Insulated Drinkware Market research study provides an extensive information of important participants, such as suppliers, manufacturers, distributors, traders, consumers, investors, etc. Insulated Drinkware Market study depicts an in-depth analysis on the current status of Insulated Drinkware Market that consists of important types, and end uses. The data type of the Insulated Drinkware Market study contains market revenue, import, export, progress rate, consumption, etc. Further, the study focuses on the prominent and emerging regional and global trends contributing to the growth of the global Insulated Drinkware Market over the stipulated timeframe.
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Nowadays, cafés and restaurants generally use insulated drinkware because of increasing preference for on-the-go drinks. Insulated drinkware also delivers exceptional printability that helps in point-of-sale brand awareness. Such factors are fuelling the global demand for insulated cups, a trend that will continue over the next decade.
The global insulated drinkware market is anticipated to reach a valuation of over US$ 2.7 billion by 2030, with a growth rate pegged at over 6% over the forecast period of 2020-2030.
Presently due to the COVID-19 outbreak, the insulated drinkware market is witnessing some setbacks. The foodservice industry faces its potentially worst existential crisis. While lockdowns reduce transmission risk, this has also meant that revenue has fallen drastically.
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Due to this, the buying curve of insulated drinkware from the foodservice sector and household consumers is witnessing a sharp fall. Moreover, disruptions in import-export due to the pandemic have decreased the availability of raw materials, which is the biggest challenge for manufacturers in the insulated drinkware market industry.
Key Takeaways from Insulated Drinkware Market Study
- North America dominated the global insulated drinkware market, holding a market share of over 40% in 2019, and this market is projected to expand over 1.7 fold during the forecast period (2020-2030).
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- Stainless steel and rigid plastic drinkware are popular among millennials and the working population in the U.S.
- Water bottles account for a lion’s share in the insulated drinkware market, and are projected to reach a value of over US$ 1.5 Bn by the end of the forecast period
- The supermarkets and hypermarkets segment has a lead with more than 25% revenue share; however, the online sales channel has registered fast growth in the market at a CAGR of over 8.5%, owing to increase in the popularity of purchasing through this channel.
“Demand for insulated drinkware is expected to rise significantly owing to increased spending of consumers in developing countries. Leading manufacturers in the insulated drinkware market in the U.S. and Europe are focused on increasing their brand presence in emerging markets such as India, China, and Brazil,” says a Fact.MR analyst.
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Moderately Fragmented Market Structure with Players Diversifying Product Portfolio
The global insulated drinkware market is partially fragmented, with key market players holding half of the market share across the globe. Yeti Holdings, Inc. holds more than one-third of the market share in the global insulated drinkware market. The company has its headquarters in the U.S., and has operations across developed economies, which leads to high sales in North American and European countries. Other manufacturers of insulated drinkware are significantly focused on stainless steel or plastic drinkware along with insulation. However, the product portfolio of prominent manufacturers shows an inclination towards reusable drinkware.
Auditory impairments affect people of all age groups, ranging from moderate to severe. According to the Hearing Loss Association of America (HLAA), auditory impairments account for the 3rd largest physical disability among people. Furthermore, the World Health Organization estimated in 2019 that unaddressed hearing losses have cost countries US$ 750 Bn annually. 90% of the patients were adults, of which males constituted more than 50%.
The high incidence of hearing disabilities in the geriatric population is the main factor behind increasing deafness. As a consequence, people are increasingly seeking treatment for the same. On the premise of the aforementioned trends, the global audiological devices market shall experience a moderate growth pegged at 5% during the forecast period (2020-2026). The market is poised to surpass a value of US$ 1.3 Bn by 2026-end.
Key Takeaways of the Audiological Devices Market Study:
- Hearing Aids are expected to retain a major chunk of the audiological devices market share, accounting for 60% of the market. However, cochlear implants are gaining traction, owing to their suitability for severely hearing impaired patients.
- Meniere’s disease is the most prevalent hearing impairment among patients. Accounting for one-third of the total market share, the Meniere’s disease type is expected to leverage the audiological devices market share in the forecast period. Projected CAGR for the same is 5.8%.
- While clinics shall account for a major chunk of the audiological devices market, ambulatory services are gaining momentum. Reduced waiting time for treatment is a key driver for the growth of the ambulatory services segment.
- By region, Europe remains the most lucrative market for audiological devices, due to increasing geriatric population. By 2026, Europe shall account for more than one-third of the market share.
- However, Asia-Pacific shall register impressive growth, due to technological developments and entry of key audiological market players. Projections indicate a CAGR of 6.5% from 2020-2026.
“The global audiological devices shows a positive growth trend in the future. Increase in the elderly population, coupled with burgeoning research in addressing hearing impairments, shall drive key market players to innovate,” concludes a Fact.MR analyst.
New Product Launches to Shape Audiological Devices Competition Landscape
Important audiological devices market players such as Sonova International and William Demant Holdings A/S, focus on development of technologically advanced audiological devices and product launches to increase their footprint. For instance, Sonova International recently unveiled its “Virto M Black” custom made hearing aid. Part of Sonova’s Marvel customized in-the-ear (ITE) technology, the device includes Bluetooth streaming and a personalized hearing experience through the myPhonak App. Likewise, William Demant Holdings A/S offers hearing impairment solutions through its Oticon, Bernafon, Sonic, Audika and MAICO brands. Core businesses include hearing devices, hearing implants, diagnostic instruments and intelligent audio solutions.
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