Fact.MR’s study on the reusable water bottles market reveals that the global reusable water bottles market revenue is estimated to expand at a CAGR of ~ 3% during the forecast year of 2019-2029. With this projected growth, the reusable water bottles market is foreseen to be valued at ~ US$ 12 Bn by 2029. Under the optimistic market conditions, supported by favorable demographic changes and customer preferences, the reusable water bottles market has a potential to grow at a CAGR of ~ 4.0%.
The movement of players in the reusable water bottles market is fluctuating due to the implementation of strict regulations by multiple countries across the globe against the single-use plastic bottles. Since the first ban by the city of Bundanoon in 2009, several regulatory bodies have put up a ban on the usage of bottled water and single use plastic bottles. Indian Parliament, for e.g., banned the usage of non-renewable water bottles and other plastic items inside the premises. This step was taken under the vision announced by the Indian Prime Minister, in 2018, to ban single use plastic in India by 2022. Canadian Prime Minister also announced in June 2019 to ban the usage of non-reusable plastic in Canada by 2021. Around 127 countries across the world have some kind of regulation in place to reduce the pollution created by single use plastics like non-reusable water bottles.
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Product Innovation Lays the Framework of the Reusable Water Bottles Market
Several studies suggest that regular drinking of water has many benefits, due to which people have made it a habit to regularly drink water at certain intervals. Several applications like Kropla and Hydro Coach on digital platforms like mobile and PC help remind the consumers to drink water at preset intervals. The companies in the reusable water bottles market have taken a cue, and developed smart water bottles, which not only track the water consumed, but also regularly remind consumers to drink. E.g. ‘Hidratespark’ launched their third generation smart water bottle in September 2019, which reminds the consumer to drink water through a luminescent body. The intensity of the glow rises as the time spent without drinking water increases. These type of bottles are primarily targeted at the working population, owing to their neglect towards drinking water while working.