Reusable Water Bottles Sales Plummet amid Covid-19 Outbreak
Global reusable water bottle market is estimated to grow at a CAGR of around 4% during the forecast period (2020-2030) and reach a value pool of over US$ 11 Bn.
It would be premature to determine the effect of Covid-19 on the demand outlook for reusable water bottles. However, the global pandemic has put forth several roadblocks for the global reusable water bottle market to grow prosperously. Governments around the world have advocated safety and wellbeing of their people and most of the sales of retail and consumer goods have received a setback.
Reusable water bottles being ‘non-essential’, does face some backlash in this aspect. The movement of reusable water bottles from one channel node to another remains restricted due to shortage of vehicles, lack of manpower and different state laws curbing the global pandemic.
Lifestyle Transitioning and Easy Refilling to Augment Demand for Reusable Water Bottles
The need to encourage sustainable practices across leading industries has placed reusable water bottles under the spotlight. The energy sector's increasing preoccupation with a possible environmental crisis has led them to take bold steps towards sustainability. International climate change monitoring and environmental risk monitoring bodies have given clarion calls for a lifestyle transition. The aforementioned factors have powered demand in the reusable water bottles market.
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Polymer-based Reusable Water Bottles to Create High Growth Opportunities
The polymer sub-segment has accounted for more than 30% of the total material type segment. Reusable water bottles made from polymer materials are more economical than those made from metal, glass and silicone. These polymer based bottles are also simple to clean, available in a wide variety of colors and don't leave a metallic taste behind. These characteristics make reusable water bottles based on polymers the highest sales category.
The global polymer manufacturing industry however is facing drawbacks due to supply chain impacts and is somehow affecting the supply of polymer materials for the manufacturing reusable water bottles. According to Fact.MR, manufacturers may find overseas demand slumping through low export statistics due to the worsening Covid-19 epidemic in other countries.
Amongst regions, North America reigns supreme with a modest growth rate of 4% and captures a sizeable chunk of market share. Within North America, the utilization of polymer based reusable water bottles remains high.
Product Improvement Remains Key to Success in the Reusable Water Bottles Market
The global market for reusable water bottles is highly fragmented in nature, with the major players using different tactics such as new product releases to gain a higher market share. Reusable water bottle manufacturers are concentrating on product growth to include differentiated features in their current portfolio and to introduce new reusable water bottles with added features.
Cove launched a reusable water bottle made entirely of biodegradable materials in February 2019, which makes it look and feel just like standard plastic that can be decomposed. Certain companies like Newell Brands and Nalge Nunc International Corporation, are also concentrating on gaining publicity or promoting their recycled water bottles by partnering with various film companies including Marvel and Disney
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Impact of Covid-19 on Global Reusable Water Bottle Market
Covid-19 pandemic has adversely impacted the global retail and consumer goods industry where national and regional lockdowns have disrupted both production and supply chain.It is possible that the effect on retail and consumer goods firms will be complex, affecting both the equation's demand and supply sides.
And unlike other sectors, a change in consumer habits have led to increased demand for several categories of consumer goods as well as shifting brand preferences. At the same time, manufacturers are determining how best to tackle possible disruptions to the supply chain and capacity constraints that may prevent them from meeting evolving customer needs.
The reusable water bottle market in particular also faced the extreme impact from the Covid-19 crisis as demand was observed to decline in January and February compared to demand in 2019 during those months. The declining demand of reusable water bottles in 2020 can be understood under three scenarios: positive, pessimistic and probabilistic.
Under the optimistic scenario, the global reusable water bottle market is expected to remain squat in the first quarter of 2020 under Covid-19's strong impact, and demand may grow again from the second quarter. On the other hand, under the probabilistic scenario, the market is expected to remain under strong crisis control until the second quarter, and the situation may ameliorate from the third quarter on. Although the impact of the crisis may disrupt the demand for reusable water bottle for all four quarters in the pessimistic scenario, the market will begin to show improvement by the first quarter of 2021.
