March 28, 2020
Reusable Water Bottles

Reusable Water Bottles Market Shows a Significant Growth in Upcoming Period

The market for reusable water bottles was projected at US$ 7.6 billion by the end of 2016 and is expected to reach US$ 9.9 billion by 2023, increasing to CAGR by 4.0 per cent from 2016 to 2023. Bottles that can be reused for multiple trips to a bottler or reused by households are generally known as reused bottles of water. Reusable bottles of water are generally used for drinking beverages as well as for transporting from one place to another.

The global market for reusable water bottles has significantly expanded, encircling a variety of products in terms of shape, size, materials, features and design. In recent years, it has been reported that reusable bottles of water have become linked to environmental concerns. Consumers who usually carry reusable bottles of water carry not only water at hand but also as an objection to significant waste of disposable plastic bottles of water. Growing awareness of health, coupled with rising household purchasing power, has increased demand for reused water bottles around the globe. Changing the living standards of people in developing countries, such as India and China, is likely to fuel the market growth of reusable water bottles around the world over the forecast period.

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The global market for reusable bottles of water is gaining increasing traction due to a wide range of applications across different industries. The food and beverage industry is also shifting towards the use of the reusable type due to the benefits of materials such as recyclability, easy maintenance and non-reactive, which also help to increase the shelf life of the product.

Government regulations and anti-plastic movements encourage consumers to switch to disposable bottles of water, thus encouraging manufacturers to develop environmentally friendly products. In addition, the development of disposable bottles of water is restricted by various campaigns against their use. Some government initiatives, such as UNICEF and the Ministry of Education of the Maldives, have decided to provide reusable water bottles to all first graders in the Maldives.

It is estimated that reusable bottles of water should be used on average 80 times before the carbon footprint is lower than that of single-use bottles. Over 60 million single-use plastic bottles are thrown out every day in the U.S., creating an enormous amount of plastic waste in the region. Also, half a billion bottles are thrown out every year in Britain. Approximately 12 per cent of household waste is plastic, of which 40 per cent is plastic bottle. As a corrective measure, a significant number of countries around the globe have placed restrictions on the use of plastic bottles in public places. For example. San Francisco Airport prohibited from August 2019 the sale of bottles of packaged water inside the premises. It is also noted that, following such regulations, the sales of reusable water bottles near these locations have increased significantly in the last few years.

North America’s region was first in the global market for smart water bottles in 2016, followed by Europe and Asia-Pacific taking second and third place in the same year. In the same year, Europe secured the second largest market share in the smart bottled water market. Moreover, the growth of the smart bottled water market is anticipated to thrive as a result of the easy acceptance of newer and advanced technology in this region. The Asia-Pacific region is anticipated to see stupendous growth over the forecast period due to an increase in the disposable income of the population in the region.

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