The valuation for the global thermos drinkware market was around US$ 2,990.50 million in 2023. The market is projected to exhibit a CAGR of 5.60% over the forecast period, with an estimated valuation of US$ 5,425.00 million in 2034.
Rising global awareness of plastic pollution has encouraged buyers to avoid plastic bottled water, propelling the stainless thermos drinkware market forward. Consumers’ adoption of healthier habits to stay hydrated is expected to drive product sales over the forecast period.
As environmental awareness grows, thermos bottles are popular for reducing the consumption of single-use plastic or paper cups, which helps to support sustainability efforts. Simultaneously, the market provides a wide range of options in trendy and customizable thermos bottles that appeal to consumers interested in aesthetics and personalization.
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The rise in disposable income, the ability to manufacture items with embedded technology, and the relatively rapid adoption of innovations are expected to drive market demand for thermos drinkware.
The customers’ increased awareness of environmental protection has changed their thinking, and as a result, they are converting from using disposable bottles to reusable bottles, including thermos drinkware.
Consumer trends and preferences in the market constantly shift as a result of changing lifestyles, environmental concerns, health considerations, and appealing colors and designs offered by market competitors.
As consumers become more environmentally conscious, there is a growing demand for environmentally friendly and sustainable options, such as reusable glass or stainless-steel containers, posing limitations for traditional thermos drinkware made from materials that may not align with evolving sustainability expectations.
“Manufacturers are continuously working to improve product efficiency and capacity to fulfill increased end-user demand. Partnerships, mergers, and acquisitions are additional popular techniques significant corporations use to increase market share while providing comprehensive solutions,” says an analyst at FMI.
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Key Takeaways from the Market Study
- The global thermos drinkware market is estimated to register a CAGR of 5.60% and reach a valuation of US$ 5,425 million by 2034.
- The United States is anticipated to dominate the global market by registering a CAGR of 5.50% during the forecast period.
- The market in China is expected to register a 5.80% CAGR through 2034.
- Australia is anticipated to secure a CAGR of 6.10% during the forecast period.
Competitive Landscape in the Market
There has been a rise in investments and collaborations within the industry in recent years, including venture capital companies and businesses. These strategic alliances and financial investments aim to speed up research and development activities, scale manufacturing, and expand market reach.
Recent Developments
- In 2023, Xiaomi’s MIJIS Thermos Flask is a new product. This thermos has a capacity of 1.8 L and is intended for cold storage and heat retention for long periods.
- In 2023, Thermos L.L.C. has introduced the all-new IconTM Series. The new product line includes hot beverage and food preservation choices and a wider range of cold beverages and hydration items. These products encourage consumer convenience by including a GriptecTM Non-Slip Base and a True-CoatTM Finish, resulting in a user-friendly design.
Key Segments in the Thermos Drinkware Market
By Product Type:
- Water Bottle
- Mugs and Tumblers
- Beverage Bottle
By Sales Channel:
- Specialty Stores
- Convenience Stores
- Supermarkets/Hypermarkets
- Online retailers
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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