Usage of Eco-friendly Products to Augment the Reusable Water Bottles Market Growth
The reusable water bottles are widely preferred over bottled water for hydration purposes in many regions over the world. This is mainly due to the refillable and eco-friendly characteristics of the reusable water bottles. Owing to these characteristics, the global reusable water bottles market is expected to be valued at ~ US$ 12 Bn by 2029, and expand at a CAGR of ~ 3% during the forecast period.
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Regulations Against Single-use Plastic Bottles to Spur Reusable Water Bottle Sales
It is estimated that the reusable water bottles should be used at an average of 80 times before having a carbon footprint lower than that of single-use bottles. Over 60 million single-use plastic bottles are thrown out every day in the U.S., which creates a tremendous plastic waste in the region. Also, half a billion bottles are thrown out in Britain every year.
It is estimated that approximately 12% of the household waste is plastic, 40% of which are plastic bottles. As a corrective measure, a significant number of countries across the globe have put restrictions on the usage of plastic bottles at public places. For e.g. San Francisco Airport banned sales of packaged water bottles inside the premises from Aug 2019. It is also noted that after such regulations, sales of the reusable water bottle near these places have increased significantly in the last few years.
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Rising Disposable Income and Consumers’ Inclination Towards Lifestyle Products Will Fuel the Reusable Water Bottles Market
Consumers’ inclination towards the use of lifestyle products is boosting the demand for reusable water bottles. The primary reason for this growth is the improvement in living standards of the middle-class households all over the world. Also, rise in the disposable incomes have encouraged them to spend more on convenience products.
This has led to the growth of different formats of reusable water bottles such as those with unique dispensing options, on-the-go filtration, and aesthetic-features. Some of the reusable water bottles in the market provide unique dispensing solutions with added features such as mist dispenser to keep the user cool during summers. Larq Bottles, launched a self-cleaning bottle in early 2019, which utilizes an embedded UV light to kill the bacteria inside the bottle, which can be easily turned on by a tap on the top of the bottle. Evian launched a water bottle in shape of a rain drop, which eases out handling and drinking for the customer due to small spout at the top.
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Easy Availability of Non-Reusable Water Bottles a Key Restraining Factor
It is observed that due to easy availability of non-reusable water bottles, some consumers prefer using bottled water over reusable water bottles. The other factor noted was the unavailability of clean water refilling station at some places, which has been diminishing the growth prospects of the reusable water bottles market. According to Fact.MR estimation, it is noted that the bottled water market is expected to reach ~ US$ 280 billion by the end of 2020. The reusable water bottle market growth is increasing but at a slower rate.
Another market restraint for the reusable water bottles is that certain local manufacturers are offering inferior water bottles that may contain BPA, a harmful molecule released by plastic bottles when exposed to elevated temperatures. This factor creates suspicion among buyers of reusable water bottles.
This post was originally published on Space Market Research