Thermos Drinkware

Thermos Drinkware

The thermos drinkware market is experiencing a surge in popularity, driven by a confluence of factors that cater to both environmental consciousness and evolving consumer preferences. One of the primary drivers is the growing focus on sustainability. Consumers are increasingly aware of the environmental impact of single-use plastics and paper cups. Thermos glassware offers a reusable and eco-friendly alternative, reducing waste and aligning with consumer efforts to minimize their environmental footprint. This resonates particularly with younger generations, who are demonstrably more environmentally conscious. Furthermore, the market is witnessing a shift towards a health-conscious consumer base. People are paying closer attention to what they consume and how they consume it. Thermos glassware allows them to maintain the desired temperature of their beverages for extended periods, ensuring freshness and optimal taste. This is especially beneficial for those who enjoy hot beverages like tea or coffee throughout the day or for those who prefer to keep their water chilled during workouts or outdoor activities.

The Thermos Drinkware Market is expected to grow at a strong CAGR of 6% during the forecast period owing to increasing outdoor activities. According to a survey conducted by the National Park Service (NPS) in the US in 2022, over 80% of park visitors bring beverages. With a growing focus on sustainability and reusable products, thermoses are a natural choice for these outings. Moreover, in India, the Ministry of Tourism (MoT) has observed a similar phenomenon. Domestic tourism, with a strong focus on outdoor activities, has witnessed significant growth. A 2022 MoT survey revealed that over 65% of respondents planned to prioritize outdoor experiences in their future travels. This surge in outdoor exploration translates into an increased demand for thermos drinkware in the coming years.

• On the basis of product type, the market is segmented into water bottle, mugs and tumblers, and beverage bottle. The water bottle held the dominant share of the market in 2022 due to the rising popularity of water bottles among students and sports enthusiasts. The water bottles help provide health benefits to individuals, along with the convenience of keeping water at room temperature. Moreover, rapid technological advancement is also driving the growth of the segment. For instance, in August 2020, Xiaomi Corporation launched Mija Bullet Thermos Flask, a water bottle containing laser welding technology-based vacuum layer inside it. Such a product has 12 hours of cold/heat preservation with 500ml capacity.
• By capacity, the market is categorized into less than 500ml, 500ml to 1000ml, and 1000ml and above. The 500-1000ml held the dominant share of the market in 2022. The size segment is growing with the rising adoption by students and outdoor enthusiasts who prefer to have a water bottle with them at all times due to its compact and convenient size. They easily fit into any bag without taking up much space. These bottles come in a range of colors, patterns, and designs, enhancing their visual appeal, practicality, and usefulness.
• On the basis of distribution channel, the market is segmented into supermarkets, convenience stores, and others. The supermarkets held the dominant share of the market in 2022. The supermarket is a self-service store with many different kinds of food, drinks, and household items set up in other sections. A larger supermarket store has a more comprehensive selection than a grocery store. Globally, supermarkets are expanding by incorporating business intelligence into their systems. With a variety of customers in the market and a time-pressed customer, supermarkets are offering door-to-door delivery within a specific range, providing more utility to the customer. With continuously changing consumer expectations, supermarkets keep pace and find a competitive advantage over other stores. According to the National Retail Federation, in 2021, Kroger Co. operated 2,874 stores in the United States.
• For a better understanding of the market adoption of the thermos drinkware industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America held the dominant share of the market and is expected to do so even in the forecast period. North America is expected to hold a significant market share in the studied market over the forecast period. Busy schedules and on-the-go routines in North America, especially in urban areas, create a demand for convenient and portable beverage solutions. Thermos drinkware fulfills this need perfectly, allowing consumers to enjoy their favorite beverages at the desired temperature throughout the day. In addition to this, North America has a thriving coffee culture and a growing market for specialty beverages. Thermos bottles and mugs help maintain the perfect temperature for these drinks, enhancing the overall flavor experience. In addition, rising disposable income is also boosting the market growth. According to the U.S. Bureau of Economic Analysis (BEA), personal consumption expenditures (PCE) in the United States climbed by USD 100.4 billion (0.5%) in June 2023. With more money to spend, consumers are increasingly investing in products that improve their well-being and lifestyle, including thermos drinkware.
• Some of the major players operating in the market include Sigg Switzerland AG; Thermos L.L.C.; TIGER CORPORATION; Camelbak; Zojirushi America Corporation.; Stanley PMI; Klean Kanteen; Hydro Flask; KINTO Co., Ltd.; and Contigo Brands.