As per a research study by Transparency Market Research study, steel tumblers segment is predicted to contribute the biggest slice of revenue in the Global Tumblers Market due to technological advancement such as vacuum tumblers. The report also anticipates the rise in revenue generated in this segment to over USD $732.9 mn in 2018, a 5.8% Compound Annual Growth Rate.
Overall too global tumblers market will see a rise in demand for these containers as more and more people now understand how these are better than cups. Other than the fact that tumblers with lids avoid spillage and can be carried anywhere conveniently, there is also the benefit of reusability, something most civil societies, governments as well as consumers are now very careful about.
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Competition to be slightly fragmented
While global tumblers market is fairly fragmented. The major players use various strategies to keep their grasp on the market share. Some of these include upgrading their production capabilities and focusing their energies on geographical expansion.
Prominent players include Tupperware Brands Corporation, Pelican Products, Inc., Thermos, LLC, CamelBak Products LLC, LLC (S’well Bottle), Can’t Live Without It, Evans Manufacturing, Inc., and Hydro Flask.
Change in Lifestyle to help drive global tumblers market growth
Changing taste and improving technology is pushing people towards convenient products. As more people follow the always on the move philosophy, the need for tumblers that do not spill is increasing in the global tumbler market. Therefore, it should come as no surprise that manufactures are constantly trying to bring forth new and improved products in the market such as the vacuum tumblers with double walls that keep beverages at their intended temperatures for longer period of time.
Then there is a never seen before level of customization wanted by consumers requiring personal messages and corporate logos and prints, making tumblers look attractive for people of all age groups and sometimes acting as marketing tools.
Another driver of the Global Tumblers Market is the move towards a lifestyle that promotes reusability. From products to their packaging, the consumers demand for recyclable or reusable items. This is one reason why steel tumblers are expected to contribute heavily to the revenue generated by tumblers market. Another reason that belongs in the umbrella of lifestyle change and that is causing market to grow is the increase in outdoor recreational activities.
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The Asia Pacific Region Will Hold the Largest Share in the Global Tumblers Market, Create Opportunities
Change in lifestyle and consumer taste in the region will lead the Asia Pacific (APAC) region to have the largest share. Developing economies like India have seen a rise in employment and an increase in income in the last few years. There is another factor that would boost this market – flourishing beverage industry and an increased demand for appealing packaging. This has led to a shift in lifestyle, including outdoor recreational activities that promise to boost the tumbler market. MEA on the other hand will add little but have a rapidly growing market share. Latin America will see a moderate growth. Here again countries like Brazil have seen great employment and income figures which have led to an impact similar to that seen in India.
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