A significant shift from the utilization of Bisphenol A (BPA) in main polymers used to produce reusable water bottles to the growing use of Tritan – a BPA-free material – for producing the same have marked the current condition of the global reusable water bottle market. Increasing number of tech savvy people and constantly evolving lifestyles are also enabling the manufacturers into a large scale product development such as smart water bottles that can track a person’s overall water consumption level in a day or remind them to drink water at regular intervals. Some of the prominent names in the global reusable water bottle market include names such as CamelBak Products LLC, Contigo, Klean Kanteen, HYDAWAY, Sigg, Hidrate, Bulletin Bottle, and Aquasana Inc. among many others. These companies have made the global market for reusable water bottles highly competitive and fragmented. These players are constantly striving to enhance their market presence and revenue with the help of tactical mergers and acquisitions as well as indulging into product development and offering better services.
Back in March 2016, Hidrate, a startup founded somewhere in mid-2015, announced that it was closing on the US$1 mn mark with respect to the revenue generation thanks to popularity of its product known as Hidrate Spark among consumers. This smart water bottle can keep track of the water intake by the user and syncs it to the Hidrate Spark application offered by the company, which also allows the user to have a customized water intake goals.
The global reusable water bottle market stood at an overall valuation of US$7.04 bn in the year 2015. The market is estimated to reach an overall worth of US$10.19 bn by the end of the given forecast period of 2016 to 2024. This growth is expected to be achieved at a healthy CAGR of 4.2% over the course of the mentioned forecast period.
What Factors Positively Impact Overall Growth of Global Reusable Water Bottle Market?
Some of the important factors driving the growth of the global reusable water bottle market are the cost-effectiveness of these bottles and the sustainability of the bottles which is good for the environment. The increasing awareness among people across the globe regarding the heavy usage of recyclable or reusable materials that can help in cutting down the non-biodegradable waste amount after their disposal is also helping to drive the market growth. Moreover, high costs related to the usage of single serve bottles is driving the growth of the global market for reusable water bottles.
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The global market is additionally driven by the increased demand for and broadened scope of products of convenience. Constantly changing lifestyles, increased disposable incomes, and enhancing standards of living have mostly contributed to the growth of the market, especially in the emerging economies.
However, there are some impeding factors that hinder the growth of the market. One of the chief impeding factor for the growth of the global market is the health hazards associated with prolonged use of these reusable water bottles. Another factor that is negatively affecting the growth of the market is increased consumption of packaged drinking water.
How Asia Pacific will Fare in Terms of Market Share in Coming Years?
Geographically speaking, the Asia Pacific market of the global reusable water bottle market is expected to show the most promising growth rate. The regional market is expected to grow at a strong CAGR of 5.0% over the coming years and is expected to account for nearly 34.3% of the overall market share in the global reusable water bottle market primarily owing to flourishing retail sector. This region market is followed by the markets of Europe and North America.
The established markets of North America and Europe are very well regulated and are expected to create a significant demand for the reusable water bottles that was worth US$3.72 bn in 2016. This growth is nearly 3.2% more than the year before it. Other key regions such as Middle East and Africa and Latin America are represented 14.8% of market collectively in 2016 and are expected to witness a steady growth over the coming years.