April 19, 2022 09:25 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 19, 2022 (GLOBE NEWSWIRE) -- The thermos bottle market size was USD 4.67 billion in 2020. The market is projected to grow from USD 4.75 billion in 2021 to USD 6.50 billion in 2028 at a CAGR of 4.60% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Thermos Bottle Market, 2021-2028.” Factors such as the availability of different sizes and colors and rising innovations in technology will increase the footprint of the market during the forecast period. Additionally, sustainable thermos products will boost the growth of the market.
Lockdowns and Production Delays to Limit Market Growth During Forecast
The pandemic led to the closure of various supermarket chains and departmental stores due to imposed lockdowns worldwide. Additionally, shutting down of various dominant players in the market led to a decrease in the market value of thermos bottles. Rising work-from-home activities and homeschooling trends in order to curb the spread of the virus further hindered the growth of the market. However, as the pandemic looms on, increasing consumer awareness over single-use plastic-based bottles will revive the thermos bottle industry in an incremental manner.
Fortune Business Insights™ lists out all the thermos bottle market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
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The market report for thermos bottles contains pivotal insights by analyzing the market in-depth and highlighting the ongoing industry trends. Additionally, a detailed profile of the prominent companies, material types, and leading application areas for the market have also been provided. In addition to the factors mentioned above, the market report also contains factors that are expected to impact the market in a positive/negative manner.
Constant Launches of Innovative Products & Increased Consumer Spending to Bolster Market Growth
Factors such as regularly launching innovative products and rising consumer spending toward leisure activities will boost the thermos bottle market growth during the forecast period. Additionally, rising consumer awareness about habitual water intake and innovations in technology will increase the footprint of the market. Integration of sustainable materials during production will further fuel the market growth.
However, the rising number of cheaper alternatives will hinder the growth of the market during the forecast period.
North America to Hold Largest Market Position due to Increased Consumer Demand
North America is expected to hold the largest thermos bottle market share during the forecast period due to common usage of storing ready-to-drink (RTD) fruit juices and coffee and rising consumer demand from the U.S. and Canada. Additionally, increasing indoor and outdoor activities among the general population will drive the growth of the market.
Asia Pacific will occupy a significant market share in terms of global revenue due to growing residential and commercial infrastructural settlements. Additionally, the presence of prominent manufacturers in the region will fuel the market growth during the forecast period.
Europe will witness considerable market growth owing to rising consumer preference toward recycled plastic, bamboo, and other sustainable material-based thermos water bottles.
By material, the market is divided into stainless steel, plastic, glass, and others.
On the basis of application, the market is bifurcated into household and commercial.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Product Placement & Business Expansion to Lead Market Toward Growth
The industry for thermos bottles is focused on offering the latest in products, often derived from an environment-friendly approach. Dominant players in the market are striving for maximum market share by launching promotional campaigns to expand the reach of their products worldwide. For example, in January 2020, Hydro Flask added a new lineup of food storage containers and reusable thermos water bottles. Rising investments toward research and development are being executed to churn out products that are highly sustainable in nature for appealing to a wider consumer base.
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