Increasing Consumer Awareness Coupled with Favorable Government Policies to Aid Market Growth
Over the past couple of decades, a number of countries around the world has increased their efforts to minimize the usage of plastic due to environmental concerns. The usage of single-use plastic items continues to decline around the world as a result of bans imposed by governments of various countries. Due to the increasing focus on minimizing the usage of single-use plastic, biodegradable plastic has gained considerable attention over the past few years, following which, several companies have entered the global biodegradable water bottles market. For several decades, plastic water bottles have remained one of the prominent contributors to global waste. Thus, the demand for biodegradable water bottles around the world is on the rise.
Biodegradable water bottles are gaining immense popularity around the world due to the increasing awareness pertaining to the benefits of biodegradable water bottles as well as increasing government support in terms of favorable policies, tax concessions, subsidies, etc. Market players involved in the current biodegradable water bottles market landscape are likely to focus on product development and innovation to gain a competitive edge. Moreover, expanding the product portfolio is also expected to remain one of the key growth strategies of companies operating in the current market for biodegradable water bottles.
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Focus on Minimizing Global Waste to Fuel Market Growth
The exponential rise in the global waste around the world, due to factors such as industrialization, urban development, rising population, and economic development of both, the underdeveloped as well as developing nations, has led to the demand for biodegradable water bottles. Furthermore, in the current scenario, consumer purchase decisions are largely influenced by the eco-friendliness quotient of the product. This factor is also driving the biodegradable water bottles market. Increasing consumer concerns pertaining to the climate change and desire to minimize their individual impact on the environment has led to a considerable rise in the demand for biodegradable water bottles.
In addition, plastic bans announced by governments of several nations around the world have paved the way for sustainable alternatives, including biodegradable water bottles. For instance, the ban on single-use plastic imposed by the European Union increased the popularity of bio-based and biodegradable materials– a factor that is expected to propel the global biodegradable water bottles market during the assessment period. Over the past few years, innovations have occurred at a rapid pace across the global biodegradable water bottles market landscape. For instance, a number of market players are currently focusing on the development of bio-plastics to improve the quality of sustainable packaging. Sensing increasing aversion to plastic products, plant-based water bottles are gradually being launched by a number of established as well as new market entrants.
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Brands to Focus on Launching New Products
Many companies operating in the current biodegradable water bottles market are anticipated to focus on product development to improve their market position. A number of brands is currently focusing on introducing new biodegradable water bottles. For instance, in 2018, Cove announced the launch of water bottles that were completely developed using biodegradable materials. In October 2023, Bacardi announced the launch of the world’s first sustainable spirit bottle that is primarily developed using plant-based material. In February 2023, one of the leading companies across the food & beverages industry, Agthia Group, announced that the company is set to distribute newly developed plant-based water bottles in the Middle East.
Online Sales Rise amid Ongoing COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a moderate impact on the growth of the global biodegradable water bottles market. While offline sales are projected to take a dip due to stringent lockdown restrictions and barriers in cross-border trade and transportation, online sales are expected to increase. Sales via eCommerce platforms are likely to grow due to which, market players are expected to list their products on online stores. In addition, market players are also estimated to address supply chain challenges during the ongoing COVID-19 crisis.
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The global biodegradable water bottles market is expected to expand at a moderate CAGR of 4.5% during the assessment period. The market growth can be primarily attributed to a host of factors including mounting environmental concerns, efforts to minimize global waste, stringent regulatory framework, and favorable government policies. Market players should focus on product development and expanding their product portfolio to gain a competitive edge in the current market landscape. They should also increase R&D activities and continue to emphasis on launching innovative, sustainable, and environment-friendly products.
Biodegradable Water Bottles Market: Overview
- According to Transparency Market Research’s latest report on the global biodegradable water bottles market for the forecast period of 2023-2028, the market is estimated to grow, owing to the demand from residential use, institutional use, and for specialty purposes
- The global biodegradable water bottles market is expected to clock a CAGR of 4.5% during the forecast period. Biodegradable water bottles have huge contribution in avoiding environmental pollution, which is likely to increase the sales of biodegradable water bottles in the years to come.
Use of Biodegradable Water Bottles to Enhance Environmental Sustainability
- Biodegradable water bottles play a vital role to in reducing water and soil pollution. One of the major reasons for introducing packaging for biodegradable water bottles is to terminate single-use of plastic water bottles, and three times more water is required in the production of one plastic bottle than a biodegradable water bottle. The packaging of biodegradable bottles includes organic materials, which allow the bottle to decompose in less than hundred days without leaving any carbon footprints. The demand for biodegradable water bottles packaging materials has increased remarkably due to the growth of the eCommerce industry.
- Leading players in the biodegradable water bottles market are introducing various attractive and convenient packaging. Technological advancements such as bottles, which are exactly look and feel like plastic but are made of biodegradable plastic materials, will create a huge demand in the market during the forecasted period.
Restrictions on Usage of Plastic to Boost Demand for Biodegradable Water Bottles
- The biodegradable water bottle is an eco-friendly solution, which does not deliver carbon in the air at the time of the manufacturing process. Increasing awareness about environmental protection among individuals will help the market for biodegradable water bottles to flourish. Due to increasing need of bottled water and harmful impact of plastic on the environment and the ecosystem, today’s youth started to think about an alternative option for plastic while choosing a product. This has created a tremendous demand for biodegradable water bottles in the market and the demand will increase during the forecast period.
- In order to avoid serious impacts on the environment, governments have already started to impose rules and regulations on the usage of plastic; this is another factor fueling the demand for biodegradable water bottles. Developed countries are taking serious steps against the usage of plastics; this has risen the demand for biodegradable water bottles. Thus, manufacturers of biodegradable water bottles have more demand in countries such as Europe and North America. Additionally, as an increasing number of manufacturers in the biodegradable water bottles packaging industry is rethinking their packaging strategies, the beverage industry is growing at a faster rate and this would raise the demand for biodegradable water bottles.
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Biodegradable Water Bottles Market: Key Findings
- As per capacity, the demand for 501 ml to 1000 ml is estimated to reach over 11.3 Bn units in next decade and expected to hold nearly 3/5th share of the global market
- Biodegradable water bottles are mostly made of FDA approved bioplastic material and therefore, this material segment accounts for nearly 80% value share in 2023. However, this segment is anticipated to witness a loss of 290bps of current market share during the forecast period.
- These types of bottles are highly preferred for specialty purpose such as sports, travel, gym, etc. and therefore, this segment is expected to create an incremental opportunity of US$ 742 Mn in 2023-2030
- Asia Pacific market is anticipated to lead and expand 1.8 times of current market value by the end of 2030. Following this, consumers of North America market is gradually shifting to the use of biodegradable water bottles to reduce plastic waste and negative impact on the environment.
Biodegradable Water Bottles Market: Competition Landscape
- TMR analysed that the global biodegradable water bottles market is highly competitive, owing to a large number of local players in the market. This competition among key players is carefully studied based on developments, strategies, and segmental revenue of companies.
- TMR Group includes outlines of key players in the latest biodegradable water bottles market study, which are
- Paper water bottle
- Choose Water
- Raepack Ltd.
- Ecologic Brands Inc.
- Montana Private Reserve
- Just Water
- Mitsubishi Chemicals (MCPP)
- TSL Plastics Ltd.
- TMR distinguished these biodegradable water bottles market players as per their segmental earnings into different tier slabs. Among these, Paper Water Bottle, Choose Water, and Lyspackaging are identified as Tier 1 companies. Tier 2 players include TSL Plastics Ltd., Montana Private Reserve, Cove, and Just Water.
Impact on COVID-19 on Biodegradable Water Bottles Market
- All industries including packaging has experienced the negative impact of the COVID-19 outbreak. The sudden rise in the raw material cost and lockdown in various locations has slowed down the economy of all the countries in the world. All industrial sectors suffered through some challenges such as uplifted costs, labours’ wages and availability issues and operational challenges.
- Biodegradable water bottles market is mainly affected due to the slowdown of the food & beverages industry. During the lockdown period, the biodegradable water bottles market had remarkably slowed down, due to the demand for bottled water shown a sudden drop. However, as the water is the basic need, the demand will rise up rapidly again during the forecast period.
- The COVID-19 outbreak affected biodegradable water bottles market directly, as it has presence everywhere such as residential use, industrial use, sports, travel, gym, etc. However, the availability of convenient and attractive packaging will boost the demand for biodegradable water bottles in the upcoming future.
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