ALBANY, New York, Jan. 15, 2018 (GLOBE NEWSWIRE) -- The global smart bottles market is at a very nascent stage and is seen to be highly fragmented and largely dynamic. The global market is influenced by technologically advanced features of connectivity and innovative products. Leading players in the global market for smart bottles such as Thermos LLC, Spiritz, Adheretech Inc., and Myhydrate each accounted for less than 5% of the all-round revenue generated by the market across the globe in 2016.
Domestic and regional players have projected to witness vast opportunities of growth in regional areas on account of less strict regulations and rules associated to features and quality included in products compulsory for sale. Manufacturing of cheaper products with new features are expected to give an edge to regional players as compared to the global ones who pay more sums for the research and development of products. Global players could take advantage from associations, mergers with other leading companies in the domains of fitness and health and technology. In a recent development, a strategic association between Fitbit Inc. and Thermos LLC. The new hydration connected bottle of Thermos LLC, introduced in October 2015, works with Fitbit to keep a track of water intake to sustain the overall health and energy of the consumer.
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The global market for smart bottles stood at an overall valuation of US$88.8 mn in the year 2016. This valuation is expected to grow and reach a figure worth US258.8 mn by the end of 2024. This growth of the global market for smart bottles in terms of value is expected to be achieved with the help of strong CAGR of 14.3% over the course of the given forecast period of 2016 to 2024.
With respect to the prominent application areas of smart bottles such as water bottles, alcoholic beverage bottle, and pharmaceutical bottles, the segment of water bottles is currently leading contributor of revenue in the market across the globe. The segment accounted for more than 56% of the global market in 2016 and is projected to experience a significant rise in its overall share by the fall of the given forecast period in 2024. However, other segments are projected to experience losses in their respective share in the market.
With respect geography, the global market for smart bottles is expected to be led by Europe and North America. Of these, the North America market is expected to show an impressive CAGR of 16.4% over the course of the given forecast period of 2016 to 2024.
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Increasing Demand from Tech-savvy Customers to Augment Market Growth
Some of the key factors helping to drive the growth of the global market for smart bottles is the increasing awareness about healthcare and overall body fitness among the population across the globe. In addition to this, increasing population of tech-savvy customers and growing willingness to pay more sums for technologically advanced products and premium.
With capacities such as updating customers about the overall water intake over a specified time period, comparisons between different levels of body hydration among others are attracting tech-savvy customers and are thus helping in augmenting the overall growth of the global market in the coming years.
Customization and Cost Problems to Impede Market Growth
However, there are some factor that might impede the market growth in coming few years. One of the key restraining factors for the growth of the global market is considered to be the high costs these bottles along with lack of customizations.
This review of the global smart bottle market is based on a recent market research report, titled “Smart Bottle Market (Application - Water bottle, Pharmaceutical Bottle, and Alcoholic Beverage Bottle; Distribution - Online and Offline) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”
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