Smart Bottle Market – Revenue Generation, Market Shares & Latest Development

Smart bottles, the technologically advanced bottles that encompass wireless communication capabilities for connecting with computing devices such as smartphones or wearables and an artificial memory that helps provide alerts through display or sound system, are one of the most popular products in the world’s technology-obsessed circles. With applications presently spanning across the drinking water, pharmaceutical, and alcoholic beverages sectors, smart bottles are increasingly gaining traction and are observing vast developments in terms of innovation and technology advances.

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On the basis of application, the global smart bottle market has been segmented in the report into water bottle, pharmaceutical bottle, alcoholic beverage bottle and other bottle. Of these, the segment of water bottles is presently the leading revenue contributing application segment in the global smart bottle market, accounting for a massive 56.4% of the overall market in 2016. The segment is expected to continue to tread along an excellent growth path over the report’s forecast period, gaining a notable rise in its share global market by the end of the forecast period.

The segment of pharmaceutical bottles, presently holding the second position in the global smart bottle market in terms of revenue contribution, is expected to exhibit a promising 13.0% CAGR over the forecast period and retain its position. The segment is, however, expected to lose its share in the global market by the end of the forecast period. Other application segments are also expected to lose share in the global market by the end of the forecast period, with the segment of water bottles capturing the market.

North America Market to Remain Top-gaining Regional Market for Smart Bottles

North America is the prominent region and holds the dominant share in the global smart bottle market, due to strong technology embedded manufacturing capabilities in the region.  The region is also expected to lead the global market in terms of overall revenue contribution and rate of growth over the report’s forecast period. The market in APAC region is expected to emerge as one of the most promising avenues for the smart bottles market.

The region is expected to attract investments from smart bottle manufacturers particularly targeting the growth opportunities arising from the thriving e-commerce industry. The APAC smart bottle market is expected to constitute the third-largest share in the global market by 2024 with a drop of 240 bps over the forecast period.

The Europe market for smart bottle is expected to expand at a CAGR of 13.8% with sales particularly concentrated in Germany and U.K. regions. Spain and Italy markets are expected to witness healthy growth rate due to presence of considerable number of smart bottle packaging manufacturers. Latin America market for smart bottle constituted 7.1% of the global market in 2015 and is expected to register growth at a moderate pace over the report’s forecast period. The Middle East and Africa (MEA) smart bottle market is also expected to exhibit a sluggish CAGR of 8.4% over the forecast period.

Some of the leading players operating in the global smart bottle market are Hidrate Inc., Myhydrate, Kuvee, Inc., Thermos LLC, Adheretech Inc. Sippo, Trago, Inc, Spritz, Hydrasmart, and Ecomo Inc.

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Smart Bottle Market – Increasing Demand from Tech-savvy Customers to Augment Market Growth

The global smart bottles market is at a very nascent stage and is seen to be highly fragmented and largely dynamic. The global market is influenced by technologically advanced features of connectivity and innovative products. Leading players in the global market for smart bottles such as Thermos LLC, Spiritz, Adheretech Inc., and Myhydrate each accounted for less than 5% of the all-round revenue generated by the market across the globe in 2016.

Domestic and regional players have projected to witness vast opportunities of growth in regional areas on account of less strict regulations and rules associated to features and quality included in products compulsory for sale. Manufacturing of cheaper products with new features are expected to give an edge to regional players as compared to the global ones who pay more sums for the research and development of products. Global players could take advantage from associations, mergers with other leading companies in the domains of fitness and health and technology. In a recent development, a strategic association between Fitbit Inc. and Thermos LLC. The new hydration connected bottle of Thermos LLC, introduced in October 2015, works with Fitbit to keep a track of water intake to sustain the overall health and energy of the consumer.

The global market for smart bottles stood at an overall valuation of US$88.8 mn in the year 2016. This valuation is expected to grow and reach a figure worth US258.8 mn by the end of 2024. This growth of the global market for smart bottles in terms of value is expected to be achieved with the help of strong CAGR of 14.3% over the course of the given forecast period of 2016 to 2024.

