Selbyville, Delaware, Nov. 15, 2022 (GLOBE NEWSWIRE) -- According to a new research report by Global Market Insights Inc., the global Drinkware Market is poised to go beyond USD 50 billion by 2032.
Increasing focus on reducing the dependence on plastic will proliferate the demand for eco-friendly drinkware. Plastic is a major contributor to environmental degradation. According to the Container Recycling Institute, 86% of plastic water bottles used in the U.S. end up in the trash, which after breaking down into microplastics produce carcinogenic compounds that endanger the marine ecosystem. As a result, beverage companies are ramping up efforts to introduce sustainable packaging alternatives.
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Report estimates a surge in demand for bottles including water bottles, tumblers, infusers, and shakers. Drinkware market share from water bottles is projected to reach over USD 6 billion by 2032. Stainless steel water bottles showcase greater consumer preference owing to their insulating properties, which allow the storage of hot and cold beverages. Plastic water bottles, on the other hand, are convenient and widely available.
In terms of revenue share, ceramic drinkware is anticipated to exceed USD 17.5 billion by 2032. Ceramic is a low-cost raw material extensively used by drinkware manufacturers owing to its high mechanical strength, and temperature stability. Mugs and cups made from ceramic last longer and are cheaper as compared to glass, steel, or copper-based drinkware. Since they lose heat at a slower rate, ceramic cups are popularly used in cafés and coffee shops to serve hot coffee, tea, and hot chocolate.
Browse key industry insights spread across 411 pages with 607 market data tables and 31 figures & charts from the report “Drinkware Market Statistics by Product (Bottles {[Water bottles, Tumblers, Shakers, Infusers], By Material [Polymer, Metal, Glass, Silicone], By Usage [Everyday, Sports, Travel], By Distribution channel [Super Market, Independent Stores, E-Commerce]}, Mugs & Cups {Material [Polymer, Metal, Glass, Silicone, Ceramic], By Usage [Domestic, Commercial] By Distribution channel [Super Market, Independent Stores, E-Commerce]}), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/drinkware-market
Drinkware market share from independent stores is projected to expand at over 5% CAGR between 2023-2032. Independent stores offer various benefits to buyers such as better customer engagement, customized purchases, and membership or loyalty benefits on product purchases. Independent retailers help create a community and cater best to the needs of the local population through community programs. These retailers typically have no more than 3 outlets in particular area and offer superior services.
Europe drinkware market size was worth more than USD 5.5 billion in 2022. Rising consumption of both alcoholic and non-alcoholic beverages such as tea and coffee will propel the demand for drinkware across the region. European countries have a robust footprint of large restaurant chains, hotels, coffee shops, and diverse food cultures. Italy, Spain, and France are among the top wine producers in the world with a rich heritage. Italy ranked as the top wine-producing country in the world in 2021 with a production of 44.5 million hectoliters. This indicates lucrative scope for glassware manufacturers in the region.
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Competitive landscape of the global drinkware market is inclusive of Amcor Limited, PMI Worldwide, Mizu, Vista Outdoor Operations LLC, Nomader, LLC, Bormioli Rocco, Thermos L.L.C, Hydro Flask, S’well, Klean Kanteen, Vapur, Dopper, Nalgene, Soul bottles, Newell Brands, and Pasabahce.
These players are focusing on product innovation in line with the latest trends. For instance, in October 2022, sustainable water bottle brand Dopper unveiled its latest innovation, a smart water tap to eliminate single-use plastic.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
