Reusable Water Bottles Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Reusable Water Bottles Industry Hit Worst due to Russia-Ukraine War Impact?
The global reusable water bottles market size is projected to showcase growth by 2029 due to the increasing awareness of sustainable lifestyle. This information is published by Fortune Business Insights in its report, titled “Reusable Water Bottles Market, 2022-2029“. The product is made of materials that can be recycled such as metal, glass, plastic, and others. The growing preference for sustainable lifestyle and increasing concern for environment is projected to boost the market significantly. Also, several government initiatives across the globe is encouraging the practice of reusing water bottles.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Reusable Water Bottles Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Reusable Water Bottles Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Based on material type, the market for reusable water bottles is segmented into polymer, metal, glass, and silicone. By distribution network, market is segmented into hypermarket, supermarket, independent stores, online sales, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report has details on all the latest technology available in the market. The technological advances made in the industry has been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the market.
Drivers & Restraints
Increasing Preference for Sustainability to Promote Sales
The rising adoption of sustainable products across the globe is garnering significant consumer base for reusable water bottles market growth. For example, in 2019, the data by the International Trade Center and European Commission declared that France experienced a 90% increase in retail sales on sustainable products. In addition to this, many governments are also implementing initiatives to promote the growth of sustainability across developing nations.
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Also, the cost effectiveness of using the product is boosting the reusable water bottles sales. The foreseeable future is projected to experience a decline in use of single use plastic bottles which shall effectively drive product growth.
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Increasing Adoption of Sustainable Products in Asia Pacific to Aid Market Growth
Asia Pacific is anticipated to hold the largest reusable water bottles market share in the forthcoming years. This is because of the low manufacturing cost in the region combined with cost effective labor. Also, the rising awareness of sustainability and environmental concern is projected to facilitate high product sales.
North America is anticipated to showcase considerable growth in the foreseeable future. This is facilitated by the increasing health consciousness in the consumers which has significantly reduced the use of disposable water bottles in the region propelling growth for the market.
Market Leaders Invest in Maintaining High Quality to Gain a Competitive Edge
The market has the presence of both global and regional players operating effectively in the competitive landscape of reusable water bottles. These players are growing day by day due to the rising population and increasing consumption of the product across the globe. Also, government initiatives and increasing cultural influence of sustainability is encouraging the manufacturers to improve their product in order to increase its recyclability. In addition to this, stringent norms regarding production and quality require manufacturers to ensure stringent quality assurance along with utilising prime raw material.
List of Key Players Profiled in the Market:
- Tupperware Brands Corporation
- SIGG Switzerland AG
- Klean Kanteen Inc
- Nalge Nunc International Corp
- CamelBak Products LLC
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