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Drinkware is experiencing a robust market expansion over the years as it offers multiple types of products, which is best-suited use for sports, food outlets, homes, and workplaces. The product's capability to deliver elegant and classy looks and design for a formal setting while, on the other hand, also comes in durable form even for kids use is helping to attract more consumers. The rising establishment of bars in various countries across the globe has led to surge the demand for the product. For instance, according to the data released, SBDCnet.Org, June 2020, is declaring that the United States Bar and Night Clubs include over 36,000 establishments.
The escalating consumption of beverages led to surge the demand of the product is acting as a driving factor for the market growth. For instance, according to the International Coffee Organisation data released, is stating that the global 2019/20 consumption has witnessed a rise of 1.24 million bags to 169.34 million bags from its prior year. Furthermore, the rising number of various social gatherings such as birthday parties, graduation celebrations, baby showers, and others are assisting to escalate the consumption of the product. In addition, the increasing popularity of kitchenware exposition such as Zuchex International Home & Kitchenwares Fair, Madina Expo for Modern Hotels Asian Houseware & Kitchen Show, and others assist to progressively generate traction among consumers.
Nevertheless, the growing price of the product owing to the escalating cost of transportation of goods is acting as a restraining factor for the market growth.
Key Market Driver -
The rising consumption of beverages is acting as a driving factor for the market growth
Key Market Restraint -
The rising price of the product led by upsurging cost of transportation goods is acting as a hampering factor for the market growth.
Libbey, AnHui DeLi Glassware, Bormioli Rocco, Pasabache, Steelite International, The Oneida Group, and others are the key companies operating in the market.
The drinkware market is segmented into by material, application, sales channel, and geography.
On the basis of material type, the market is fragmented into glass, steel, plastic, and ceramic. Glass is anticipated to be the leading segment owing to the product being popularly used for the consumption of beverages such as juice, wine, and alcohol. Also, the product offerance of an elegant appeal assist to escalate its preference rate.
Based on application, the market is bifurcated into commercial and household. Household is projected to be the prominent market on account of drinkware being considered as one of the mandatory kitchen wear owned by large number of homes. Similarly, the popularity of possessing multiple types of drinkware for different purposes, such as for the use of hot and cold beverages, kids and others, escalates its demand for this segment.
By sales channel, the market is divided into supermarket/hypermarket and e-commerce stores. Supermarket/hypermarket is estimated to be the larger market due to most consumers being attracted by the offerance of authentic products from relevant brands at a relatively lower price than other places. In addition, the increasing availability of counterfeit products in e-commerce stores which in turn raises the utilization of this segment.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Asia Pacific is anticipated to exhibit a prominent share and is estimated to continue throughout the forecast period of 2021-2028. The thriving growth of tourism propelling the rise of various businesses such as café, motels, resorts, and others, assist to surge the market growth. For instance, according to the World Economic Forum data published, is stating that in 2019 the number of international tourist arrivals in the Asia Pacific is 290,868.1 thousand. Additionally, the rising growth of food catering businesses in this region surging the usage of the product is helping to increase the demand. For instance, according to the Economic Times data issued, April 2019, is declaring that the food catering businesses have witnessed a growth of 16 percent and is assessed to be valued at USD3.3 billion.
North America is anticipated to embrace a crucial presence in the drinkware market, owing to the increasing establishment of commercial sectors such as offices, educational institutions, and others has driven the utilization of the product. For instance, according to the data issued by the US News, February 2019, is stating that in the United States, the Department of Education lists over 4,000 degree-granting academic institutions. Additionally, the increasing number of restaurants in the United States led to increase the usage of the product is evaluated to have a positive impact on the consumption rate. For instance, according to the National Restaurant Association data 2020, is proclaiming that there are 1 million-plus restaurant locations established in the United States.
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