LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global hydration products market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global hydration products market for 2017-2021. The report also lists packs, bottles, purification and filtration systems, and accessories, as the four major product segments, of which the hydration packs segment accounted for the largest share of close to 45% of market revenue in 2016.
According to Neelesh Prakash Singh, a lead analyst at Technavio for power research, “The growth of hydration products market is driven by the increase in adventure sports worldwide. The increase in military expenditure by developed nations, such as the US, the UK, Canada, and Australia, is also expected to contribute to the growth in demand for hydration products. In addition, the growing adoption of e-commerce has supported the increase in demand and supply of hydration products from various vendors and consumers globally.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global hydration products market:
- Increase in military expenditure
- Growing popularity of adventure sports
- Distribution of hydration products through e-commerce channels
Increase in military expenditure
The military and defense expenses are determined based on the economic and political scenario of the country. The US allocated over USD 500 billion on defense spending in 2015. The other countries with substantial budgets for the armed forces included China, Saudi Arabia, Russia, the UK, India, France, and Japan.
Military personnel use hydration packs to keep them hydrated during combat. The increase in spending in military expenses, such as operation costs include the armor and protective equipment used by the military forces. The global increase in spending will drive the market for hydration packs, in the form of reservoirs by the military forces.
Growing popularity of adventure sports
Outdoor activities such as trekking, running, biking, and other adventure activities are a key market for hydration products. The increase in outdoor activities over the years is expected to create demand for hydration products over the forecast period. The popularity of outdoor sports is driven by the growth of international tourism globally.
Hydration products in the form of packs, bottles, and accessories are widely used in adventure sports, such as trekking, hiking, biking, skiing, and other activities. The increase in awareness and indulgence in adventure sports, globally, drives the demand for hydration products during the forecast period. Various vendors such as CamelBak, HydraPak, and Osprey provide hydration products for outdoor activities.
Distribution of hydration products through e-commerce channels
Hydration products are widely distributed through e-commerce channels by various vendors. They have their distributors across the world through which consumers can purchase the desired hydration product through online resources.
CamelBak, a leading vendor of hydration products, has various online partners across the world. HydraPak, another leading vendor, delivers products globally, ordered through their website. Osprey also has similar operations and caters to the needs of its clients.
“The growth of e-commerce retail sales has driven the sales of hydration products. In 2016, approximately 9% retail sales were through e-commerce portals, which is expected to rise to 65% by the year 2020,” says Neelesh.
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