The eco-friendly water bottle market involves manufacturing and selling of water bottles that are manufactured using recycled plastic or other eco-friendly material. These bottles help reduce plastic waste and are more sustainable and environment friendly alternatives to conventional plastic water bottles. They are made using recyclable plastic like polyethylene terephthalate or glass. Some bottles also have additional features like filters that allow users to filter tap water and avoid usage of plastic packaged bottled water. Their usage has been rising in homes, offices, schools and other establishments as people are becoming more aware about negative environmental impact of single use plastic bottles.
The global eco-friendly water bottle market is estimated to be valued at US$ 7.91 Bn 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 Dynamics
Rising environmental concerns about plastic waste is a key driver boosting growth of eco-friendly water bottle market. Plastic is one of the most commonly littered materials. A large number of plastic water bottles end up in landfills or oceans every year, polluting the environment and harming aquatic life. Growing public awareness about negative effects of plastic pollution on environment has encouraged shift towards sustainable alternatives like reusable water bottles. Additionally, implementation of regulations banning single use plastic bottles by various governments is also driving market’s growth. For instance, European Union has imposed a ban on certain single use plastic items from July 2021. Such bans promote adoption of eco-friendly alternatives. Furthermore, increasing health consciousness among consumers also acts as a driver. Reusable bottles allow tracking of water intake and avoid risks from leaching of chemicals from plastic into water on repeated usage and high temperatures.
Segment Analysis
The eco-friendly water bottle market is dominated by plastic bottles sub segment accounting for over 45% market share. This is because plastic bottles are lightweight, affordable and easy to procure. However, with rising awareness about plastic pollution, environmentally conscious consumers are shifting towards other segments such as metal bottles, glass bottles and polypropylene bottles. The metal bottles sub segment is witnessing high growth and emerging as popular alternative to plastic bottles owing to properties like 100% recyclability and reusability without leaching of any chemicals into water.
PEST Analysis
Political: Various government policies and regulations banning single use plastics are boosting sales of eco-friendly bottles. Regulations promoting reuse of resources is fuelling demand.
Economic: Rising disposable incomes are allowing consumers to pay premium prices for sustainable bottles. However, recession can impact non-essential spending.
Social: Growing health and environment awareness among public is driving preference for reusable bottles made from safe materials. Social media influence is encouraging sustainable lifestyle.
Technological: Advancements in material science are facilitating development of innovative bottle designs from natural compounds like fallen leaves which is expanding product offerings.
Key Takeaways
The Global Eco-Friendly Water Bottle Market Size is expected to witness high growth over the forecast period supported by rising health, environmental and sustainability consciousness among consumers. The global Eco Friendly Water Bottle Market is estimated to be valued at US$ 7.91 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
North America dominates the market with over 30% share led by USA due to stringent norms and awareness campaigns promoting the dangers of single use plastics. Asia Pacific is emerging as the fastest growing regional market propelled by large population,growing economies and proactive government initiatives in countries like India to curb plastic pollution.
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. These players are focused on developing innovative product varieties using natural, reusable and recyclable materials to cater to diverse customer base and strengthen market presence.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
