PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299753
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299753
Hydration Packs Market size was valued at USD 390.4 Million in 2022, expanding at a CAGR of 10.3% from 2023 to 2030.
Hydration packs are defined as specialized backpacks that are designed with a built-in water bladder system. Additionally, hydration packs used by soldiers, hikers, and bikers to carry water without utilizing much space and also allowing them to move freely. Moreover, when moving while hiking or road cycling, it is best to slow down or stop to drink it if you are using a water bottle but hydration packs are easier to drink. Further, the hydration pack comes up in 1 to 3 liters sizes that allow carrying more water while traveling, as compared to water bottles.
The growing demand for hydration backpacks as they help to maintain optimum hydration while on the move and offer a convenient hands-free application. Additionally, increasing awareness about maintaining a healthy lifestyle, in developing countries rising number of internet users leading to higher product awareness, and rising popularity of adventurous outdoor activities are such factors projected to drive the market demand for the hydration pack market. However, the high cost of hydration backpacks coupled with low disposable income may hamper the market growth of the market over the forecast period.
Moreover, rising consumer interest in outdoor sports owing to factors including adventure experiences, skill and ability development, and physical fitness awareness will likely open up new opportunities for the global hydration pack market. The COVID-19 pandemic crisis witnessed a slight downfall in the hydration pack market. At the beginning of the pandemic, the manufacturing companies witnessed a minimal decrease in the revenues of hydration packs as the supply chain was disrupted.
The global hydration packs market is segmented on the basis of product type, capacity, sales channel, and region.
The market is divided into three categories based on product type: leisure, sports, and military. The sports sector is likely to maintain its dominance. The rising demand for the products among trekkers, athletes, cyclists, and hikers especially in industrialized nations expected to increase the demand for this segment.
The market is divided into four categories based on capacity: 1 to 3 liters, 3 to 6 liters, 6 to 10 liters, and, 10 liters & above. The 1 to 3 liters sector is expected to hold the largest market share. As compared to water bottles, hydration packs come up in 1 to 3 liters sizes which are easy to carry as well as allow for more water during travel.
The market is divided into three categories based on sales channels: supermarkets/hypermarkets, specialist retailers, online retail stores, and others. The specialist retailers' sector is expected to dominate the market share over the forecast period. As large corporation enlarge their footprint globally by opening stores in tier 2 and tier 2 cities in essential markets, as a result, specialist retailers sector continue to climb during the forecast period.
The hydration pack market is highly comprised and fragmented international and regional competitors. Additionally, to cater to the interests of the consumers market players are constantly focusing on launching new products in the market. Moreover, the most preferred strategy in the worldwide hydration pack market is new product development. The market players are adopting mergers & acquisitions and entering into agreements/partnerships to optimize their offerings and achieve consolidation. Further, such players merge with local players to gain a foothold globally. For instance, in June 2022, CamelBak, the worldwide leader in personal hydration products, announced a partnership with UTMB World Series. Additionally, the partnership reflects CamelBak's ongoing commitment to the running community and discipline.
This proposed research study on hydration packs market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for hydration packs market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the hydration packs market.
Impact of COVID-19 on hydration packs market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on hydration packs market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the hydration packs market, we have also included competitive landscape and key innovator analysis for the hydration packs market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the hydration packs market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global hydration packs market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: