Increasing Consumer Awareness Coupled with Favorable Government Policies to Aid Market Growth
Over the past couple of decades, a number of countries around the world has increased their efforts to minimize the usage of plastic due to environmental concerns. The usage of single-use plastic items continues to decline around the world as a result of bans imposed by governments of various countries. Due to the increasing focus on minimizing the usage of single-use plastic, biodegradable plastic has gained considerable attention over the past few years, following which, several companies have entered the global biodegradable water bottles market. For several decades, plastic water bottles have remained one of the prominent contributors to global waste. Thus, the demand for biodegradable water bottles around the world is on the rise.
Biodegradable water bottles are gaining immense popularity around the world due to the increasing awareness pertaining to the benefits of biodegradable water bottles as well as increasing government support in terms of favorable policies, tax concessions, subsidies, etc. Market players involved in the current biodegradable water bottles market landscape are likely to focus on product development and innovation to gain a competitive edge. Moreover, expanding the product portfolio is also expected to remain one of the key growth strategies of companies operating in the current market for biodegradable water bottles.
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Focus on Minimizing Global Waste to Fuel Market Growth
The exponential rise in the global waste around the world, due to factors such as industrialization, urban development, rising population, and economic development of both, the underdeveloped as well as developing nations, has led to the demand for biodegradable water bottles. Furthermore, in the current scenario, consumer purchase decisions are largely influenced by the eco-friendliness quotient of the product. This factor is also driving the biodegradable water bottles market. Increasing consumer concerns pertaining to the climate change and desire to minimize their individual impact on the environment has led to a considerable rise in the demand for biodegradable water bottles.
In addition, plastic bans announced by governments of several nations around the world have paved the way for sustainable alternatives, including biodegradable water bottles. For instance, the ban on single-use plastic imposed by the European Union increased the popularity of bio-based and biodegradable materials– a factor that is expected to propel the global biodegradable water bottles market during the assessment period. Over the past few years, innovations have occurred at a rapid pace across the global biodegradable water bottles market landscape. For instance, a number of market players are currently focusing on the development of bio-plastics to improve the quality of sustainable packaging. Sensing increasing aversion to plastic products, plant-based water bottles are gradually being launched by a number of established as well as new market entrants.
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Brands to Focus on Launching New Products
Many companies operating in the current biodegradable water bottles market are anticipated to focus on product development to improve their market position. A number of brands is currently focusing on introducing new biodegradable water bottles. For instance, in 2018, Cove announced the launch of water bottles that were completely developed using biodegradable materials. In October 2020, Bacardi announced the launch of the world’s first sustainable spirit bottle that is primarily developed using plant-based material. In February 2020, one of the leading companies across the food & beverages industry, Agthia Group, announced that the company is set to distribute newly developed plant-based water bottles in the Middle East.
Online Sales Rise amid Ongoing COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a moderate impact on the growth of the global biodegradable water bottles market. While offline sales are projected to take a dip due to stringent lockdown restrictions and barriers in cross-border trade and transportation, online sales are expected to increase. Sales via eCommerce platforms are likely to grow due to which, market players are expected to list their products on online stores. In addition, market players are also estimated to address supply chain challenges during the ongoing COVID-19 crisis.