Reusability and recyclability of consumables is a significant factor when considering its eligibility toward keeping the environment free of undesirable waste and pollutants. The rise in awareness regarding the importance of eliminating toxic chemicals derived from plastic bottles from the food chain is reported to be a major influence in the upturn of the global reusable water bottle market.
Manufacturers are now moving toward the idea of bottles with reusable filters that can provide cleaner and more purified water. Users face the most problems while cleaning residue from water and eliminating this from the same, using filters and infusers, is expected to lead to higher popularity of reusable bottles.
Transparency Market Research in a report has prognosticated the global reusable water bottle market to exhibit a CAGR of 4.2% between 2016 and 2024. At this rate, the market, which stood at US$7.04 bn in 2015, is anticipated to transcend to US$ 10.19 bn by the end of the forecast period. The market is envisaged to be largely influenced by technological advancements as well. The advent of smart devices in all walks of is also expected to hit this market emphatically. Recently, the introduction of a smart water bottle by Hidrate, which can track water consumption of the individual through an app, is foretold to have a positive influence on the market growth.
Q: What segment is the market is touted to provide prolific market opportunity?
A: The worldwide reusable water bottle market can be segmented broadly on the basis of the type of material used, by primary usage, and by the distribution network. The rising use of Bisphenol A (BPA)-free materials in water bottles is making way for the demand of polymer-based ones. While being available freely, polymer-based bottles incorporate differentiating features and cost less. This variety of bottles is increasingly using ‘Tritan’, which is cost –effective, recyclable and BPA-free. The segment of metallic bottles follows the polymer-based bottles, due to its durability, insulation capability, and abundance of metals.
Though the penetration of plastic water bottles is high, owing to their inexpensiveness, convenience and availability, the shortcomings of plastic usage are expected to catch up soon. The water used form plastic bottles may contain harmful chemicals such as BPA and Phthalates, which could be causal agents for various infections. The rising awareness toward health concerns associated to plastic use are predicted to lead to enhanced popularity of the reusable plastic bottles market all over the world.
Q: Which regions are expected to lead the market globally?
A: TMR predicts that the international market for reusable water bottles could be led by Asia Pacific. The region is touted to have highly favorable conditions for market growth, and is expected to account for over 34% of market revenue. The regional markets of Europe and North America, while being highly regulated, are anticipated to present substantial market growth opportunities.
Some key vendors leading the market scenario are Klean Kanteen, Thermo Fisher Scientific Inc., CamelBak Products LLC, and Contigo.
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