The global drinkware market size is anticipated to reach USD 4.79 billion by 2025 registering a CAGR of 3.1%, according a new report by Grand View Research, Inc. Rising product demand from the hospitality and food service industry and increasing beverage consumption are expected to augment the market growth. Moreover, several initiatives by key companies to introduce products made of eco-friendly materials will contribute to the market development.
Moreover, introduction of innovative and luxurious designs will drive the demand further. To control the harmful effects of plastic drinkware on the environment and health, companies are introducing safe and recyclable drinkware. For instance, TOSSWARE offers Crystal Clarity TOSSWARE®, which is 100% BPA-free, made of highest-quality polymer, and is shatterproof. Glass-based drinkware accounted for the largest share of 35.23% in 2018. Steel is gaining popularity as it is temperature-sensitive, highly durable, and completely recyclable.
Urban Bar introduced a range of steel-based drinkware named, Tiki Barware, which has Hawaiian themed tiki patterns on it. Asia Pacific is expected to be the fastest-growing regional market over the forecasted period. Rapid growth in hospitality industry and increasing consumer disposable income levels are the main factors driving the market growth in this region. For instance, the coffee sales by Cafe Coffee Day increased from 1.6 million cups in 2017 to over 2 million cups in 2018.
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Plastic material segment is projected to register the fastest CAGR of 3.5% from 2019 to 2025 on account of high demand for plastic products due to their durability and lower price
The glass material segment accounted for the largest share of the global drinkware market in 2018 and is expected to maintain its dominant position throughout the forecast years
Europe is expected to be the largest regional market over the forecast period owing high consumption of various beverages
Some of the leading companies in the global market are Arc International, AnHui DeLi Glassware, Libbey, Pasabache, Bormioli Rocco, The Oneida Group, Steelite International, and Ocean Glass
Grand View Research has segmented the global drinkware market on the basis of material type and region:
Drinkware Material Type Outlook (Revenue, USD Million, 2015 - 2025)
Drinkware Regional Outlook (Revenue, USD Million, 2015 - 2025)
Central & South America
Middle East & Africa
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