ALBANY, New York, October 21, 2016 /PRNewswire/ --
TMR estimates that the reusable water bottle market, which had a valuation of US$7.04 bn in 2015, will expand at a CAGR of 4.2% between 2016 and 2024. If the prediction holds true, the market is expected to rise to US$10.19 bn by 2024. In terms of primary usage, the everyday segment is expected to be the most lucrative segment in the reusable water bottle market, with a share of 51.8% by the end of 2024.
Reusable water bottles with primary usage in sports and travel areas are also likely to create substantial opportunity for existing players in the global reusable water bottles market in the next few years. From a geographical perspective, the market in Asia Pacific, which is expected to account for a dominant 34.3% of the overall market by 2016, is projected to retain its dominance over the forecast period as well.
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Rising Demand for Convenience Products Leading to Increase in Product Varieties
Some of the most crucial factors driving the global demand for reusable water bottles are the cost-effective and environmentally sustainable nature of reusable bottles. The rising global awareness regarding the increased usage of reusable or recyclable materials that can reduce the amount of non-biodegradable waste generated post their disposal and the consumption of fossil fuels for their production is also key to the market's promising growth prospects. The high cost associated with the use of single serve bottles is also a key factor driving the global market for reusable water bottles.
The market is also driven by the high demand for and a widened scope of convenience products in the global market. Fast-paced lifestyles, rising disposable incomes, and improving standards of living have largely contributed to this trend lately, especially in developing economies. The high consumer preference to convenience products has led to the increased availability of a wide variety of reusable water bottles with additional features such as innovative dispensers, bottle carrying solutions, and aesthetic features.
Health Hazards owing to Use of Plastic Bottles to Hamper Growth
The easy availability, convenience, and inexpensiveness of plastic reusable water bottles have contributed to their vast usage globally. However, certain studies have demonstrated that the regular use of reusable plastic bottles, most of which contain hormone disrupting chemicals such as Phthalates and BPA, for drinking water can act as causative agents for several diseases and medical conditions. Such negative sentiments can have a huge negative impact on the overall development of the global reusable water bottle market in the next few years.
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Additionally, the market is also expected to suffer the negative impact of the rising global consumption of bottled water. The promise of easy availability of clean drinking water is the key factor encouraging the consumer to shift from piped water to bottled water on an everyday basis, especially across certain developing regions that have poor water treatment facilities.
A notable shift from the use of Bisphenol A (BPA) in chief polymers used to manufacture reusable water bottles to the increased usage of BPA-free materials such as Tritan for the same marks the present state of the global reusable water bottle market, observes a recent report published by Transparency Market Research. Changing lifestyles and increasing number of tech savvy individuals are also propelling manufacturers to develop smart water bottles, with features such as tracking an individual's water intake during a day or indicating to the user that it is time to drink water.
In March 2016, Hidrate, a startup founded in mid-2015, announced that it was nearing the US$1 mn mark in terms of revenue owing to the popularity of Hidrate Spark among consumers. This smart connected water bottle can track water intake of the user and sync to the Hidrate Spark app, which recommends a daily customized water consumption goal.
For the study, the global market for reusable water bottle is segmented as follows:
By Material Type
By Distribution Network
By Primary Usage
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