The global smart water bottle market is expected to grow at 11% CAGR between 2021 and 2031. Increasing concern regarding personal health and beauty is likely to result in high growth of the smart water bottle market.
Demand in the market will continue rising since customers nowadays have become more willing to spend more on smart fitness devices. Against this backdrop, Future Market Insights (FMI) has forecast the sales of smart water bottles to grow by 10% year-over-year in 2021.
According to the study, the smart water bottle market represents nearly 3%-5% of reusable water bottle industry.
Smart water bottles are gaining popularity over the years due to the fact that they can establish wireless connection with other smart electronic devices, such as smart watch or a smartphone and thus, can easily share data regarding water consumption and alert the user via a sound or display. FMI has forecast the smart water bottle market to rise at a ~11% CAGR between 2021 and 2031.
Enhanced customer experience and increasing disposable income are encouraging the acceptance for smart water bottles among the health conscious people. Furthermore, advancement in sensor technology, advance product offerings from supplier, and rising GDP per capita are driving the smart bottle market globally.
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Growing scarcity of water globally has led to rise in awareness regarding quality of. Coupled with this, increasing attention towards health and wellness has created a conducive environment for the expansion of the market.
Rise in per capita IT spending and growing concern towards health have brought a considerable shift in among people’s attitude towards smart water bottle. The smart water bottle market will continue expanding as people understand the importance of staying hydrated. Some of the leading smart bottle manufacturers are developing different types of advanced water bottles as per consumer preference.
A majority of smart water bottles have software that allows them to link to a smartphone app. A phone app can generally track how much water a person has consumed at a basic level. The ability to observe daily progress and how much more a person needs to drink to meet their daily water consumption target is utilized as motivation to keep drinking.
Key Takeaways From The Smart Water Bottle Market Study
- Based on type, smart water bottles manufactured using polymers will be in high demand
- In terms of price range, sales in the US$40-US$60 segment is expected to grow at a rapid pace.
- In terms of sales channel, consumers will continue preferring indirect channels such as hypermarkets/ supermarkets , multi-brand stores, and others.
- The U.S. will continue pushing sales of smart water bottles in North America.
- China will emerge as a hub of smart bottle production within East Asia.
“The market players are focusing on innovation and integration of latest technologies such as IoT and AI to create more advanced and unique water bottles in response to emerging trends and client requirements,” Says an FMI analyst.
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Impact Of COVID-19 On The Market
The current pandemic has posed significant obstacles to both the supply and demand sides. Regional governments’ temporary restrictions on movement have had a significant influence on supply chains. Apart from this, growth in the market has been hampered by the change in spending habit among consumers from discretionary to essential products.
This also has prompted a transition from store-based to online commerce. However, the market is currently recovering, which is an indicator that points to new prospects despite the slowing economy.
Who is Winning?
Leading manufacturers of smart water bottle are focusing on aggressive promotional strategies, advertisements, and new product launches to drive sales of smart water bottle globally.
Some of the companies operating in the smart water bottle market are Caktus, Inc., Ecomo, Groking Lab, Ltd., Hidrate, Inc., Open-2, Moikit, Thermos LLC., Trago, Inc., Hydra Coach, Inc., Lifefuels, Inc., among others.
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Key Questions Answered in the Report
At What Rate did the Smart Water Bottle Market Grow in the Last 5 Years?
What Is The Share Of The Top Players In The Smart Water Bottle Market?
Which Are The Top Countries Driving Demand For Smart Water Bottles?
Which Countries Are Key Producers Of Smart Water Bottle?
What is the North America Smart Water Bottle market outlook?
What Will The Demand Outlook For Smart Water Bottles In Europe?