Global Drinkware Market Report and Forecast 2024-2032

Global Drinkware Market Outlook

The global drinkware market size reached approximately USD 4.28 billion in 2023. The market is projected to grow at a CAGR of 3.20% between 2024 and 2032.

Key Takeaways

• Consumers are becoming environmentally conscious, leading to a surge in popularity of products made from sustainable materials.

• Consumers are seeking luxury drinkware which features unique designs and high-quality materials.

• The expansion of the hospitality sector supports the demand for premium drinkware products.

Drinkware, also known as beverageware is a general term for a vessel meant to hold drinks or liquid food for drinking or eating. It includes a wide range of items such as cups, mugs, glasses, and stemware used for drinking water, tea, coffee, and alcoholic beverages. Drinkware is made from various materials including glass, plastic, metal, and ceramic, and comes in numerous styles and designs to suit different beverages and personal preferences.

The global drinkware market growth is driven by factors such as a growing demand for products from the hospitality and food service sectors and a rise in the consumption of beverages. In addition, initiatives by companies to introduce innovative, designer products made from eco-friendly materials will also boost market growth. The availability of beverage products in a variety of designs and types, the increasing number of pubs, restaurants, hotels and home bars, and the access to online distribution channels and increasing online sales of beverage products are the factors propelling the market growth.

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Key Trends and Developments

Sustainable and eco-friendly products; use of luxury BPA-free co-polyester; promotional products; and growth in the food service and beverage sector are the major trends impacting the drinkware market expansion

Drinkware Market Trends

Consumers are increasingly aware of the environmental impact of their purchases, including the production, use, and disposal of drinkware. There is a growing recognition of the need to reduce waste, particularly single-use plastics, which are prevalent in the drinkware category. Products that offer alternatives to plastic, such as those made from recycled materials, bamboo, glass, or stainless steel, are seen as more sustainable choices. Alongside environmental concerns, there is also a heightened awareness about health implications related to the materials used in drinkware. For instance, products made from BPA-free plastics or other non-toxic materials are in demand due to their safer use over time.

Igloo, a US-based company renowned for innovative cooler solutions, launched a new line of stainless-steel drinkware in April 2023. This collection showcases nine distinct styles of bottles and tumblers, available in a variety of sizes ranging from 12 ounces to a substantial 80 ounces. This launch signifies Igloo's commitment to expanding its product range, catering to a wide array of consumer needs and preferences for durable, versatile drinkware options suitable for various occasions and activities.

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Market Segmentation

“Drinkware Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Glass segment accounts for a major drinkware market share due to its recyclable nature and rich look

Glass material is the leading segment in the market due to its recyclable nature and premium look.  It is 100% recyclable and can be recycled indefinitely without loss of quality or purity, which makes glass drinkware a popular choice among consumers and companies looking to reduce their environmental footprint and support circular economy principles. It is also chemically inert, meaning it does not react with the beverages it holds. This ensures that no unwanted chemicals leach into the drink, making the glass a safe choice for drinkware. The non-porous surface of glass also makes it hygienic, as it does not harbour bacteria or odours. Moreover, glass drinkware is often preferred for its aesthetic appeal as it can be crafted into various shapes and designs, offering clarity that showcases the beverage within.

Plastic is also expected to witness robust growth as a material of choice in the drinkware market as plastic drinkware is generally less expensive to produce than alternatives made from glass, metal, or ceramic. This cost-effectiveness makes it an appealing choice for both everyday use and large-scale events where budget considerations are paramount. Plastic is known for its durability and resistance to breaking, making it a practical choice for outdoor activities, children’s use, and environments where breakage is a concern.

The demand for steel material in the drinkware market is also expected to grow considerably. Steel, particularly stainless steel, is highly durable and resistant to rust, corrosion, and staining which makes steel drinkware such as water bottles, tumblers, and travel mugs incredibly long-lasting, capable of withstanding rough handling and extreme conditions without damage.

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Competitive Landscape

The market players are entering into collaborations and are launching novel products to gain a competitive edge in the market

Other major players in the drinkware market include Anhui Deli Household Glass Co., Ltd and Steelite International Limited, among others. The market players are focusing on various strategic initiatives such as mergers and acquisitions, expanding their product portfolios, and investing in research and development to introduce innovative and eco-friendly products.

Drinkware Market Analysis by Region

Europe and North America are the leading consumer regions, followed by the Asia Pacific, which is witnessing comparatively faster growth. Both Europe and North America have high levels of disposable income, enabling consumers to invest in premium and speciality drinkware products. The ability to spend more on non-essential goods means consumers are willing to pay for higher quality, durable, and eco-friendly drinkware options. Consumers in these regions are highly aware of environmental issues and are increasingly seeking sustainable and eco-friendly products which has driven the demand for reusable drinkware made from sustainable materials like glass, stainless steel, and bamboo, as opposed to single-use plastics.

Rapid development in the hospitality sector and the acceptance of Western culture are the key factors supporting the drinkware market growth in the Asia Pacific. Moreover, rapid urbanisation in countries like China, India, and Southeast Asian nations has led to lifestyle changes that influence drinkware demand. Urban consumers tend to have different purchasing behaviours compared to rural consumers, including a higher demand for convenience, which impacts the types of drinkware products they buy, such as on-the-go bottles and cups.

Key Highlights of the Report