Drinkware Market size to exceed $50 Bn by 2032

Drinkware Market size is anticipated to reach over USD 50 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
 

Rising number of restaurants & food chains and an increase in urbanization will complement the drinkware industry growth. Developed countries have witnessed a considerable rise in luxury dining and hotels. This has propelled the requirement for aesthetic glassware and drinkware products. Beverage companies have reported high consumer inclination towards super-premium and luxury alcohol.  According to the Distilled Spirits Council (DISCUS), Premixed and Spirits-based ready-to-drink (RTD) beverage suppliers reported a 42% growth in revenue between 2020 and 2021. This scenario is expected to positively affect the drinkware industry dynamics.
 

Healthy and green lifestyle choices will fuel the demand for eco-friendly bottles

Drinkware market from bottles segment was valued at more than USD 6.5 billion in 2022. Bottles are made from a wide variety of materials such as plastic, glass, and aluminum. They are the most convenient storage alternatives used by people worldwide. With both commercial and domestic applications, bottles have effectively emerged as a major lifestyle necessity. They are designed in a variety of shapes, sizes, and colors to meet the storage needs of individuals from all walks of life. Rising trends of eco-friendly water bottles and increasing awareness regarding adequate water consumption will complement segment trends.
 

Silicone-based drinkware to replace plastic products due to its safer chemical composition

Drinkware market share from the silicone material segment is anticipated to witness USD 250 million by 2032. Silicone is a highly versatile synthetic polymer used in the production of mugs and bottles. Increasing demand for silicone among drinkware manufacturers can be attributed to its composition. Traditional drinkware made from plastic often consists of bisphenol A (BPA), which has been studied to have a negative impact on cell repair, energy levels, reproduction, and fetal development. Silicone-based products are free from BPA and thus considered safer than plastic drinkware. Food-grade silicon cups and mugs are odorless, non-toxic, and dishwasher and microwave safe.
 

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
 

User convenience and affordable rates to drive e-commerce sales of drinkware products

E-commerce segment is estimated to reach over 5% CAGR between 2023-2032. Consumer are preferring e-commerce platforms as it offers a variety of benefits such as flexibility, door-step delivery, and cost reduction. It also enables faster purchase of products with product & price comparison on drinkware purchases. Online shopping offers buyers higher discounts on household products such as bottles, tumblers, mugs, and shakers. Rapid penetration of smartphones has increased access to online distribution channels, allowing lucrative scope for drinkware companies to boost sales.
 

Health & fitness trends to augment APAC drinkware industry development

Asia Pacific drinkware market is poised to surpass USD 17.5 billion by 2032. Changing consumer behavior owing to the rapid adoption of western culture and lifestyles fosters the expansion of the drinkware business in the region. Increasing awareness regarding health and nutrition along with fitness trends among the youth has accelerated the consumption of sports drinks and protein shakes across APAC countries. Furthermore, the proliferation of nutrition trends such as protein alternatives, and vegan or plant-based protein will introduce novel beverage formulations thereby offering lucrative scope for drinkware manufacturers in APAC.
 

New joint ventures and mergers to boost drinkware industry expansion

Amcor Limited, Mizu, PMI Worldwide, Thermos L.L.C, Bormioli Rocco, Hydro Flask, S’well, Klean Kanteen, Nomader, LLC, Vapur, Vista Outdoor Operations LLC, Dopper, Nalgene, Newell Brands, and Pasabahce are some of the leading companies in the global drinkware market.
 

These participants are entering collaborations and partnerships for enhancing production efficiency. For instance, Bormioli Rocco joined Bormioli Luigi, Snam, STARA GLASS, RINA, Stazione Sperimentale del Vetro, IFRF Italia, Università degli Studi di Genova, SGRPRO and RJC SOFT to reduce emissions produced during the manufacturing of glassware products.