Part
01
of one
Part
01
Potential Size of the Water Bottle Market, non disposable and marketing tactics to build a great brand.
The market size of the reusable water bottle market in 2017 is $7.904 billion. For the forecast period of 2016-2023, the market will expand at a CAGR of 4.0%. Important marketing tactics to grow a brand include having a good image, a specific offer, and using social media as a long-term process for B2B marketing.
The reusable water bottle market
Reusable water bottles are used to drink and carry beverages. These non-disposable bottles are manufactured from glass, metal, silicone and polymer. They provide durability that many disposable water bottles lack. They are also more cost-effective and do less damage to the environment. In the coming years, this industry will grow rapidly through online shopping. The decrease in the price of water bottles and the greater access to social networking are factors that will have a positive impact on the industry.
Across the globe, especially in Asia, the great movement of people from rural to urban areas will provide for growth in this market. Increasing disposable incomes and a more comfortable lifestyle will stimulate the growth of this industry in the years between 2016 and 2023. It is expected that in the next few years, trends, colors, and styles will help propel the reusable water bottle market.
MARKET SIZE OF THE WATER BOTTLE MARKET
According to a report by Credence Research, the reusable water bottle market was valued to be worth US$ 7.6 billion at the end of 2016. For the forecast period of 2016-2023, the market will expand at a CAGR of 4.0%. We can calculate the size of the water bottle market by multiplying the market size in 2016 by the CAGR and adding that value to the figure from 2016. Below is the calculation.
$7.6B x 0.04= $0.304B
$7.6B + $0.304B = $7.904B
The market size of the reusable water bottle market in 2017 is $7.904 billion. The reusable water bottle market is projected to grow to US $9.9 billion by 2023. Prnewswire forecasts that the market will increase to US $10.19 billion by 2024. Transparency Market Research (TMR) predicts that the market will be worth US $10.4 billion by the end of 2025.
Marketing tactics to build a great brand
The bottled water industry offers some lessons on how to market water, and these can serve the water bottle market. Image is important in the water bottle industry. Many water brands use mountains and glaciers on their labels, even if their water does not originate in those places. Positioning a product as an indicator of wealth is a strategy that has worked for many bottled water brands. As brands lower the price of bottled water, this becomes a luxury that the average person can afford. A similar strategy can yield great results for marketing reusable water bottles.
The website, Fusion Marketing Partners, offers advice for building awareness for a brand. Crafting a brand promise that is specific and offers something, is important. The brand promise has to be built around a big idea, and it must be based on reality. Defining a brand will determine what a company stands for, and it should be in line with the organization's values. Contributing to the environment or a community are options that a company can support.
At conferences, open houses and events, handing out free branded water bottles can be an effective marketing strategy. Free branded water bottles can be distributed in exchange for an email address. On the internet, social media should be assessed as a long-term process rather than a quick solution. Blogging, LinkedIn, and Twitter are vital tools for achieving B2B social media success.
CONCLUSION
To conclude, the reusable water bottle market will expand at a CAGR of 4.0% in the forecast period of 2016-2023. I was able to calculate the market size of the reusable water bottle market in 2017, and it is $7.904 billion. Important marketing tactics to grow a brand include having a good image, a specific offer, and using social media as a long-term process for B2B marketing.