Global Drinkware Market 2019-2023 | Introduction of Luxurious Drinkware Products to Boost the Market | Technavio

LONDON--()--The global drinkware market is expected to post a CAGR of more than 3% during the period 2019-2023, according to the latest market research report by Technavio.

Over the last couple of years, the online sales of drinkware products have been witnessing significant growth owing to the advantages offered by online platforms. Vendors in the market are increasingly taking initiatives to improve their online distribution to scale their business at a reduced cost and to expand their reach globally. The online platform enhances the visibility of products and provides convenience to consumers. Furthermore, the availability of a comprehensive product portfolio on online platforms is backing the growth of the online distribution channel. Therefore, access to online distribution channels and growing online sales of drinkware products are expected to impact the drinkware market growth during the forecast period.

As per Technavio, the introduction of luxurious drinkware products with innovative functionalities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global drinkware market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.

Global drinkware market: Introduction of luxurious drinkware products with innovative functionalities

The drinkware market is witnessing increased innovations and advances with vendors focusing on introducing luxurious products with improved functionalities. For instance, some vendors have recently introduced innovative drink glasses with various features such as temperature-sensing. Similarly, other vendors are offering premium wine and shot glasses that are rimmed with accents of 24-karat gold, which targets sales from high-net-worth consumers. Such innovations are expected to fuel the growth of the drinkware market during the forecast period.

“Apart from the introduction of luxurious drinkware products with innovative functionalities, other factors such as the increased introduction of steel glasses and handmade color glasses, and the personalization of drinkware for gifting purposes will have a significant impact on the growth of the drinkware market size during the forecast period,” says a senior analyst at Technavio.

Global drinkware market: Segmentation analysis

This market research report segments the global drinkware market by end-user (commercial, and residential), and geographic regions (APAC, North America, Europe, South America, and MEA).

The APAC region led the drinkware market in 2018, followed by North America, Europe, South America, and MEA, respectively. The growth of the drinkware market in APAC can be attributed to the increasing population, rising incomes, and the growing number of nightclubs in metropolitan cities. The market growth is also driven by the adoption of Western culture of consuming premium coffee and socializing in coffee bar and shops.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The global drinkware market is expected to post a CAGR of more than 3% during the period 2019-2023, according to Technavio.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com