The Drinkware Market Projected to Surpass $36,490 Million by 2027, Says Global Market Insights Inc.
The drinkware market share will be supported by the rising number of specialty coffee brands, leading to increased utilization of cups and mugs in the country. Moreover, government expenditure on travel and tourism is attributed to the market growth, says this report.
SELBYVILLE, Del., June 21, 2021 (Newswire.com) - Based on a Global Market Insights Inc. report, the global Drinkware Market was estimated at $25,890 million in 2020 and is slated to exceed $36,490 million by 2027, registering a CAGR of 5% from 2021 to 2027, driven by increasing demand from the hospitality and foodservice industry, along with increasing beverage consumption. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
The surge in demand for sports activities, owing to increasing health awareness among people, will lead to an increase in bottle sales. The bottle market from everyday usage was over USD 4,220 million in 2020. Plastic bottles are used for everyday use, owing to their economic benefits, convenience to carry, lightness, and ease of handling.
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There is increased demand for high-quality cups and mugs from multiple distribution channels, such as supermarkets, independent stores, e-commerce, and specialty stores. A rise in the number of consumers shifting towards healthy lifestyles will also help fuel the growth of the global drinkware market. The increasing access to online distribution channels and rapid expansion of supermarket chains should foster cups and mugs sales, stimulating the overall industry growth. Specialty stores offer a deep assortment of products with a variety of designs and shapes, boosting cup and mug sales from customers inclined toward a specific type of design, material, and style.
The European market accounted for USD 5,211 million in 2020 and is projected to grow at a CAGR of over 4.5% by the end of 2027. Increasing consumption of alcoholic beverages and the rising trend of socializing, especially among the younger generation, are likely to raise the drinkware market share over the forecast period.
The drinkware market will be supported by the rising number of specialty coffee brands, leading to increased utilization of cups and mugs. Moreover, government expenditure on travel and tourism is attributed to the market growth. The shifting focus toward R&D to develop more efficient products and new product launches to expand business in the potential application industries will also drive the market.
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Companies collaborate, merge, or acquire other competitors to increase their market shares, enhancing productivity and diversifying their product portfolio. For instance, in March 2020, Steelite International acquired William Edwards Limited, a company engaged in manufacturing fine bone china tableware collections. This strategic acquisition would enable the company to expand its existing product offerings and further strengthen its position in the global drinkware market.
Some of the key manufacturers in the drinkware industry include Amcor Limited, Genuine Thermos, Pacific Market International, Mizu, Hydro Flask, Bormioli Rocco, Swell, Nomader, Klean Kanteen, and Camel Bak.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.
