Pune, India, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The global reusable water bottle market size is expected to expand at surging rate owing to escalating levels of plastic pollution around the globe, According to the UN Environment Program (UNEP), humans produce 300 million tons of plastic waste every year, with more than half of it ending up in landfills or the natural environment. Single-use plastic bottles contribute to plastic pollution in large numbers.
The Guardian reported in 2017 that a million plastic bottles are purchased around the world every minute, which is expected to jump by 20% in 2021, posing a grave challenge to the environment in the years to come. To curb the creation of waste from plastic bottles, governments worldwide are aggressively promoting the adoption of reusable water bottles, with many environmental organizations aiding their efforts by spreading awareness of the detriments of plastic pollution. These measures are likely to benefit the market for reusable bottles in the long-run.
List of Companies Profiled in the Reusable Water Bottle Market Report:
- CamelBak Products LLC
- Aquasana Inc.
- Klean Kanteen, Inc.
- Sigg Switzerland AG
- Thermo Fisher Scientific Inc.
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Market Driver
Ban on Plastic Bottles across Major Economies to Spawn Opportunities
One of the prominent factors fueling the reusable water bottle market growth is the stringent implementation of measures prohibiting the use of plastic bottles across major economic hubs around the globe. For example, in August 2019, the San Francisco International Airport banned the sale of plastic bottles, issuing a notice to travellers to carry reusable water bottles to fill water from 100 hydration stations installed within the airport. Similarly, in February 2020, the Mayor of New York City banned the sale of single-use plastic beverage bottles on leased and city-owned properties, eliminating the use of such bottles from 25% of the city. In September 2019, India too announced its plans to declare PET bottles as single-use plastic, which would allow the government to ban its sale and use across the country. These strict measures are indirectly stoking the adoption of reusable water bottles, which bodes well for the global market.
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Regional Insights
Increasing Awareness about Sustainability to Drive the Market in Asia Pacific
Geographically, Asia Pacific is anticipated to dominate the reusable water bottle market share in the coming years as there is greater awareness about sustainability and ill-effects of pollution among the people in the region. In addition to this, rapid urbanization and strong initiatives by governments to protect the environment will also drive the market growth in the region.
In North America, rising demand for reusable beverage holders from sports players and other athletes will be the key factor propelling the regional market growth. On the other hand, the market in Europe is expected to be primarily driven by higher living standards, strict imposition of pollution norms, and robust sporting culture.
Competitive Landscape
Intense Focus on Innovation to Augment Competition
Key players in this market are doubling down their investments in innovation to expand their presence in the market. Product enhancements are also allowing companies to boost sales and diversify revenue streams, whilst amplifying their reach in other niche domains.
Industry Developments:
June 2020: Contigo®, a pioneer in water bottle innovations, partnered with the music festival Coachella to become its reusable water bottle provider for the 2020 event. Together, the two entities will promote reusable beverage bottles and attempt to wean fans off of single-use PET bottles.
November 2018: Purist released a new range of bottles, which will be lined with silicon dioxide to keep taste of the beverage pure for a prolonged time period. The lining, moreover, will remain intact throughout the lifecycle of the bottle, which can be simply washed with warm water and reused.
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