Reusable Water Bottle Market to expand at a 4.2% CAGR over the period by 2024; Reusable Water Bottle Market is expected to surpass US$10.19 bn by 2024
The global reusable water bottle market is eminently trending on the back of health-enhancing features which help introduce products with infusers for added nutritional benefits and filters for pure, clean water. In order to combat the concerns over the usage of bisphenol A (BPA), the industry now employs Tritan, a BPA-free polymer, for the production of reusable water bottles. This form of plastic flaunts a higher chemical resistance and durability and does not alter the taste of the water or add odor. The market is also expected to be propelled by the demand for smart water bottles which can record the user’s water intake and send notifications to a smartphone via Bluetooth.
The international reusable water bottle market is projected to grow at a CAGR of 4.2% between 2016 and 2024 to make US$10.19 bn by the closing year of the forecast period, according to a report by Transparency Market Research (TMR), a seasoned research company.
Cost-effectiveness, Eco-friendliness, and Trendiness as Top Demand Stimulants?
Reusable water bottles are perceived to be one of the cost-effective and environment-friendly options to use or store water, owing to their reusable characteristic and capability of curbing waste and the increasing strain on fossil fuels. Innovative designs in respect of carrying solutions and dispensing options have paved a way for the global reusable water bottle market to secure a commanding growth. As consumers are quickly gelling up with today’s fast-paced lifestyle and raising their living standards, manufacturers are looking to offer convenient carrying solutions such as thigh holsters and dispensing options such as push-pull.
Emerging economies have witnessed a mammoth rise in industrialization and economic growth. As a result, the working population has increased considerably. In 2015, India and China accommodated 62.0% of the Asia Pacific’s working population. The lofty adoption of reusable water bottles in working firms has raised the bar for market growth. Another factor that could soar the advancement of the market is the swelling consumer spending, especially in the U.S.
Will BPA and Phthalates Raise Eyebrows?
As every market is faced with challenges, the world reusable water bottle market could be no exception. The use of BPA, phthalates, and other hormone disrupting chemicals during the manufacturing process could cause a setback to the world market. The market could also lag behind due to lack of trust, especially in developing nations with unhygienic conditions, and the surge of bottled water market. Developing countries still prefer crushable or non-reusable water bottles because of their easy availability and common consumer perception. Besides this, steel, glass, and other raw materials come with a high price, which slims down the margin of manufacturers.
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Nonetheless, there are some fine opportunities prevailing in the global reusable water bottle market for the manufacturers to keep their heads up in the stormy industrial circumstances. Reusable water bottle companies can approach the marketing brands or brand owners to use their products as an attractive marketing tool. Customization can play a vital role in the survival of reusable water bottle manufacturers. Collaborations with other players in the market can help them introduce personalized products for special events such as Christmas and New Year. Customization can extend to features such as color, design, and logo. Fitness centers, educational institutions, and corporate firms are fertile platforms to evolve as a branded merchandiser in the reusable water bottle industry through long-term contracts.
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