Drinkware Market to depict appreciable growth prospects over 2020-2025
Selbyville, Delaware, United States, September 9 2020 (Wiredrelease) Global Market Insights, Inc –:Globally, drinkware market has gained momentum owing to an increase in the number of health-conscious people aware about health disorders. Higher focus on healthy food and beverages has driven the consumption of infused water, energy-boosting drinks and protein shakes. Stainless steel, glass and polymer infused bottles are gaining popularity among the working population.
With an evident increase in the number of chronic diseases such as obesity across the globe, there is a rising intake of drinks that enhance metabolism. Between 2015 and 2016, obesity affected over 93.3 million U.S. adults. Moreover, busy work schedules and lethargic life patterns have fueled the consumption of tea and caffeine, giving rise to the demand for thermos glasses and bottles.
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Rising demand for health drinks, a robust tourism sector and booming sales of products across e-commerce platforms are anticipated to drive key drinkware industry trends in the coming years. Global Market Insights, Inc. has projected that global drinkware market size will reach US$35 billion by 2025.
Environmental concerns impacting drinkware production
With an aim to control environmental degradation, governments and other regulatory entities are levying strict regulations to control the use of plastic. The Ministry of Consumer Affairs, Food and Public Distribution, Government of India has issued directions to come up with alternatives to plastic water bottles.
India generates nearly 26,000 tons of plastic waste daily making it the 15th largest plastic waste generator worldwide. The government is providing adequate awareness regarding the use of environment friendly alternatives.
Various companies have ventured into the production of BPA free water bottles and are carrying out innovations in the field in order to keep up with the shifting consumer pattern. Welly Bottle recently introduced a bamboo-lined water bottle infuser which is vacuum-sealed, double-walled and is available in standard color options. Similar efforts to adopt sustainable materials will influence drinkware market trends.
Booming tourism sector will fuel drinks consumption
Rise in disposable income among people has led to positive developments in the travel and tourism industry. During 2018, the total foreign tourist arrivals in India were recorded at 10.56 million showcasing 5.2% y-o-y growth. Drinkware products such as bottles, mugs, tumblers, and infusers are used for storing water and other beverages during traveling.
Many countries are adopting steps for improving their tourism sector by way of advertising to enhance foreign exchange returns. An increase in recreational activities such as trekking and camping across the globe will also propel the demand for the products. Metal mugs, tumblers and bottles are increasingly used to provide insulation to the content stored inside.
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Reduction in the use of plastics across Asia Pacific
Strict regulations set by the governments across Asia Pacific, focusing on reducing the use of single-use plastic, has led to an increase in the sale of glass bottles in order to store water, soft drinks, juices and milk. APAC drinkware industry is poised to experience notable traction from travel and commercial applications.
The South Korean Ministry of Environment has announced the adoption of comprehensive measures to tackle the growing concern over plastic waste in the country. The government will intervene in the production, distribution, collection and recycling procedures of the plastic. The target is to reduce the production of plastic waste by 50% along with increasing the rate of recycling from prevailing 34% to 70% by 2030.
Glass and metal drinkware assist in retaining the original taste and flavor of hot beverages, fruit juices and soft drinks, ensuring the quality of the product. Surging health consciousness among people in Asia Pacific towards the use of BPA free bottles is fueling the adoption of glass bottles as a friendly alternative.
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