With the ongoing restrictions on mass gatherings and large events due to Covid-19, there has been a bearish trend in the global demand for reusable water bottles. Manufacturers of reusable water bottles have narrowed down production due to the fall in purchase statistics of reusable water bottles as well as disrupting supply chains. At-home utilization of reusable water bottles remains consolidated, but out-of-home utilization in sports and travel related activities has almost come to a standstill which earliergenerated the highest margins.
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Demographic and Social Changes to HeightenDemand for Reusable Water Bottles
The global reusable water bottle market is projected to be valued at more than US$ 11Bn by 2030, with a CAGR of over 3.9% during the forecast period. The key factor facilitating demand for reusable water bottles have been the social initiatives such as ‘Refill the Planet’. Global campaigns to reduce the number of plastic bottles is creatingnotable demand for reusable water bottles. Another primary driver forwarding the reusable water bottles market is the damaging effects ofone time use plastic bottles. Moreover, the growth in mass sporting events in the last decade has led to high demand for reusable water bottles especially in the western nations.
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Key TakeawaysofReusable Water Bottle Market Study
- APEJ is anticipated to give impetus to the reusable water bottle market with the highest growth rate of over 4% during the forecast period. The general spike in mountaineering and outdoor sports activities after the cessation of the Covid-19 outbreak in the region will attribute to such growth
- Polymer based reusable water bottled acquired the most shares (~30%) within the material type segment due to the easy availability of polymer substances and the low cost of manufacturing
- With the recent Covid-19 pandemic however, the global export of polymer substances have slowed down which is expected to affect sales of the polymer reusable water bottles
- Supermarkets / Hypermarkets take the lead within the sales channel segment, accumulating a share of more than 30%.
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Highly Fragmented Market with Product Development Being the Key Forte
The global reusable water bottles market is highly fragmented in nature with a large number of companies scattered worldwide. Companies are not only innovating in terms of functionality, but also in terms of design, to tap into various segments. Gululu, in May 2018, announced international launch of Gululu Go, a lightweight bottle with interactive speaker, having a cartoonish sound, attractive to kids. Many companies are also offering personalized customization of looks of the bottle, thus targeting both, household and corporate customers for their different specific requirements.
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