Reusable Water Bottles Market ($11 billion by 2027) Growth F…
“Reusable Water Bottles Market” Global reusable water bottles market is expected to touch US$ 11 Bn by the end of the forecast period, growing demand for reusable water bottles in the sports sector has helped in driving sales across the market
The demand within the global reusable water bottles market is treading along an upward trajectory in recent times. The need for fostering sustainable practices across leading industries has brought reusable water bottles under the spotlight of attention. Moreover, the energy sector has made emphatic claims about the need for using recyclable, reusable, and environment-friendly products. The growing concerns of the energy sector about a potential environmental crisis has led them to take bold steps towards sustainability. International bodies for managing climate change and environmental damage have sent clarion calls for a change in lifestyles. All of the aforementioned factors have driven sales across the global reusable water bottles market.
Transparency Market Research (TMR), in its report, predicts that the global reusable water bottles market would expand at a steady CAGR of 4% over the period of 2019 and 2027. The steady rate of growth can be pegged to the inability of several industries to boycott the use of plastic products. The total value of the global reusable water bottles market is expected to touch US$ 1.1 Bn by the end of the forecast period. Growing demand for reusable water bottles in the sports sector has helped in driving sales across the market. Besides, stipulation of strict environmental policies across several countries has also aided market growth.
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Development of Green Standards across Key Industries
Use of plastic bottles is gradually running out of practice across several territories. There is growing relevance of reusable bottles and containers, especially across the residential and commercial sector. Besides, international bodies have initiated awareness campaigns about the ills of using plastic bottles. Therefore, the global reusable water bottles market has gained momentum over the past few years. The large brigade of environment activists has propagated green standards across multiple industries. This factor shall help manufacturers of reusable water bottles in increasing their profit margins in the times to follow.
Corporate Social Responsibility (CSR) Initiatives
Use of paper and other reusable materials has helped large companies in establishing their responsiveness towards managing environmental degradation. Moreover, several companies have drifted away from using plastic bottles and containers as a part of their corporate social responsibility. Henceforth, the corporate industry is making ardent efforts towards popularising the use reusable water bottles. Small companies are quick to draw inspiration from larger firms, especially when the latter introduces new CSR strategies. As large firms embrace the use of reusable water bottles, smaller firms are expected to follow suit. Moreover, growing sophistication across the corporate sector shall also pave way for the inflow of fresh revenues in the market.
Some of the leading vendors operating in the global reusable water bottles market are BRITA GmbH, Tupperware Brands Corporation, Klean Kanteen, Inc., Contigo, Aquasana, Inc., and SIGG Switzerland AG.
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Water Enhancer Pods Entice Pro-health Customers for Vitamin-rich Hydration
Companies are introducing innovative solutions for individuals who struggle to maintain their water intake. They are developing water enhancer pods to add interesting flavors to drinking water. For instance, provider of reusable water bottles, Drinkfinity, introduced Drinkfinity juice-based pods to help individuals reach their hydration goals. Even health conscious customers are growing increasingly aware about vitamin-rich hydration. Thus, companies in the reusable water bottles market are tapping into opportunities in online sales to increase the uptake of bottles integrated with juice-based pods.
The convenient ‘pop-shake-hydrate’ attribute of reusable water bottles with pods has been enticing customers. Thus, manufacturers are introducing attractive flavors, such as white peach chill and pomegranate ginger flow made with natural caffeine sourced from green coffee bean extracts. Companies in the reusable water bottles market are introducing add-ons in these flavors with electrolyte ingredients and relaxing botanicals. Thus, companies should collaborate with ingredient manufacturers to increase research in natural additives. On the other hand, companies are developing bottles that are impact-resistant and made of dishwasher-safe plastic to simplify maintenance and clean-up of bottles.
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Innovations Fuel Growth of Reusable Water Bottles Market
In recent years, people in the U.S. are drinking water more than soda, owing to awareness about various health concerns. Hence, manufacturers in the reusable water bottles market are capitalizing on this opportunity to offer innovative products. Companies are developing smart reusable water bottles that are contributing toward the ever-increasing growth of the wearable tech. For instance, Bellabeat – a supplier of tech-powered wellness products, revealed its smart water bottle that notifies the user on water intake through its mobile app.
The demand for smart reusable water bottles is surging, since app-run bottles offer reminders to users on the quantity of water intake required based on the user’s activity. On the other hand, manufacturers are leveraging opportunities in squeezable titanium water bottles targeting cyclists and athletes. This is evident since sports is projected to account for the second-highest revenue among other primary uses in the market for reusable water bottles. Thus, companies are increasing R & D to develop a hybrid material of polymer and titanium to manufacture squeezable bottles.
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