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 ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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