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With a significant increase in the demand for insulated drinkware, key players have begun to outsource their manufacturing processes. Several large multinationals have been following a mix of in-house manufacturing and strategic outsourcing. This strategic shift find its roots in the demand-supply gap that was being witnessed in the past half-decade.
The number of insulated drinkware products has mushroomed on online stores in the recent past. While this has enabled consumers to have a broader choice, new entrants have found it as a potent platform to showcase their products against established brands. While the total available market for insulated drinkware stands at a US$2.5 Bn opportunity by 2029, under good conditions Fact.MR projects it at slightly above US$ 1 Bn.
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Key Takeaways of the Global Insulated Drinkware Market
- Insulated drinkware market accounts for around 10% of the overall drinkware market, though it has been witnessing a higher growth as compared to the drinkware market
- The upsurge in demand of insulated drinkware of 1 Litre capacity presently accounts for around 50% of the market share and is projected to show an upward growth trajectory in the market through the forecast period
- Supermarkets and hypermarkets will continue to have the largest share for insulated drinkware and are projected to grow 1.9X over forecast period
- North America and Europe together account for over 60% of the insulated drinkware consumption, owing to higher dollar spending on insulated drinkware vis-à-vis other regions
- Global insulated drinkware market is highly fragmented. Three-fourth of the market share is accounted for by small regional manufacturers
- Brand owners of insulated drinkware carry a profitability margin of 6% – 8%, though with the increasing raw material prices and emergence of several regional players, there exists a constant pressure on product pricing
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Cutting Edge Evolutions in Insulated Drinkware to Bolster the Demand
Global insulated drinkware market’s top five players accounted for around 15% share of the global insulated drinkware market in 2018.
- In the last half-decade, the insulated drinkware market has evolved from its limitation of providing insulation to a multipurpose utility product. For instance, Ozzy has recently launched a Bluetooth speaker enabled insulated bottle to lure millennials and tech savvy customers. Some other launches include insulated drinkware packaged with accessories; for instance, in 2019, Avana Corporation has launched built-in straw insulated bottle while Mizu Life launched filter enabled sipper insulated bottles during mid-2019.
- Manufacturers are focusing on double wall insulation for stainless steel insulated drinkware with silicon dioxide coating that prevents bad odor.
- Market players such as Yeti, and Dopper have introduced insulated steel drinkware with innovative functionalities such as lead filter based insulated drinkware, insulated drinkware with bicycle holder, and drinkware with magnetic leads.
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