The drinkware accessories market is anticipated to witness notable growth due to an increase in consumers’ inclination towards easy and convenient drinkware products. Increasing beverage consumption amid consumers is pushing market players to introduce innovative and designer drinkware accessories.
From straw caps to sliding lid market players are offering a comprehensive range of drinkware accessories which are complementing market growth. Market players are following design-approach to provide non-slip handles, leakproof lids, and dishwasher safe product.
The market growth of drinkware directly impacts the sales of drinkware accessories. These products are utilized for storing water and beverages during camping, traveling, or other professional purposes. Drinkware accessories ensure convenience during outdoor activities and keep the drinks at the right temperature.
With the growing number of drinkware companies shifting to online platforms, the number of drinkware accessories has mushroomed on e-commerce platforms in the recent past. Although this has enabled customers to have a comprehensive choice, market incumbents have found it as an effective platform to project their products against established brands. The trend for consuming functional water with added minerals to stay fit & healthy will result in tumbler & shaker sales.
Drinkware accessories assist consumers to carry them effortlessly. Sustainable practices and growing awareness amid consumers to carry their drinkware has pushed companies to introduce eco-friendly accessories which will boost the market growth.
Not all accessories go with any drinkware set, every drinkware requires a specific set of accessories as per its specifications and features. This could hamper the market growth. The growing cost of raw materials such as plastic and steel has been a matter of concern for drinkware accessories manufacturers. The use of cheap raw materials for the construction of accessories can impede market growth.
The drinkware accessories industry has been witnessing uneven growth, since the COVID 19 outbreak. The crisis has led to a drop in the overall performance of discretionary products such as drinkware accessories.
However, the prominent growth in the e-commerce business is one of the positive influences of the outbreak, wherein the drinkware accessories companies are focusing on expanding their distribution networks through online channels to satiate to the surging consumer demand.
Asian market is anticipated to be the rapidly growing market throughout the forecast period owing to fast growth in the hospitality sector. Moreover, a rise in demand for outdoor activities including gyms, trekking, and other sports activities due to growing awareness towards a healthy lifestyle is boosting sales in the region.
Europe accounts for the highest market share, trailed by North America in the global drinkware accessories market with regards to rapid growth in the drinkware sector. Both regions are home to pioneers of the drinkware accessories market.
Manufacturers are focusing on new product development and innovations to expand their offerings for consumers and boost their market presence. For instance,
Yeti has introduced Rambler Magslider lid with innovative functionality such as magnetic leads for smooth opening and closing. This dishwasher-safe lid furthermore adds a protective barrier to keep water, coffee, shandies, wine, contained while assist in preventing cold or heat from escaping.
Dopper has launched Dopper Sports Cap made from Polypropylene and Thermoplastic Vulcanisate. The materials are toxin and BPA/plasticizer-free. Homeio has introduced Tumbler Handle, lid, and drinkware accessories 15 piece set which includes sliding lids, slip-on cup grip, reusable stainless steel straws, and ice cubes and straw brush.
Major companies operating in the global drinkware accessories market include Mind Reader, EEEkit, Nifty Home Products, TSV, J.L. Childress, Novashion, For Your Water, Grab Life Outdoors, and MIRA.
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