Drinkware market forecast
With surging consumption of infused water propelling metabolism and energy levels, stakeholders are vying to gain foothold in drinkware market by increasing sales of glass, stainless steel and polymer infuser bottles. It is believed that pervasive obesity related issues, including heart problems and diabetes will influence consumers toward metabolism boosting drinks.
Drinkware market share is likely to gain impetus from implementation of rigorous regulations to curb plastic waste. In a bid to bolster drinkware market share, prominent companies are relentlessly focusing on providing novel products and services. For instance, Contigo came up with new AUTOSPOUT infuser bottle in 2016 that complements the on-the-go trend. It is believed that rising health awareness to maintain and reduce body weight will potentially influence the sales of infuser bottles.
With e-commerce sector coming of age, drinkware market is an apt beneficiary of e-commerce technology owing to frequency of transaction and purchases and large number of customers served via online platforms. Drinkware market size is envisaged to exceed US$ 35 bn by 2025, according to the latest research report by Global Market Insights, Inc.
India is set to spearhead drinkware market with government putting clampdown on the use of single use plastics. As such, India bottles market is projected to expand at a growth rate of over 4.5% through 2025. With exceptional improvement in ease of doing business rankings and notable slash in corporate tax rate, India is believed to be a happy hunting ground for stakeholders vying to invest in drinkware market.
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India consumes an estimated 16.5 mn tons of plastic annually, Down to Earth Magazine claimed in its 2018 report citing data provided by PlastIndia Foundation. According to FICCI, association of business organization in India, 43% of India’s plastics are single-use plastic and are used in packaging. Accordingly, the government of India is contemplating nation-wide ban on single-use plastic by 2022. As such, audacious steps undertaken by government have instilled confidence among end-users and are expected to boost drinkware market revenue during the forecast period 2019-2025.
Europe drinkware market trends are expected to get boost from expanding penetration of tourism sector as the region has been one of the most sought-after destinations for tourists. Reports claim over 700 mn tourists arrived in Europe in 2018 alone, thereby belying the Brexit fuss.
Growth in hospitality sector is set to be triggered by increased usage of mugs and cups in the region. Europe drinkware market for mugs and cups segment exceeded 3.5 bn in 2018, thereby stimulating drinkware market outlook. There has been palpable use of mugs and cups for serving hot and cold beverages, including alcoholic and non-alcoholic beverages. European countries, including Norway, Finland, Sweden and Iceland are among the top consumers of coffee globally.
Drinkware market competitive landscape indicates that a few of the manufacturers are contemplating product launches. Klean Kanteen introduced three matte color options – Growler in 2014 to propel the footprint of stainless-steel products. Prominent players vying to bolster drinkware market share include, Hamilton Housewares Pvt. Ltd, Camel Bak, Dopper, Hydro Flask, and Pacific Market International, among others.
Author Name : Sunil Jha