PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1107768
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1107768
According to Stratistics MRC, the Global Smart Bottle Market is accounted for $151.46 million in 2022 and is expected to reach $354.02 million by 2028 growing at a CAGR of 15.2% during the forecast period. A smart bottle is a device that uses sensor technology to track a person's water intake. Smart bottles are technologically advanced bottles that have wireless communication capabilities for connecting to electronic devices. It monitors hydration levels and ensures that they are met. Temperature sensors, freshness timers, drinking reminders, and regular hydration indications are also included.
The demand for bottled water is increased because of consumers' propensity for specifically demanding high-quality drinking water, owing to the fear of diseases as an aftermath of drinking polluted tap water and the ease of portability and convenience provided by bottled water. According to the International Bottled Water Association, total bottled water volume grew from 13.8 billion gallons in 2018 to 14.4 billion gallons in 2019, an increase of nearly 4 percent. Thus, increasing demand for bottled water is providing ample opportunities for market.
Driver:
Increasing health awareness
The fast-changing lifestyle of the consumers is prompting the increasing awareness of health. The increasing awareness of health by both youth and adults is leading to the rising requirement for a smart bottle market. The utilization of a smart bottle as a gym accessory is also regarded as the major driver that is influencing the requirement of smart bottles in gyms and sports clubs. As consumers are continuing to place a high value on health and are widely investing in clubs and services for maintaining fitness will further boost the smart bottle market.
Restraint:
Battery life
The average battery life of a smart water bottle is 6 months and significantly gets shortened due to alerts or time taken while connecting it to any mobile app further leads to inaccuracy. Thus, the shortening of battery life is also regarded as the key factor that restrains the growth of the smart bottle market.
Opportunity:
Introduction of emerging technology
There is increased adoption of emerging technology such as the utilization of wearable devices, fitness trackers, smart bands, hydrating tracking applications, and so on owing to the rising interest in fitness. The introduction of AI along with the internet of things is playing a significant role in providing mobile apps that provide information to smart water bottle users about their hydration levels. The smart water bottle can connect to any mobile device through Bluetooth or the internet and is effectively accessible from any location. In addition, the utilization of sensor technology is also highly gaining traction and will provide ample opportunities for the smart bottle market.
Threat:
High cost
The high cost of smart bottles is the key restrain that is affecting the growth of the market. A smart water bottle is in-built with sensor technology and also includes major technical functions such as information about the hydration level to the user and is connected with mobile apps which leads to the increase in cost.
The hydration tracking segment is expected to be the largest during the forecast period
The hydration tracking segment is estimated to have a lucrative growth as the majority of the interactive bottle manufacturers are providing their users with exact about their daily water consumption and allowing them to set personalized hydration goals. As hydration technology has become the center for the youth and adults, the apps are becoming personal systems to help users achieve daily targets.
The online segment is expected to have the highest CAGR during the forecast period
The online segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the increasing sales by e-commerce platforms and the easy payments provided by the online sales channel. The online distribution channel is commonly preferred by customers.
Region with highest share:
North America is projected to hold the largest market share during the forecast period due to the growing need for advanced fitness tracking systems and the increasing purchasing power of customers. Moreover, the increasing consumer interest in health clubs and the usage of technology-embedded gym accessories and fitness trackers are also fueling the market growth in North America.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to the increasing demand in the emerging economies credited to initiatives such as Digital India, and Make in India, among others. Moreover, the increased awareness toward maintaining the hydration levels in the body is further likely to drive the market in the region.
Some of the key players profiled in the Smart Bottle Market include Adheretech Inc., Caktus Inc., Ecomo Inc., Hidrate Inc., Thermos LLC, Indiegogo, Inc., Kuvee, Inc., Myhydrate, Open-2 LLC, Pillsy, Sippo, Trago, Inc, HydraCoach Inc., Aptar, Bottel and Lifefuels.
In June 2021, Aptar partnered with REBO to launch a Smart Reusable Water Bottle that uses technology to help people stay hydrated while helping to collect tossed-away plastic bottles that end up in the environment. The partnership with REBO allows us to advance our market knowledge for emerging trends and leverage our manufacturing, regulatory, and innovation expertise.
In March 2021, Bottel launched a smart water bottle featuring a glowing flashlight to remind when to drink. Botell - dubbed as the 'next generation of water bottles - can keep track of how much more water need to drink throughout the day to stay hydrated.
In Sep 2019, Lifefuels launched a smart nutrition bottle. This new smart nutrition bottle includes three-part systems such as a sleek, smart water bottle and flavorful and nutritious multi-serve FuelPods. Smart nutrition bottle also includes an app for tracking both hydration and nutrition in the user.
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