LONDON--(BUSINESS WIRE)--The hydration products market is expected to grow by USD 228.11 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
Rise of external threats such as terror attacks have compelled several countries to increase the budget allocated for military and defense. For instance, the military expenditure in the US grew by over 22% in 2019 as compared with 2015. Similarly, the UK government is increasing its defense budget by 0.5% every year. A major part of the military and defense expenses are allocated to the maintenance of military personnel, and provisions for the armed forces. Military personnel often use hydration packs to keep them hydrated during combat. The demand for hydration packs in the form of reservoirs and the expenditure on these items is expected to increase further. Hence, with the increased global spending on military and defense, the hydration products market will gain momentum during the forecast period.
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As per Technavio, the growing popularity of adventure sports will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Hydration Products Market: Growing Popularity of Adventure Sports
The increase in outdoor activities such as trekking, running, biking, and other adventure activities have created a strong demand for hydration products. The growth of the international tourism industry has further increased the popularity of outdoor sports events. For instance, in 2018, the global tourism industry witnessed a 5.4% increase in the number of international tourists, as compared to the previous year. These factors are expected to have a positive impact on the growth of the global hydration products market during the forecast period.
“Introduction of smart and interactive hydration products and the diversification of distribution channels will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Hydration Products Market: Segmentation Analysis
This market research report segments the hydration products market by end-user (Sports, Military, and Others), product (Hydration packs, Water bottles, Purification and filtration, Accessories, and Others), and geography (North America, Europe, APAC, South America, and MEA).
The North America region led the hydration products market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to increasing participation in adventure sports by various sports enthusiasts in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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