Government bodies in various countries are enforcing stringent regulations entailing consumers to adhere sustainable practices. This is due to growing environmental crisis. One of the main reasons which has come in spotlight is use of plastic-based water bottles. Further, international climate change monitoring bodies along with environmental risk monitoring bodies have given set of clear instructions regarding change in lifestyle.
As a result, people are adopting biodegradable, nature friendly, and reusable things as much as possible. This factor has propelled demand for reusable water bottles.
Registering the adoption rate across the world, global reusable water bottle market is projected to scale at a moderate CAGR of 4% between 2020 and 2030. As per market analyst, the market value is estimated to get equivalent to approximately US$ 11Bn in the tenure of forecast period.
Registering the trend, in february 2019, Cove launched a reusable water bottle. The bottle is made from biodegradable material, however appears like a standard plastic container. The reusable water bottle can be decomposed completely.
In line, several other companies such as Marvel, Newell Brands, and Nalge Nunc International Corporation are also following the trend.
Polymer-Based Reusable Water Bottle Hold Significant Position in Global Reusable Water Bottle Market
These reusable water bottles are usually made from glass, polymer, silicone, and metal. Among all, polymer segment has accounted for over 30% of the share standalone, in recent years. The segment is anticipated to sustain its prominence during forecast period as well. Prominence of the segment is attributed to its macro-economic factor.
Polymer-bases reusable water bottles are easy to clean and are available in wide range of colors. Also, it doesn’t leave a metallic taste while drinking water from the bottle. These features are anticipated to fuel sale of the bottles. This, in turn, is likely to contribute to growth of the market in coming years.
However, global polymer manufacturing industry is witnessing downturn in its growth trajectory. As a result, supply chain of polymers for manufacturing reusable bottles is negatively impacted.
Outbreak of COVID-19 Downturns Growth Trajectory of Reusable Water Bottle Market
As per market analysts, the supply chain is adversely affected due to outbreak of COVID-19 pandemic across several countries. This, in turn, is hindering both imports and exports.
Among various regional markets, North America market is likely to chart at a modest CAGR of 4%. The regional reusable water bottle market holds significant chunk of share in the global market. The prominence of the regional market is attributed to high utilization rate of polymer based reusable water bottles in the region.
Meanwhile, it would be too early to decide the demand rate of reusable water bottles in coming years. As outbreak of COVID-19 has restricted growth of the global reusable water bottle market.
Government bodies have blocked sales and purchase of various consumer goods for wellbeing of people and contain the infection from novel coronavirus. As a result, various industries are witnessing setback due to lockdown. In line, sale of reusable water bottle, being a non-essential item, is also experiencing certain backlash. The transportation of reusable water bottles from manufacturing end to user end remains restricted due to dearth of manpower, shortage of vehicles, and blocked distribution channels due to strict lockdown during the pandemic.
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