Market Research Report
Reusable Water Bottle Market Size, Share & Trends Analysis Report By Material Type (Glass, Stainless Steel, Plastic, Silicone), By Distribution Channel, By Region, And Segment Forecasts, 2021 - 2028
|Reusable Water Bottle Market Size, Share & Trends Analysis Report By Material Type (Glass, Stainless Steel, Plastic, Silicone), By Distribution Channel, By Region, And Segment Forecasts, 2021 - 2028|
Published: February 15, 2021
Grand View Research, Inc.
Content info: 78 Pages
Delivery time: 2-10 business days
Reusable Water Bottle Market Growth & Trends
The global reusable water bottle market size is expected to reach USD 84.8 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.0% from 2021 to 2028. Government regulations and the anti-plastic movement are encouraging consumers to switch to disposable water bottles and prompting manufacturers to develop environmentally-friendly products. Furthermore, the extensive use of disposable water bottles in sports and public places is discouraged by various campaigns in order to create awareness among people. Some governments have taken initiatives for the same, for instance, in February 2019, UNICEF and the Ministry of Education Maldives decided to provide reusable water bottles to all the first graders in the Maldives.
According to Forbes Media LLC, every minute humans buy a million plastic bottles and the fact that 91% of this plastic is not recycled is becoming a threat to the environment. However, the growing demand for environmentally-friendly products and easy-to-carry bottles among consumers is a major factor fueling the market growth.
Metal-based reusable water bottles are gaining increasing traction among consumers. Since water packed in plastic bottles for long durations under various conditions dissolves harmful chemicals from the bottle surface, and thereby does not meet the safe drinking water standards and is unfit and unhealthy for consumption. In such cases, RO and UV filtered municipal water if filled in a reusable bottle, is a healthier alternative, thereby driving the demand for such reusable water bottles.
Therefore, health advantages associated with metal-based bottles, such as restraining harmful chemicals emitted from plastic bottles, are causing greater adoption of the product among consumers. In addition, the multi-purpose usage of stainless-steel water bottles in keeping water cold or hot for longer durations owing to their insulating properties has attracted consumers to these products.
Increasing preference of the younger population for buying various products through specialty stores owing to greater quality, fewer chances of selling counterfeit products, and assistance in buying the products is a key factor boosting the growth of the specialty stores segment.
The majority of the countries in the Asia Pacific market are the ones that consider the price of the product first, hence are said to be cost centric. Consumers can significantly save up to 2,000 times the expenditure on water bottles by preferring reusable water bottles. This factor is supporting the demand for reusable water bottles in the region. The growing trend of refilling water bottles in the region is boosting the demand for reusable water bottles. For instance, Social Innovation Japan launched MyMizu, the first free water refill app, with an aim to reduce PET bottle consumption in Japan. This app connects users to 8,000+ refill stations nationwide. These factors are boosting the demand for reusable water bottles among consumers.
Reusable Water Bottle Market Report Highlights
Based on material, plastic is expected to register the highest CAGR over the forecast period
By distribution channel, supermarkets and hypermarkets accounted for the largest share of 38.4% in 2020
The online distribution channel segment is expected to expand at the highest CAGR of 4.9% from 2021 to 2028 due to the rising penetration of e-commerce and the low cost of startups
The Asia Pacific held the largest share of 39.2% in 2020