The global reusable water bottle market comprises large number of players and thus, the market is fragmented. The top five players within this market accounted for a meager 6% share of the overall industry in 2016. The names of these players are: S’Well Corporation, Tupperware Brands Corporation, Brita GmbH, CAMELBAK PRODUCTS LLC, Nalge Nunc International Corp., Klean Kanteen Inc., Contigo, SIGG Switzerland AG, AQUASANA Inc., Thermos LLC, Bulletin Bottle, O2COOL LLC, Cool Gear International LLC, and Nathan Sports Inc. The market is extremely competitive as new players are continuously attempting to enter within the global reusable water bottles industry and on account of the high potential growth it offers. Capacity expansion, launch of new products, and strategic alliances are the three business strategies employed by the players within the market so as to acquire more shares within the market and make a mark for themselves, states Transparency Market Research (TMR) in its recent research report.
According to TMR, the global reusable water bottle market is anticipated to expand at a slow 3.6% CAGR from 2017 to 2025. This market is anticipated to be worth US$10.4 bn by 2025. On the basis of geography, it is anticipated that is Asia Pacific will contribute the highest to this market. The Asia Pacific reusable water bottles market is anticipated to reach US$1,208.5 mn by 2025. On the basis of material, it is estimated that the metal segment will lead in the market accounting for 33% of the total share. By distribution channel, it is the hyper market/super market segment which will lead and account for 35% of the total market share.
Increasing Efforts By Manufacturers Improve Quality Of Reusable Bottles, Supporting Growth
According to the report, the global reusable water bottles market is anticipated to witness growth in the years to come on account of the changing consumer preference for reusable water bottles over single use water bottles. As manufacturers are consistently striving to improve the quality quotient of the reusable bottles, consumers are expected to increasingly prefer these water bottles. Increasing demand for convenience products and growing disposable income of consumers will also help the market to grow. An overall improvement in the economy and the rise in the spending power of the middle class population will lead to an increase in the sales of high quality, superior, and convenient consumer goods. Manufacturers are thus, encouraged to develop products with additional features such as mist sprayers, embedded infusers, and others.
Growing Awareness Regarding Ill Effects of Using Plastic to Store Liquid for Long Term to Drive Growth
The market is benefiting from the growing consciousness and awareness among consumers regarding the ill effects of the use of plastic. With an increasing number of studies suggesting that the use of plastic for storing liquid for long duration can be lethal in the long term, will also fuel the growth prospects of the reusable water bottles market. Another factor supporting the growth of reusable water bottles market is the increasing concern about environmental conservation and the rising number of steps taken by government to reduce the use of plastic and decrease plastic waste. This in turn is creating a heightened demand for reusable bottles that make use of metals and polymer.
Bolstering Growth of Bottled Water Market to Threaten Growth of Reusable Water Bottles Market
The high cost of raw materials such as steel, glass, and aluminum increases the price of the finished product which in turn limits their usage especially in cost-sensitive regions. The staggering growth of the bottled water market is also threatening the growth of the reusable water bottles market. Bottled water is easily available and highly portable, and these two reasons deter many consumers from purchasing reusable water bottles.