Oct 14, 2019
Reusable Water Bottles Market Resurgent on Back of Regulations Restricting Single-use Plastics, Reports Fact.MR
by Team Fact.MR
Fact.MR’s study on the reusable water bottles market reveals that the global reusable water bottles market revenue is estimated to expand at a CAGR of ~ 3% during the forecast year of 2019-2029. With this projected growth, the reusable water bottles market is foreseen to be valued at ~ US$ 12 Bn by 2029. Under the optimistic market conditions, supported by favorable demographic changes and customer preferences, the reusable water bottles market has a potential to grow at a CAGR of ~ 4.0%.
The movement of players in the reusable water bottles market is fluctuating due to the implementation of strict regulations by multiple countries across the globe against the single-use plastic bottles. Since the first ban by the city of Bundanoon in 2009, several regulatory bodies have put up a ban on the usage of bottled water and single use plastic bottles. Indian Parliament, for e.g., banned the usage of non-renewable water bottles and other plastic items inside the premises. This step was taken under the vision announced by the Indian Prime Minister, in 2018, to ban single use plastic in India by 2022. Canadian Prime Minister also announced in June 2019 to ban the usage of non-reusable plastic in Canada by 2021. Around 127 countries across the world have some kind of regulation in place to reduce the pollution created by single use plastics like non-reusable water bottles.
Product Innovation will be a Key Trend in the Reusable Water Bottles Market
Several studies suggest that regular drinking of water has many benefits, due to which people have made it a habit to regularly drink water at certain intervals. Several applications like Kropla and Hydro Coach on digital platforms like mobile and PC help remind the consumers to drink water at preset intervals. The companies in the reusable water bottles market have taken a cue, and developed smart water bottles, which not only track the water consumed, but also regularly remind consumers to drink. E.g. ‘Hidratespark’ launched their third generation smart water bottle in September 2019, which reminds the consumer to drink water through a luminescent body. The intensity of the glow rises as the time spent without drinking water increases. These type of bottles are primarily targeted at the working population, owing to their neglect towards drinking water while working.
The study opines that reusable bottle manufacturers have kept a tab on consumers performing sports and other fitness related activities, which require an added amount of water to balance the loss owing to perspiration during workout. The bottle manufacturers have developed bottles which are tough yet easy to carry while performing activities such as running and cycling. The companies provide accessories like special mouths which can be fitted with hooks to be hanged while performing such physical activities. Jughead Sports launched a new water bottle in Aug 2019, which is manufactured using stainless steel and comes along with neoprene sleeve and adjustable shoulder strap to esnure ease of handling while on-the-run. The increased usage of these bottles during sporting activities has further augmented the demand for reusable water bottles. The report also validates the trend, with sales of sports-related water bottles estimated to rise by 40% of the current sales by 2029.
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Some other innovations in the reusable water bottles is the development of self-heating or self-cooling bottles, thermal insulated bottles, mist diffusers, infusers etc. which target certain cross sections of the consumer. Companies are not only innovating in terms of functionality, but also in terms of design, to tap various segments of the consumers. Gululu, in May 2018, announced international launch of Gululu Go, a lightweight bottle with interactive speaker, having cartoonish sound, attractive to kids. S’well recently launched Harry Potter-themed bottles for the ‘Potterheads’ in the market. Many companies are also offering personalized customization of the bottle, thus targeting both, household and corporate consumers for their different, specific needs.
High Cost of Reusable Water Bottles Could Impede the Growth of the Market.
The widespread concern of wanting to eliminate harmful plastic wastes is generating a high demand for reusable water bottles. Companies such as Danone, Nalge Nunc Inc., Taiyo Nippon Sanso Corporation (Thermos), etc. are spending heavily on the innovation of reusable water bottles. The primary restrainer to the adoption of reusable water bottles is its unaffordable high cost factor. These companies are focusing on bringing the cost of reusable water bottles down with development of a better value chain. Contigo, one of the manufacturers of reusable water bottles, offered a discount of up to 40% on their water bottles in Sept 2019. Such discounted sales are a common sight in the water bottles market as the competitors are looking to capture maximum share in the market. Companies have partnered with organizations such as UNICEF, and plan to increase the awareness among people to stop using single-use plastic water bottles, in turn, increasing the demand of the reusable water bottles.