Drinkware Market Size is Anticipated to Reach USD 4.79 Billion by 2025: Grand View Research, Inc.
26-Nov-2019: The global drinkware market
size is anticipated to reach USD 4.79 billion by 2025 registering a CAGR of
3.1%, according a new report by Grand View Research, Inc. Rising product demand
from the hospitality and food service industry and increasing beverage consumption
are expected to augment the market growth. Moreover, several initiatives by key
companies to introduce products made of eco-friendly materials will contribute
to the market development.
Moreover,
introduction of innovative and luxurious designs will drive the demand further.
To control the harmful effects of plastic drinkware on the environment and
health, companies are introducing safe and recyclable drinkware. For instance,
TOSSWARE offers Crystal Clarity TOSSWARE®, which is 100% BPA-free, made of
highest-quality polymer, and is shatterproof. Glass-based drinkware accounted
for the largest share of 35.23% in 2018. Steel is gaining popularity as it is
temperature-sensitive, highly durable, and completely recyclable.
Urban Bar
introduced a range of steel-based drinkware named, Tiki Barware, which has
Hawaiian themed tiki patterns on it. Asia Pacific is expected to be the
fastest-growing regional market over the forecasted period. Rapid growth in
hospitality industry and increasing consumer disposable income levels are the
main factors driving the market growth in this region. For instance, the coffee
sales by Cafe Coffee Day increased from 1.6 million cups in 2017 to over 2
million cups in 2018.
In depth research report on Drinkware Market
Further key findings from the study suggest:
·
Plastic material segment is projected to register the fastest
CAGR of 3.5% from 2019 to 2025 on account of high demand for plastic products
due to their durability and lower price
·
The glass material segment accounted for the largest share of
the global drinkware market in 2018 and is expected to maintain its dominant
position throughout the forecast years
·
Europe is expected to be the largest regional market over the
forecast period owing high consumption of various beverages
·
Some of the leading companies in the global market are Arc
International, AnHui DeLi Glassware, Libbey, Pasabache, Bormioli Rocco, The
Oneida Group, Steelite International, and Ocean Glass
Grand View Research
has segmented the global drinkware market on the basis of material type and
region:
Drinkware Material Type Outlook (Revenue, USD Million, 2015 -
2025)
·
Glass
·
Ceramic
·
Plastic
·
Steel
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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