The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Drinkware Market.
It was estimated prior to this unanticipated outbreak that the Drinkware Market will reach CAGR of 5.2 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Drinkware Market Insights
Drinkware market is likely to witness a CAGR of 5.2% during the forecast period. The prime factors that are driving the drinkware market is increasing preference of consumers towards easy to handle and carry drinkware products.
Market Share Analysis
Drinkware Market Share: By Product Type
Based on the product type, the market is segmented as bottles and mugs & cups. The bottles segment dominated the market in 2019 and is expected to maintain its position during the forecast period. Increasing demand for bottled water from athletes and household consumers is the major factor driving the growth of bottle segment.
Drinkware Market Share: By Application Type
Based on the application type, the drinkware market is segmented as domestic and commercial application. Commercial application is expected to remain the larger application segment of the market owing to its widespread usage by commercial and sports persons. Further, rising demand from restaurants, cafes, and fast food chains are acting as a catalyst towards the growth of the market.
Drinkware Market Share: By Material Type
Based on the material type, the drinkware market is segmented as polymer, metal, glass, silicone, and ceramic. The polymer segment dominated the market owing to its low cost and ease of handling features. However, rising concern towards plastic waste and its recyclability are the major factors which may hamper the growth of the segment.
Drinkware Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest market for drinkware during the forecast period. China, Japan, South Korea, Taiwan, Australia, and India are the largest consumer of drinkware in the region. Surge in sports activities, increasing disposable income of consumers, surge in women participation as working group, and stringent regulation towards reducing plastic waste are the major factors driving the growth of Asia-Pacific region. North America and Europe are also expected to witness a healthy demand for drinkware products during the forecast period.