With respect to the prominent application areas of smart bottles such as water bottles, alcoholic beverage bottle, and pharmaceutical bottles, the segment of water bottles is currently leading contributor of revenue in the market across the globe. The segment accounted for more than 56% of the global market in 2016 and is projected to experience a significant rise in its overall share by the fall of the given forecast period in 2024. However, other segments are projected to experience losses in their respective share in the market.

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With respect geography, the global market for smart bottles is expected to be led by Europe and North America. Of these, the North America market is expected to show an impressive CAGR of 16.4% over the course of the given forecast period of 2016 to 2024.

Some of the key factors helping to drive the growth of the global market for smart bottles is the increasing awareness about healthcare and overall body fitness among the population across the globe. In addition to this, increasing population of tech-savvy customers and growing willingness to pay more sums for technologically advanced products and premium.

With capacities such as updating customers about the overall water intake over a specified time period, comparisons between different levels of body hydration among others are attracting tech-savvy customers and are thus helping in augmenting the overall growth of the global market in the coming years.

Customization and Cost Problems to Impede Market Growth

However, there are some factor that might impede the market growth in coming few years. One of the key restraining factors for the growth of the global market is considered to be the high costs these bottles along with lack of customizations.

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6 Key Future Prospects of Smart Bottle Market for Forecast Period 2017 – 2024

The highly dynamic and largely fragmented vendor landscape of the nascent global market forsmart bottles is highly influenced by innovative products and technologically advanced connectivity features, observes Transparency Market Research (TMR) in a recent report. Leading vendors in the global market, such as Adheretech Inc., Thermos L.L.C., Hidrate Inc., Spritz, and Myhydrate each accounted for less than 5% in the overall revenue generated by the global market in 2016.

Regional and domestic vendors have vast growth opportunities in regional pockets on account of less stringent rules and regulations pertaining to quality and features included in products mandatory for sale. Production of cheaper products with innovative features also give regional players an upper hand in comparison to international players who pay larger sums for product R&D. International players could benefit from collaborations with other leading companies in the health and fitness and technology domains. Recent instance of a strategic collaboration is the collaboration between Thermos L.L.C and Fitbit. Themos L.L.C’s new hydration connected bottle, launched in October 2015, works with Fitbit to track the water intake goals to maintain energy and overall health.

Transparency Market Research estimates that the revenue generated from sales of smart bottles across the globe was over US$88.6 mn in 2016. This is projected to increase at a CAGR of 14.3% during forecast period from 2016 to 2024, rising to a valuation of US$258.8 mn by 2024.

North America to Remain Dominant Regional Market throug Forecast Period

In terms of the key areas of application of smart bottles, including uses as water bottles, pharmaceutical bottles, and alcoholic beverage bottles, the segment of water bottles is presently the leading contributor of revenue to the global market. The segment accounted for over 56% of the global market in 2016 and is expected to witness a rise in its share by the end of the forecast period. Other segments are expected to witness losses in their share in the global market.

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In terms of geography, the market for smart bottles presently earns a massive share in its revenues from sales across developed economies in regions such as North America and Europe. These regions are expected to continue to dominate the global smart bottle market over the report’s forecast period as well, with the North America market expected to exhibit a promising 16.4% CAGR over the report’s forecast period.

Rising Demand from Tech-savvy Consumers to Drive Market

Some of the key factors driving the global market for smart bottles are the rising healthcare and fitness-related awareness among the global population, the increased population of tech-savvy consumers, and the increased willingness to pay higher sums for premium and technologically advanced products. In developed as well as developing economies, the intake of smart fitness devices such as heart rate monitors and activity trackers that can be connected wireless to smartphone, allowing the wearer/user to keep a track of their activities and advising them about appropriate actions to keep in good health, has significantly increased over the recent past.

With capabilities such as updating the consumers about the amount of water consumed over a specified period of time, comparisons between the required water level in body to avoid dehydrating and the amount of water consumed, smart water bottles are easily captivating the attention of tech-savvy and health-conscious consumers across the globe.

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Cost and Customization Issues to Hinder Growth

Factors such as the high cost of smart bottles and lack of commercialization could hinder the overall development of the global smart bottle market to a certain extent. The cost factor is especially expected to affect market’s growth across developing economies wherein a large portion of the population has low purchasing power. In addition, the lack of standardization in technology and its components have created a differentiating factor for consumer, which at the same time makes it’s difficult to compare the product offering by the manufacturers.

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