Reusable Water Bottle Market: Segmentation
FactMR’s study has done the segmentation of the reusable water bottle market on the basis of material, product, primary usage, size, sales channel and region
- Other Utilities
- 8-12 Oz
- 16-27 Oz
- 32 Oz
- 40 Oz
- 64 Oz
- 1 Gallon and Above
- Supermarkets / Hypermarkets
- Independent Stores
- Other Channels
- North America
- Latin America
- CIS & Russia
The global reusable water bottle market is anticipated to witness a notable upsurge during the forecast period 2020 to 2030, conferring to a new Fact.MR study. The study promotes crucial trends that are presently determining the growth of the reusable water bottle market.
This newly published and perceptive report sheds light on vital dynamics, which are likely to convert the future of the reusable water bottle market, in turn generating worthwhile opportunities for key companies as well as evolving players who are interested in the manufacturing of reusable water bottle.
The reusable water bottle market study is a detailed market intellect on key revenue progression factors, challenges, industry trends, and opportunities, which will eventually influence the growth of the reusable water bottle market.
The report primarily conveys a summary of the reusable water bottle market, considering present and upcoming retail and consumer goodsindustry scenarios, to reveal striking sides relating to the acceptance of reusable water bottles across prominent regional markets.
A detailed assessment on few of the reusable water bottle raw material suppliers accessible in the report allows the report readers to obtain detailed findings that have resulted from reusable water bottle supply chain analysis, business execution, and value chain analysis across the regional markets incorporated in the report. A list of prominent companies functioning in the reusable water bottle market provided in the report enhancesreliability of this ample research study.
Reusable Water Bottle Market: Report Summary and Scope
Study offers a comprehensive overview on diverse features that are inducing demand,revenue generation and sales of reusable water bottles across the globe.A comprehensive estimate on the reusable water bottle market has also been made accessible by the experts, who have considered the market estimates on the basis of a likely scenario, an optimistic scenario, and a conservative scenario regarding sales of reusable water bottles during the forecast period. Analysis and estimation of price point comparison by region and by material with the global average price has been included in this study.
Reusable Water Bottle Market: Analysis on Market Size Evaluation
Predictions of the reusable water bottle market, encompassing current as well as forthcoming projected values estimate and analysis on region-wise demand trends and price index have been assimilated in the report. Market estimates at the regional and global scale for reusable water bottle are available in terms of “US$ Mn” for value and “000’ Units” for volume. A Y-o-Y growth contrast on prominent reusable water bottle market segments, along with the market attractiveness valuation computes understandings brought in the report. Metrics mentioned above are also followed based on reusable water bottleproducts where reusable water bottle witness a steady demand.
Reusable Water Bottle Market: Scrutinized Assessment on Regional Segments
Weighted sections have been elaborated in the report on reusable water bottle market, which delivers projection on the regional markets. These chapters brighten the regional macros (political economic, and business environment outlook), which are expected to have a significantimpact on the growth of reusable water bottle market during period of forecast.
Country-specific valuation on demand for reusable water bottle has been offered for each regional market, along with the market scope estimate and forecast, price index, price point assessment, and impact analysis of dynamics of prominent regions and countries. For all regional markets Y-o-Y growth estimates have also been incorporated in the report.
Reusable Water Bottle Market: In-depth Analysis on Competitive Landscape
The report ends with a section on the competition scenario of reusable water bottle market, along with the profiles of major companies contributing to the market expansion. Essential and up-to-date data as well as information correlated to the market performers, who principally engage in the production and supply of reusable water bottle, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits the report readers to plan preemptive steps to advance their businesses.
Impact of Covid-19 on Reusable Water Bottle Market
The report includes a scenario based assessment of impact of Covid-19 across key regions for all four quarters of 2020. The report discusses the market forecast under optimistic, probabilistic and pessimistic scenario. Under the three scenarios, the demand loss and recovery has been illustrated and described through L-shaped and U-shaped recovery curves. Alongside, the Covid-19 impact has been benchmarked with previous crisis including sub-prime crisis, Eurozone crisis and SARS pandemic.
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