Nowadays, cafés and restaurants generally use insulated drinkware because of increasing preference for on-the-go drinks. Insulated drinkware also delivers exceptional printability that helps in point-of-sale brand awareness. Such factors are fuelling the global demand for insulated cups, a trend that will continue over the next decade.
The global insulated drinkware market is anticipated to reach a valuation of over US$ 2.7 billion by 2030, with a growth rate pegged at over 6% over the forecast period of 2020-2030.
Presently due to the COVID-19 outbreak, the insulated drinkware market is witnessing some setbacks. The foodservice industry faces its potentially worst existential crisis. While lockdowns reduce transmission risk, this has also meant that revenue has fallen drastically. Due to this, the buying curve of insulated drinkware from the foodservice sector and household consumers is witnessing a sharp fall. Moreover, disruptions in import-export due to the pandemic have decreased the availability of raw materials, which is the biggest challenge for manufacturers in the insulated drinkware market industry.
Key Takeaways from Insulated Drinkware Market Study
- North America dominated the global insulated drinkware market, holding a market share of over 40% in 2019, and this market is projected to expand over 1.7 fold during the forecast period (2020-2030).
- Stainless steel and rigid plastic drinkware are popular among millennials and the working population in the U.S.
- Water bottles account for a lion’s share in the insulated drinkware market, and are projected to reach a value of over US$ 1.5 Bn by the end of the forecast period
- The supermarkets and hypermarkets segment has a lead with more than 25% revenue share; however, the online sales channel has registered fast growth in the market at a CAGR of over 8.5%, owing to increase in the popularity of purchasing through this channel.
“Demand for insulated drinkware is expected to rise significantly owing to increased spending of consumers in developing countries. Leading manufacturers in the insulated drinkware market in the U.S. and Europe are focused on increasing their brand presence in emerging markets such as India, China, and Brazil,”says a Fact.MR analyst.
Moderately Fragmented Market Structure with Players Diversifying Product Portfolio
The global insulated drinkware market is partially fragmented, with key market players holding half of the market share across the globe. Yeti Holdings, Inc. holds more than one-third of the market share in the global insulated drinkware market. The company has its headquarters in the U.S., and has operations across developed economies, which leads to high sales in North American and European countries. Other manufacturers of insulated drinkware are significantly focused on stainless steel or plastic drinkware along with insulation. However, the product portfolio of prominent manufacturers shows an inclination towards reusable drinkware.
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