usage
- North America
- Latin America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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