The global Eco-Friendly Water Bottle Market is expected to grow from US$ 8,193.19 million in 2021 to reach US$ 11,068.71 million by 2028, with a CAGR of 4.4% during the forecast period. The increasing demand for eco-friendly water bottles from environmentally conscious consumers who prefer using personal water bottles over packaged drinking water bottles, along with the growing restrictions on plastics, are the major factors driving the market growth.
Plastic is a non-biodegradable material, and its excessive use has resulted in environmental pollution. According to the Australian government, Australians used 3.5 million tons of plastics from 2018 to 2019, and 60% of it was imported. To address this issue, the Australian government has introduced the National Plastic Plan 2021, which includes regulations on single unprocessed polymer or resin waste plastic exports and non-compostable plastic packaging products. Similar patterns can be observed in Europe, where the European Union has established a new law mandating the inclusion of at least 30% recycled content in plastic bottles by 2030.
Chilly's, S'well, Ocean Bottle, Corkcicle, Hydro Flask, Bottles Società Benefit S.r.l. P.IVA, Frank Green, Qwetch, Klean Kanteen, and Kinto Co., Ltd are among the major key players operating in the eco-friendly water bottle market. The capital cost involved in the production of eco-friendly water bottles is moderate, making it favorable for new players to enter the market. The market is largely fragmented, with small manufacturers of eco-friendly water bottles accounting for a major share.
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The COVID-19 pandemic has negatively impacted the eco-friendly water bottle market growth due to the shutdown of manufacturing units, rising prices of raw materials, shortage of laborers, disruption of supply chains, and financial instability. However, with the easing of previously imposed limitations and rapid-paced vaccination drives, businesses are gaining ground, leading to a rise in business activities worldwide.
The market is segmented based on material into paper, metal, glass, and others, and by distribution channel into supermarkets and hypermarkets, specialty stores, online retail, and others. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America, with further sub-segmentation in each region.
In conclusion, the eco-friendly water bottle market is expected to witness significant growth during the forecast period, driven by the increasing demand for sustainable alternatives to plastic bottles and the growing awareness of environmental issues.
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