Smart Water Bottle Market Overview:
Smart Water Bottle market is projected to rise from USD 124.6 million in 2021 to 389.5 million by 2030, at a CAGR of 13.5% in the forecast period, 2022-2030
The rising acknowledgment of hydration tech and the growing health consciousness among youth and adults is the major factor driving the smart bottle market. Increasing standard of living, disposable income, and changing lifestyle is anticipated to project robust growth in the market. The increasing demand for gym accessories, activity trackers, and so on has allured the production of smart water bottles with wireless machinery which is boosting the demand of the market. Furthermore, statistics reveal that growing alertness among people of all age groups regarding adequate consumption of water is expected to surge the smart water bottle market. Rising GDP per capita and improvement in sensor technology are other major reasons for flourishing the growth of the market.
Smart water bottle warns the consumer about daily water consumption and is exclusively used by sports player during their pre-workout and post-workout sessions. Technologically, these advanced bottles, dubbed “Smart Bottles” have wireless communication capabilities to connect to electronic devices such as wearables and smartphones as well as simulated memory that can issue alarms through sound systems and displays. The water balance of the human body can be updated with smart water bottles also termed interactive water bottles. These bottles have an electronic data sheet that stores information regarding the user’s weight and age. Making use of this data, the bottle keep a track of water consumption over time and advice users to drink before they become dehydrated. 75% of the Americans especially elderly people are chronically dehydrated, says the Lay Press. Dehydration is the most common cause of hospitalization among 28% of the elderly in the United States. There is a growing number of government initiatives to reduce plastic waste generation and encourage the use of recyclable materials, such as the Government of India’s program named ‘Swachh Bharat Abhiyan.’ Advances in chemicals and materials have led to the development of Tritan, a bisphenol a free polymer used in the manufacturing of bottles.
- The growing health consciousness tends the consumer to spend on such devices and hence it serves as the most vital element in driving the growth of this market.
- The advancement in technology such as Bluetooth connectivity and measurement of the amount of water intake are other appealing factors that help in the market growth.
- The easy design of the bottles and the vacuum-insulated base aids in preserving cold liquid preparations for over 24 hours attracting customers to invest in the market.
- In the fitness domain, especially for athletes such devices serve as essential jewelry in keeping a track of the hydration level in their body.
- The collaborative approach of the Internet of Things and artificial intelligence is widely accepted by youngsters and they opt to choose smart bottles over conventional bottles thereby, expanding the market’s feet in the current scenario.
The high costs of manufacturing these smart bottles are the major factor among others that will hinder the growth of the market during the forecast period. Installation of various technological advances in water bottles to keep them updated demands high production costs which act as an obstacle to market growth. Moreover, the low battery life of these smart bottles and their periodic requirement for charging will hamper the growth of the market.
The integrated approach of technological advances in the Internet of Things (IoT) and machine learning areas will open vast opportunities in this market as it led to the development of mobile apps that provide users with data about their daily water intake. The introduction of sensor technology has allowed smart bottles to evaluate the amount of water a customer requires, according to his age, weight, and height. All these factors collectively will open ample opportunities for the growth of the smart water bottle market.
The advent of COVID-19 has completely re-framed the market and severely impacted the economy worldwide. The sudden announcement of the nationwide lockdown has imposed a lot of pressure on the smart water bottle market factories. The market has experienced a gap between supply and demand as production stopped during the crisis and this supply chain disruption harmed the market. The shortage of raw materials in the industries required for the production of smart bottles also hampered the import and export between countries. However, the sales were obstructed during the first quarter of the pandemic but by 2021 the sales went up gradually. As citizens were home stuck, they started emphasizing their health which demands such devices. This is projected to build a conducive situation for the growth of the market.
