by Eco friendly water bottles are made from environmentally sustainable materials like stainless steel, glass and recyclable plastic. They help reduce plastic waste and are reusable for longer duration. The rising focus on sustainability and reducing single-use plastic is driving the demand for eco friendly water bottles.
The global Eco Friendly Water Bottle Market is estimated to be valued at US$ 7.91 billion in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing environmental awareness among consumers is a major trend boosting the eco friendly water bottle market. People are more conscious about the harmful effects of plastic waste on the environment. They want to switch to sustainable alternatives that cause less pollution. This has increased the adoption of bottles made from recyclable materials like stainless steel and glass. Manufacturers are also responding to the demand by introducing innovative designs and more reusable stainless steel bottles. The growing campaign against single-use plastics is further propelling the eco-friendly water bottle industry.
SWOT Analysis
Strength: Eco Friendly water bottles are made from recyclable and sustainable materials like aluminum and glass which are reusable and cause less harm to the environment compared to plastic bottles.
Weakness: Eco Friendly water bottles are heavier in weight compared to plastic bottles and are breakable. Their production cost is also higher than plastic bottles.
Opportunity: Rising awareness regarding harmful effects of single use plastic bottles on environment is driving the demand for eco-friendly alternatives like aluminum and glass bottles. Many countries and organizations have imposed bans on use of plastic bottles.
Threats: Stiff competition from established players in the plastic bottle industry can emerge as major threat. Economic slowdowns can impact sales of such premium products.
Key Takeaways
The Global Eco-Friendly Water Bottle Market Size is expected to witness high growth. Advancements in material science and manufacturing technologies are helping bottle manufacturers reduce production costs and improve properties of recyclable materials. The global Eco Friendly Water Bottle Market is estimated to be valued at US$ 7.91 billion in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
North America dominates the global market currently due to strong consumer preference for sustainable products and supportive regulatory environment. Stringent laws prohibiting plastic bottles in the United States, Canada are driving the demand for eco-friendly alternatives. The Asia Pacific region is expected to emerge as the fastest growing market during the forecast period with countries like India and China taking aggressive measures to curb plastic waste.
Key players operating in the Eco Friendly Water Bottle market are Merck & Co., Inc., Novartis AG, Amicus Therapeutics, AstraZeneca Plc, Boehringer Ingelheim, Shire Plc, Sanofi Genzyme, BioMarin Pharmaceutical, Inc., Horizon Pharma Plc, and GlaxoSmithKline Plc. Companies are investing in R&D to develop advanced lightweight and highly durable materials for bottles to make them more appealing to customers. Partnerships with recycling companies is another focus area.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
