The global hydration bottle market is expected to reach an estimated $10.3 billion by 2023, with a CAGR of 5.6% from 2018 to 2023, according to a new report by Lucintel. The research firm points to opportunities in outdoor activities such as camping, hiking, fitness, and travel. The major drivers for the growth of this market are increasing popularity of outdoor activities, promotional strategies by manufacturers such as targeted marketing, product design, and increased shelf space in retail for major brands.
Lucintel forecasts that plastic will remain the largest material type used for hydration bottle manufacturing over the forecast period. This is due to its light weight, easy availability, low cost, durability, and convenience.
Asia Pacific is expected to be the largest region by value and volume and will experience the highest growth over the forecast period, the report predicts. Lucintel cites changes in consumer preferences, lifestyle changes, and growing demand for hydration bottles in emerging countries, such as China and India.
Emerging trends with a direct impact on the dynamics of the hydration bottle industry include use of hydration bottles with smart lids and integrated hydration calculators to measure liquid intake; increasing demand for BPA-free, recyclable water bottles; and refill-reuse bottle campaigns to reduce plastic waste, according to the report.