Acrylic Fibers Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Million)||389.5 Million|
|By Type||Metal & Polymer|
|By Component||In-built hardware, Hydration Tracking Apps|
|By Distribution Channel||Online and offline|
|By Geography||North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa|
|Key Players||Caktus, Inc., Ecomo, Grokking Lab Limited, Hidrate Inc., HydraCoach, Inc., Moikit, Open-2, LLC, Out of Galaxy, Inc., Thermos L.L.C., Trago, Inc.|
Based on type, the market is segmented into polymer and metal. The polymer segment has dominated the market by generating an annual revenue of $ 5 million in 2016 and is expected to grow rapidly during the forecast period. The ‘Tritan’ polymer is used for the manufacturing of smart water bottles as these polymer bottles do not allow heat transfer quickly, so they help maintain the temperature of liquids stored in the bottle. Polymer bottles are not only durable and light-weighted but also give better performance in terms of insulation as compared to conventional water bottles. This makes them a preferable choice by manufacturers of different enterprises. Polymer smart water bottles have shown a dramatic surge in the market they do not cause any harm to the surroundings and are easy to carry. They are prepared using renewable materials and hence, are eco-friendly. However, the metal segment used for the making of water bottles is expected to lose market share because of its undesirable properties such as heavyweight and flavor transfer to the water.
Based on components, the market is divided into in-built hardware and hydration tracking apps. Out of these hydration technology apps have dominated the market by holding the largest share of nearly 63% in 2020 and are presumed to rise at a CAGR of 29% over the forecast period. Most interactive bottle makers provide users with accurate data about their daily water intake and allow users to set individual drinking goals. As hydration technology grabs the attention of teens and adults, apps are becoming the personal choice that helps users reach daily goals. In addition, built-in hardware technology plays an important role in improving the use of smart water bottles. The technology mainly consists of smart caps or smart lids with sensors, liquid thermometers, LED, etc., allowing smart water bottles to record the amount of water consumed by the user and what is left in the bottle. However, the growing need for a healthier lifestyle and rising alertness of consuming more water will increase the adoption of smart water bottles.
By Distribution Channel
The distribution segment can be bifurcated into online and offline means. Out of the two, the online segment accounted for the largest revenue of $ 6100 thousand in 2017. Increased trend of online shopping and ready availability of internet connectivity on computers and laptops is expected to increase the revenue through the online sales channel segment. Growing e-commerce platforms and easy payment options offered by these online channels are boosting the growth of the market. Moreover, these smart water bottles do not have current availability in retail stores and shops hence online segment dominates. The offline sales channel segment is expected to grow profitably due to the increasing offline presence of smart accessories. In addition, to establish a presence in areas with low internet penetration rates, many manufacturers are focusing on opening their dedicated stores. The smart water bottle market is still developing and people have low product awareness, so the offline segment occupies a relatively small share of the industry.
According to the region, the market has expanded its feet in North America, the US, and Asia Pacific countries. North America dominated the market by generating an annual revenue of $ 2500 thousand in 2017. The increasing purchasing power of customers and the growing need for leading health tracing are pushing the growth of the Smart Water Bottle Market in this region. The usage of health trackers & technology-embedded gym accessories followed by the rising consumer interest in health clubs is also leading to the major factors that are boosting the market growth in North America.
Consumers exhibit higher alertness about health in the US to manage their weight are the key trends that fuel the growth of the market in this region. The Asia Pacific market is expected to grow significantly in the coming years. The growing demand in emerging markets is due to initiatives such as Digital India and Make in India. Moreover, increasing awareness of maintaining fluid balance in the body is expected to further drive the market.
Smart Water Bottle Market Competitive Landscape:
The market competitive landscape and detailed company profiles have been analyzed in the report to provide an evaluation of the major players operating in the industry. Additionally, technological advancements, emphasis on business expansions through multiple business strategies, and surging expenditures on Research and Development (R&D) has accelerated the growth of the concerned market in the case of the main firms present in the market. The key players functioning in the market include-
- Hidrate Inc.
- Out of Galaxy, Inc.
- HydraCoach, Inc.
- Groking Lab Limited
- Caktus, Inc.
- Thermos L.L.C.
- Trago, Inc.
- In March 2021, Australian brand BOttel created a smart water bottle with a flashing light that lets you know when to drink. Also dubbed the “next generation” water bottle, can know how much water is required per day.
- In September 2019, Lifefuels introduces a smart baby bottle having a 3-piece system including a sleek smart water bottle and delicious FuelPods. This bottle also involves an app for tracking the user’s hydration and nutrition. This product is more accepted by users and advances market growth.
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