Owing to the presence of a sizeable number of well established companies operating in the global reusable water bottle market, the competitive rivalry is likely to stay high over the forthcoming years. The leading multinational companies have a strong hold on the global market owing to the innovative products and competitive pricing and marketing strategies. To gain a strong consumer base, the companies are also focusing on expanding their consumer base by focusing on marketing strategies, strategic mergers and acquisitions, extensive brand promotion, business expansion, and development of innovative products. The leading companies operating in the global reusable water bottle market are Klean Kanteen, Contigo, CAMELBAK PRODUCTS LLC., SIGG, Bulletin Bottle, HYDAWAY, AQUASANA INC., and Thermos L.L.C. among others.
Polymer Bottles to Gain Popularity among Consumers
Based on materials, polymer water bottles dominated the global reusable water bottle market in 2015 and is likely to maintain a lead until 2024. At present, the polymer water bottle segment accounts for a share of 35.2% and is expected to create a total incremental prospect of US$984.0 mn during the forecast period. The growing penetration of polymer reusable water bottles worldwide is expected to drive the growth of the global reusable water bottle market. The demand for polymer based reusable water bottle is further anticipated to gain momentum owing to the rising use of ‘Tritan’, which is a recyclable, BPA free, and inexpensive polymer.” The glass reusable water bottle segment is projected to exhibit strong growth over the forthcoming years. It is expected to rise at a CAGR of 4.5% between 2016 and 2024.
Feasibility and Environment Friendly to be Key Features of Reusable Water Bottles
The consumption of reusable water bottles is expected to rise in the near future owing to the burgeoning awareness among consumers regarding health and hydration benefits associated with these water bottles. Moreover, these bottles are cost effective and eco-friendly as they can be reused. To capitalize on these needs, vendors are focusing on innovative designs and packaging. The global reusable water bottle market is expected to rise at a CAGR of 4.2% between 2016 and 2024. The market is estimated to be worth US$7,312.2 mn by the end of 2016 and is likely to rise to a valuation of US$10,188.9 mn by 2024.