Albany, New York, Nov. 13, 2017 (GLOBE NEWSWIRE) — The vendor landscape of the global reusable water bottles market sees the presence of a large number of players, with top five companies holding a meager 6% share in the overall market in 2016, reports Transparency Market Research (TMR) in a new report. Although the market features a high degree of competition, new companies are continuously venturing into the market due to the high growth potential it offers. This, however, will bring little difference to the highly fragmented vendor landscape of the market.
To strengthen their position, key companies in the global reusable water bottles market are considering strategic alliances, mergers and acquisitions, capacity expansion, and launch of new products. Tupperware Brands Corporation, CAMELBAK PRODUCTS LLC, Brita GmbH, Nalge Nunc International Corp., S’Well Corporation, Klean Kanteen Inc., SIGG Switzerland AG, Contigo, AQUASANA Inc., Bulletin Bottle, Thermos LLC, O2COOL LLC, Nathan Sports Inc., and Cool Gear International LLC are presently the leading companies in the global reusable water bottles market.
A report by Transparency Market Research (TMR), estimates the global reusable water bottles market to register 3.6% CAGR between 2017 and 2025, for the market to present an opportunity worth US$10.4 bn by 2025-end. The market presented an opportunity worth US$7.6 bn in 2016.
By material type, metal segment holds dominance, the segment is anticipated to hold a little more than 33% market share over the forecast period. The hyper/supermarket distribution network segment is anticipated to lead holding a little more than 35% market share during the forecast period. On the basis of geography, Asia Pacific is estimated to emerge significant with a revenue contribution of US$1,208.5 mn during the forecast period between 2017 and 2025.
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Rising Disposable Incomes Leading to Purchase of Superior Quality Consumer Goods Benefits Market
The global reusable water bottles market is projected to display steady growth in the upcoming years due to changing consumer preference for reusable water bottles over single-use water bottles. Reusable water bottles that are made of metal, polymer, glass, or silicone offer high durability and strength characteristics that single-use water bottles lack. Manufacturers are striving to up quality quotient to keep up with consumer preferences and demands. For instance, the demand for Tritan, a co-polyester developed by Eastman Company, has been on the rise due to its increasing use in the manufacture of reusable water bottles.
Further, the growing demand for convenience products is also a key factor driving the reusable water bottles market. Rising disposable incomes of the middle-class population is leading to the purchase of superior and convenient consumer goods. To serve this, manufacturers are striving to develop products with extra features such as embedded infusers and mist sprayers. This is a new trend observed in the reusable water bottles market.
The growing consciousness for reduced use of plastic for health reasons is also leading to an uptake of reusable water bottles. Studies suggest that liquid content meant for consumption if stored in plastic bottles for long duration can be a cause of lethal diseases in the long term. Also, increasing environmental awareness and measures to reduce plastic waste is leading to a surging demand for metal, polymer bottles that are reusable.
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Environmental Awareness to Reduce Plastic Waste Declines Growth
Despite a number of favorable factors, the growth of the reusable water bottles market is challenged due to a few factors. The high cost of raw material such as aluminum, steel, and glass that impacts the price of finished product limits their use in developing economies. The growth of bottled water market is also posing a challenge to the reusable water bottles market. High portability and easy availability of bottled water make a solid reason to refrain use of reusable water bottles.
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