NEW YORK, Nov. 3, 2023 /PRNewswire/ — The global reusable water bottle market size is estimated to grow by USD 1.93 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.25% during the forecast period. The increasing demand for eco-friendly products notably drives market growth. Consumers are concerned about the impact of single-use plastic water bottles on the environment. So, they look for environmentally friendly alternatives. Since reusable water bottles can be used many times with minimal plastic waste generation, they are convenient and practical. Resultantly, the demand for eco-friendly products, such as reusable water bottles, is increasing.For instance, companies such as Lifetime Brands Inc, Klean Kanteen, O2CooL LLC, and Nalge Nunc International Corp make eco-friendly items. These companies create products made of environmentally friendly materials such as stainless steel, glass, and BPA-free plastics. Hence, such factors are expected to fuel the growth of the global reusable water bottle market during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
Technavio has announced its latest market research report titled Global Reusable Water Bottle Market 2023-2027
What’s New?
Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report!
Reusable Water Bottle Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on distribution channel (offline and online), type (plastic, metal, silicone, and glass), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The market share growth by the offline segment will be significant during the forecast period. This segment includes physical retail businesses, including supermarkets, convenience stores, specialized stores, and outdoor gear stores. These stores allow customers to physically examine the product before purchasing and retailers can make personalized suggestions to clients. There is a wide range of items available in these stores including reusable water bottles made of materials such as stainless steel, glass, and plastic. Hence, such factors are likely to drive the growth of the offline segment during the forecast period.
Reusable Water Bottle Market – Regional Analysis
APAC is estimated to account for 46% of the global market growth during the forecast period. Factors such as rapid urbanization and lifestyle changes drive the market demand for reusable water bottles. As consumers are becoming more concerned about the environment, it is increasing their preference for reusable water bottles. Additionally, the governments of countries such as India, China, and Japan encourage manufacturers to choose sustainable and environmentally friendly materials. These governments are taking steps to restrict the use of single-use plastic water bottles. For instance, in 2022, the Government of India announced a ban on the manufacturing, import, stocking, distribution, sale, and use of specified single-use plastic items with low utility and high littering potential. Hence, such initiatives are anticipated to drive the growth of the reusable water bottle market in APAC during the forecast period.
Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
Reusable Water Bottle Market – Market Dynamics
Leading trends influencing the market
Technological advancement in high-quality, durable, and reusable water bottles is an emerging trend influencing the market.
Manufacturers are experimenting with new materials, including borosilicate glass, which is more temperature resistant and durable than regular glass.
For instance, manufacturers such as Lifetime Brands Inc, Klean Kanteen, O2CooL LLC, and Nalge Nunc International Corp are upgrading their products by using new materials and manufacturing techniques.
Furthermore, another latest trend in the market is the inclusion of smart features in reusable water bottles, where they can monitor water quality, estimate hydration levels, and send reminders.
Hence, such trends boost market growth during the forecast period.
Major challenges hindering the market growth
The use of substandard plastic materials in reusable water bottles is a major challenge that may impede market growth.
These materials are a safety hazard and an immense economic challenge and the use of substandard plastic materials can undercut the sustainability benefits of reusable water bottles. Such products have a negative impact on the environment.
Additionally, substandard plastic is less durable than high-quality materials, which reduces its lifespan.
Hence, such challenges hinder the market growth of reusable water bottles during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Reusable Water Bottle Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the reusable water bottle market between 2023 and 2027
Precise estimation of the size of the reusable water bottle market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the reusable water bottle market across APAC, North America, Europe, South America, and Middle East and Africa
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of reusable water bottle market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channnel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio