Changing preferences of consumers for choice of drinking bottles are boosting demand for insulated water bottles. Growing consciousness about health and hygiene has propelled the use of insulated water bottles for storing boiled water. In addition, consumers are opting to use the insulated water bottles for carrying the beverages or juices during trips, treks, and during long journey. This rising demand is boosting growth of the global insulated water bottles market. However, some studies are claiming the toxicity of such materials has inhibit the developments in global insulated water bottle market.
According to the report by TMR, the global market for insulated water bottles market is anticipated to expand at a CAGR of around 4.8% from 2017 to 2025 to attain value of US$4.1 bn by the end of forecast period.
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Rise in Demand for Insulated Bottles for Everyday Use to be Beneficial for Growth
On the basis of Primary Usage, the global insulated water bottles market is segmented in to everyday, sports, travel and others. Of these, everyday segment is dominating the global market as the bottles are mostly used for the everyday water drinking purpose. The segment is expected to remain dominant over the forecast period and account for revenue of US$1.8 bn.
On the basis of Product Type, the global insulated water bottles market is segmented in to fine mouth, big mouth, mugs, and tumblers. Of these, mugs segment is dominating the global market for insulated water bottles. The higher demand for the insulated water bottles are increasing; thus, the segment is expected to account for the 36.0% shares of the global market over the forecast period. Also, the demand for fine mouth and big mouth bottle is expected to gain substantial share in the global insulated water bottles market.
On the basis of material type, the market is segmented in to plastic, metal, glass and silicone. Of these, metal bottles segment is dominating the global market for insulated water bottles owing to high demand for stainless steel bottles. However, the demand for silicon-bottle is growing. Thanks to this demand, the market is expected to be worth of the value US$1.5 bn over the forecast period.
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Presence of Numerous Key Players in Asia Pacific to Bolster Market Growth
On the basis of region, the global insulated water bottles market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the `World. Of these, Asia Pacific except Japan is dominating the global insulated water bottles market and expected to continue over the forecast period. This growth is attributable to the cheap and abundant labor in the countries such as India and China makes them ideal for large scale cost-effectiveness production. Additionally, availability of the raw material in low cost is bolstering growth of the insulated water bottles market.
Key players operating in the insulated water bottles market include Thermos, Ice Shaker, Geysa, 321 Strong, and Fnova. These key players are facing competition in order to differ from other companies. These companies are increasingly focusing on the adoption of better quality of the material and innovative material, shapes, sizes, capacities, and functionalities. Additionally, these companies are entering in to strategic partnerships, mergers, and acquisitions for business expansion and improvement in product portfolio.
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