With global focus lying on the adoption of ‘eco-friendly’ products, manufacturing and packaging companies across the world are prepping up to launch eco-friendly alternatives for all products. Surging plastic waste, in particular, has created the need to enhance ‘environmental sustainability’. Around 22 billion single-use plastic bottles are thrown out in the U.S. every year, whereas, half a billion plastic bottles are thrown out in Britain each year. These alarming numbers explain the need to reduce plastic waste and increase the adoption of reusable water bottles. Moreover, the governments of several countries are taking measures to ban the use of single-use plastic bottles. For instance, numerous national parks in the U.S. have banned the use of single-use plastic bottles to alleviate the burden of plastic waste.
It is not just the mounting plastic waste but the amount of oil used in creating disposable plastic bottles that has encouraged manufacturers to shift their focus towards the production of reusable water bottles. Consumer shift towards ‘eco-sustainability’ and rising preference for bottled water calls for the need to gain an in-depth understanding of the dynamics of the reusable water bottles market. Transparency Market Research (TMR), in its latest offering, divulges key details that would help companies take data-driven business decisions.
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Evolutionary Landscape of the Reusable Water Bottles Market
‘Sustainability’ is the Holy Grail for any product; however, it took decades for this concept to gain eminence across global markets. Before World War 2, stainless steel, glass, and aluminum were the key materials used to manufacture reusable water bottles. However, after the war, there was a surge in the production of plastic reusable water bottles. Although, the production of reusable water bottles began decades back, only recently has the market gained momentum. It is the addition of extra features and development of consumer-centric products that has transitioned the growth of the reusable water bottles market. Manufactures are embedding features such as purification systems, double-walled vacuum insulation, and infusers to attract consumer attention.
TMR’s study points out that, it is online sales channels that are expected to fetch maximum revenue benefits for the reusable water bottles market, progressing at a CAGR of ~ 4%. This essentially means that, manufacturers will leverage the full potential of this opportunity by expanding their confines in the e-Commerce sector. While the online segment creates new opportunities for the market, it is the soaring prices of raw materials that will pose a threat to the market’s expansion. Consequently, players are heavily investing in research and development activities to strategically price their products.
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Compelling Trends that are Here to Stay
Shift in Consumer Preference towards Smart Water Bottles
The buying decisions of consumers are highly influenced by busy lifestyles and rapid urbanization. Consumers are gradually drifting away from conventional reusable water bottles and adopting smart bottles to satiate their hydration needs, along with convenience. The reason for this is the features in smart water bottles that remind consumers to drink water and also track their daily water intake. This is what makes smart water bottles an ideal product in today’s day and age. Millennials, in particular, are keen on adopting such products, not only because of health consciousness but due to their inclination towards technologically-advanced products. Although the high prices of these bottles may suppress the demand, the proliferation of this technology will increase as the prices fall and manufacturers further enhance their product features.
High Demand for Premium and Aesthetically Pleasing Reusable Bottles
Consumer perspective towards reusable water bottles is gradually shifting from an eco-sustainable product to becoming a status symbol. Consumers are more than willing to pay a hefty price for a premium product that is aesthetically pleasing. Sensing this fact, companies such as S’well are developing fancy reusable water bottles. S’well recently collaborated with Swarovski to create a water bottle embedded with more than 6,000 crystals. Celebrities and influencers are most likely to purchase such products. This change in consumer perspective has also led the industry to foray in the direction of semi-personalization. Reusable water bottle manufacturers are customizing their products to meet specific consumer requirements.