The Water Bottle Racks Market is estimated to be valued at US$ 4.24 Bn or US$ 4.24 billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Water bottle racks are used to display bottled water for easy access and availability in commercial spaces like offices, shops, hotels, restaurants etc. They come in various materials like plastic, wood and metal and designs to hold multiple water bottles for efficient organization and storage. With growing health consciousness, demand for purified drinking water is rising rapidly which is fueling the need for effective bottle storage solutions in commercial establishments.
Market Dynamics:
The water bottle racks market is primarily driven by growing bottled water consumption around the world. According to International Bottled Water Association (IBWA), bottled water sales volume in the United States rose by 7.8% in 2020 reaching 14.1 billion gallons. This was mainly due to COVID 19 pandemic as people preferred packaged water for hygiene reasons. Second major driver is expansion of retail sector especially convenience stores which stock large volumes of bottled water requiring efficient rack displays for customers. Proliferation of supermarkets, hypermarkets, shopping malls and retail chains globally augments the demand for commercial water storage solutions like racks and dispensers.
Segment Analysis
The water bottle racks market can be segmented by material into metal, plastic and wood. The plastic segment dominates the market as plastic is lightweight, affordable and durable. It accounts for around 60% market share due to its corrosion resistance and easy maintenance properties.
PEST Analysis
- Political: Regulations regarding use of plastic can impact plastic bottle racks market. However, increased focus on reuse of water bottles drives demand.
- Economic: Rising disposable incomes in developing nations drive spending on bottled water and racks. However, economic slowdowns impact market growth.
- Social: Growing health awareness and need for hygienic drinking water drive bottled water consumption and thus rack demand.
- Technological: Advanced rack designs for efficient storage and space utilization boost adoption. Also, racks with sensor-enabled access see increasing demand.
Key Takeaways
The global water bottle racks market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing health awareness.
The Asia Pacific region dominates the market and is expected to grow at the fastest rate during the forecast period. This is attributed to rising population, increasing disposable income, and growing awareness about health and hygiene in countries like China and India.
Key players operating in the water bottle racks market are Coca-Cola Bottling Company of Saudi Arabia, Palletco Plastic Industries LLC, Lista International, Power Rack, Bahrain Water Bottling and Beverages Company S.P.C., ALSAMAANI Group, The Water Delivery Company, Shandong Liyang Plastic Molding Co. Ltd., Cixi Best Electrical Appliance Co. Ltd., Zhejiang Rongxin Industrial & Trading, MIW Water Cooler Experts, Zephyr Fluid Solutions, Polymer Solutions International, Inc. Coca Cola and Palletco Plastic Industries dominate the market
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