Drinkware Market SWOT Analysis, Business Growth Opportunities, Forecast By 2027

Global drinkware market share is being characterized by initiatives undertaken by the governments and other internationally recognized institutions to control plastic waste. Single-use plastic bottles are posing as a serious threat to the environment. Stating statistics, global plastics production in the year 2016 amounted to nearly 335 million metric tons. Reportedly, humans buy close to 1,000,000 plastic bottles per minute. Out of which only 23% is recycled in the U.S.
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Top Key Players – Contigo, Amcor Limited, Mizu, Pacific Market International, Genuine Thermos, Bormioli Rocco, Hydro Flask, Swell, Klean Kanteen, Nomader, Lifefactory, Camel Bak, Vapur, Nalgene, Dopper, SoulBottles.
To address the underlying environmental issues due to the use of plastic bottles, market players are constantly developing innovative, advanced, sustainable and cost-effective drinkware alternatives. Many companies have ventured into the production of BPA free water bottles that reduce the chances of cancer, diabetes and other chronic diseases, influencing drinkware market outlook.
Growing demand for infuser bottles
There is evident increase in the number of health-conscious people worldwide due to surging incidences of chronic diseases like cardiovascular issues, diabetes, cancer. Adequate awareness among people regarding the benefits associate with healthy living has steered the consumption of protein shakes, infused water and energy-boosting drinks.
An increase in the number of people going to the gym or indulging in some form of physical activity is another integral factor fueling drinkware market forecast. According to the US Center for Disease Control and Prevention, each year close to 647,000 Americans die due to cardiovascular diseases in the U.S.
Busy work schedules and sedentary life patterns have boosted the consumption of beverages like coffee and tea, supplementing the demand for thermos bottles and glasses. In 2018, Europe accounted for 33% of the global coffee consumption amounting to nearly 3,222 thousand tons of coffee.
Flourishing tourism industry
An increase in purchasing power among people in both developed and emerging nations has driven developments in the travel and tourism sector. In the year 2018, the total foreign tourist arrivals in India stood at 10.56 million.
By the end of 2029, the tourism industry in India is estimated to value USD 488 billion showcasing a growth rate of 6.7%. Additionally, the total number of international tourist arrivals in India by the year 2028 is likely to reach 30.5 million. Drinkware products like tumblers, mugs, bottles, and infusers are used for storing water and other beverages during traveling.
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With an aim to increase foreign exchange returns in the country, many countries are trying to advance the tourism sector by way of advertising. For instance, Tourism 2020 is an initiative by the government of Australia to build the tourism sector of the nation and enhance its economic contribution. The goal of Tourism 2020 is to achieve more than AUD 115 billion in overnight spend by the end of 2020.
Surging recreational activities like camping and trekking across the globe will complement global drinkware industry trends. Metal mugs and bottles ae increasingly used to render insulation to the beverage stored inside.
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