The global smart bottles market is likely to witness high growth in the coming years due to significant efforts made by several prominent players in the market. Leading players are focusing on using advanced technologies to enhance product quality and connectivity. Moreover, as there are large number of players operating in the global smart bottle market, competition is likely to increase. This will also turn the global market fragmented. They are also engaged in mergers and acquisition, partnership, and collaboration to reinforce their position in the global market. Noticeable players such as Spiritz, Thermos LLC, Myhydrate, and Adheretech Inc. collectively held 5% share in the market in 2016. Various other players operating in the market include Trago Inc, Kuvee, Inc., Sippo, Hidrate Inc., Hydrasmart, and Ecomo Inc.
Researchers from Transparency Market Research estimated that the global smart bottle market would reach US$258.8 mn by the end of forecast period in 2024. In 2016, the market earned US$88.8 mn. To achieve this figure, the market is likely to progress at healthy 14.3% CAGR between 2016 and 2024.
Application of smart bottle is largely seen in water bottle segment and it is expected to lead the global smart bottle market in the near future. In 2016, this segment held 56.4% share in the global market. The pharmaceutical bottles segment is projected to take the second position in the market. Regionally, North America is leading the global smart bottles market due to technological advancements taking in the region.
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Growing Demand to Maintain Physical Fitness to Bolster Growth in the Global Smart Bottle Market
Growing awareness about maintain health and fitness and the role played by water in maintain health has boosted growth in the global smart bottle market. People nowadays are more conscious about the wellbeing and physical fitness and are now playing more emphasis on regular workouts and activities. Additionally, growing demand for advanced technologies in devices and even in bottles that helps user know about the amount of water intake has further expanded growth in the global smart bottle market.
Limited Opportunities for Customization to Deter Green Packaging Market
Contrary, to the above-mentioned growth factors, few restraints might restrict the growth of the global smart bottle market. High cost of smart bottle is the major factor that might challenge the market’s growth. Moreover, limited opportunities for customization are also expected to deter demand in the global smart bottle market.