Reusable water bottles are those that are reused either by the bottler or by a household. The idea of reusable containers, on a much broader level, is driven by the inclination toward sustainable packaging. By reusing a container several times, the material per filling cycle or per use is reduced.
Although hygiene and certain environmental concerns continue to plague the market for reusable water bottles, industry experts project steady growth ahead. Transparency Market Research predicts that the global market for reusable water bottles will exhibit a 4.2% CAGR from 2016 to 2024, rising from a value of US$7.04 bn in 2015 to US$10.19 bn by 2024.
Companies Emphasize on Unique Product Portfolios to Gain Market Share
One of the major factors propelling the reusable water bottle market in terms of revenue is the development of innovative products by leading players. Most companies in this space are laying emphasis on the launch of unique and diversified products that can boost sales and help them gain a strong hold over the market.
For instance, Camelbak Products, LLC. introduced KickBack and Eddy in the last two years – products that are known for their unique features. KickBack is a stainless steel vessel that is vacuum insulated and eliminates condensation. Eddy is a BPA-free water bottle.
Contigo’s patented AUTOSEAL technology has put the company on the map of the global reusable water bottles market. The technology reduces the chances of leakage and spilling and finds application in a wide range of consumer products catering to kids and travel buffs. The Gizmo Flip was launched in July 2015 and claims to be a 100% spill-proof and leak-proof water bottle for children.
APAC Offers Host of Opportunities for Manufacturers of Reusable Water Bottles
Perhaps the most promising market for reusable water bottles, Asia Pacific holds a dominant share in the global scenario. The consumption of these products is at an all-time high in the region owing to a rapidly growing e-commerce industry, the rising presence of supermarkets and hypermarkets, and the increasing disposable income of the consumers, especially those from the middle class.
China, for instance, presents a high incremental opportunity in the reusable water bottles market and offers several lucrative investment options for players. The presence of a large number of players offering low-cost water bottles is the main factor driving the China reusable water bottle market. India is also a prominent market thanks to the massive consumption of single-serve bottles used for refilling.
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The developed markets of North America also play a major role in the development of the reusable water bottles market. The U.S. is a leading contributor owing to the large-scale demand for and consumption of bottled water. This offers manufacturers significant opportunities for growth.