Reasons Why the Drinkware Market is Expected to Grow
What is Drinkware?
A vessel used to serve water, tea, wine, juices is commonly known as drinkware. It comes in a wide range of styles and sizes. Increased consumer preference for handy and easy-to-use drinkware products will boost sector income. Moreover, bottles, tumblers, mugs, and infusers are utilized for travel and work purposes, such as promotional custom drinkware. Similarly, these items are used to store beverages and water while camping or traveling. And they are also used even when working at home or office.
Market Analysis of Global Customized Drinkware
Increasing demand for items from the hospitality and catering industries and increasing beverage consumption drive the worldwide drinkware market. Furthermore, corporate endeavors to provide novel customized drinkware, designer items manufactured from eco-friendly materials will drive the growth of the drinkware industry. The availability of beverage products in various forms and varieties and the increasing number of pubs, expanding restaurants, hotels, catering business and home bars, access to online distribution channels, and increasing online sales of beverage products are driving the drinkware market expansion.
Glass is the essential material in the drinkware sector, accounting for a large market, and plastic is also projected to increase in the future years.
The drinkware has a bright future in the market, with potential in the houseware, food facilities, and retail industries. According to a Global Market Insights Inc. report, the global glassware market was worth USD 3.9 billion in 2020. And it is predicted to grow at a Compound Annual Growth Rate (CAGR) of 3.2 percent between 2022 and 2027.
Reason of Expected Growth of Drinkware Market
There are several reasons for the increment in the expected growth rate of the glassware market, and some of them are as follows.
Drinkware is Multipurpose
One of the primary purposes of using drinkware is the quality of being multipurpose and flexible. It can be used for households and other purposes. The daily glass will continue to be the most important product category in the drinkware market, and it will experience the highest growth during the projection period.
Due to the growing population, increasing disposable income, and growth in the hospitality industry, Asia Pacific is predicted to remain the largest market. It is said to experience the most robust growth over the forecast period.
Based on extensive research, it is predicted that glass will continue to be the most popular material type. It will be the one with the most significant growth throughout the projected period due to its low cost, environmental friendliness, and minimal health risk.
Threat Due to Covid-19
Consumers are back on the move, establishing new routines and returning to work in person. Their habits have shifted, and they want to update their drinkware collection before going out again. In addition, Covid-19 poses a severe hazard to individuals working in workplaces or public settings. Therefore, Personal drinkware is far preferable to one that has been rinsed in the shared kitchen sink!
People are now becoming more concerned about the environment. High-quality, long-lasting drinkware is appealing not only for its use but also for its reusability! According to a study conducted by the United Nations Sustainable Lifestyles Taskforce, 88% of consumers want firms to assist them in becoming more ecologically and socially conscious. Thus, the demand for personalized drinkware increases which ultimately aids the growth of the drinkware market.
Growing Consumption of Water
One of the reasons for an expected increase in the growth of the beverageware market is increasing water consumption. Bottled water has surpassed soda every year since 2016. As researched by the Beverage Marketing Corporation, customers’ insistence for grab-and-go water continues to climb. Having reusable drinkware on hand allows consumers to take water on the move. At the same time, they are saving their money and the environment from purchasing a single-use bottle.
People are Becoming Brand Conscious
The popularity of specialty brand beverages is increasing. Because consumers increasingly purchase coffee and wine from niche companies that match their lifestyles and interests. Having a matching piece of drinkware to pair with their favorite coffee or cocktail enhances the experience. Resultantly, allowing the customers to show off their beverage selections.
Increase Industrial Usage of Promotional Custom Drinkware
Lastly, promotional items are a tried-and-true approach for increasing brand awareness and engaging consumers and prospects. As everyone enjoys receiving free presents. Promotional custom drinkware works for all types of businesses. These promotional goods enable you to enlist the assistance of your customers in spreading the word about your company. Customized drinkware like coffee mugs, tumblers are always popular at trade exhibitions or any other event where you want to give away valuable goods. Therefore, companies are now interested in giving personalized coffee mugs or cups to their employees, which aids in increasing the expected growth of the drinkware market.