The global water bottle market size was valued at USD 4.05 billion in 2022. The market is projected to grow from USD 4.19 billion in 2023 to USD 5.76 billion by 2030, exhibiting a CAGR of 4.7% during the forecast period.
A water bottle is a necessary thing to carry as it stores water that helps to keep one hydrated throughout the day. Water hydrates the body and keeps energy levels high. Drinking water can flush out body toxins and permit cells to function normally. The demand for stainless steel water bottles is increasing due to their superior properties such as versatility, durability, aesthetic appeal, and environmental friendliness.
This information is provided by Fortune Business Insights in its report titled “Water Bottle Market, 2023-2030.”
Segments:
Insulated Water Bottle Segment Holds the Dominant Share Owing to Vacuum Insulation
On the basis of product type, the market is divided into insulated, non-insulated, filter water bottles, infuser water bottles, and others. The insulated water bottle segment holds the dominant share owing to vacuum insulation to keep drinks ice-cold or piping hot for hours.
Plastic Segment to Dominate the Market Share Owing to its Superior Properties
Based on material type, the market is segmented into plastic, stainless steel, glass, and others based on material type. Plastic water bottles are appealing, durable, and often inexpensive and lightweight. These bottles are also cheaper to manufacture than aluminum or steel, or glass, contributing significantly to their popularity and dominating the market share.
Offline Segment to Dominate the Market Owing to a Wide Range Products Available
As per distribution channel, the market is bifurcated into offline and online. Offline segment is anticipated to hold the largest market share due to the wide variety of products available in a single store, such as supermarkets and hypermarkets.
By geography, the global market is segregated into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Report Coverage:
The report offers a detailed study of the market and a keen examination of the significant segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
Drivers and Restraints:
Surging Awareness of Non-Disposable Plastic Bottles and Innovations in Smart Water Bottles
Manufacturers are constantly introducing technology-based bottles to attract consumers. Innovations of smart water bottles and attractive features such as drinking alarms and temperature indicators attract consumers and will likely increase product demand during the projected period.
Strict government regulations restricted the supply chain and impacted the market growth negatively. Plastic contains harmful and toxic chemicals, BPA – bisphenol A – a compound known to adversely affect your health, hampering the market growth.
Regional Insights:
Asia Pacific Dominated the Market Growth Owing to Healthy Lifestyle
Asia Pacific dominated the water bottle market share in 2022. Factors such as lifestyle changes and rapid urbanization contribute to expanding the reusable water bottle market. The increasing engagement of the government to use sustainable and eco-friendly materials is likely to boost the water bottle market growth.
North America and Europe record a significant share owing to the early adoption of stainless steel water containers and high consumption rates connected with hot beverages such as tea and coffee.
Competitive Landscape:
Prominent Players are Focusing on New Product Launches and Product Innovation
The manufacturers of water bottle are focusing on new product launches & new brands, mergers and acquisitions, and partnerships & expansion for growth in the market. Key players in the market launched innovative and unique drinkware to attract new consumers and boost product sales.
Key Industry Development:
- February 2021: Hydaway introduced a collapsible water bottle. The bottle is made from silicone and BPA-free plastic and has a soft, pliable construction except for at the mouth and one ring directly in the middle of the bottle.
Reference Link:
https://www.fortunebusinessinsights.com/water-bottle-market-104635