O2Cool acquires Zing Anything and Bobble to expand its Market
Insulated drinkware products are getting popular day-by-day. Demographic shift has been observed towards insulated drinkware which is bought by consumers on the basis of utility. This positively influences the sale of these utility drink wares. Fact.MR report predicts this trend to hugely influence global insulated drinkware market in the coming future. Approximately 5% of the total working population has already started using insulated drink ware. Observing this trend, drinkware manufacturers conducted surveys and gathered consumer preference data in order to attain a greater insight in user experience. They are conducting researches to create new materials and are evolving their strategies to procure raw materials. Steel is one of the raw materials that is highly preferred by consumers.
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Durability is preference
Insulated drinkware is gaining traction amongst adventure lovers who use these drink ware during travel. Sports activities along with adventure have brought products like insulated cans and traveler mugs into mainstream. Online platforms have surfaced as the most popular distribution channel for such items. Durability has turned out to be a key parameter for purchase of insulated drink wares. Manufacturers have started using polymer plastics to make insulated ware so that they can make its design more appealing and attract more customers.
Insulated drink ware market is witnessing expansion on the backdrop of emerging opportunities in nations like China. Brazil, Mexico and India. Indian and Chinese market are growing rapidly because of different factors like availability of raw materials at cheap cost and labor. Fact.MR report predicts that India will generate opportunities worth US$57Mn and China will generate opportunities worth US$74Mn in the forecast period 2019-2029.
Manufacturers are expanding geographical reach
The competitive landscape of global insulated drink ware market is highly fragmented. Only a handful of regional manufacturers own greater than three-fourth the global market. Two major players of global market are Klean Kanteen and Brita GmbH. Both of these own marginal share of the international market for insulated drinkware. They are expected to continue their dominance in their respected regions in the coming years. Manufacturers in the market are focused to expand their portfolio. They are taking efforts to improve their supply chain efficiency. Covering a greater geographical area is their long term goal for which these companies are acquiring other businesses that can make their insulated drink ware venture more profitable. Companies are increasing their offers to acquire greater customer base.
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Camelbak Products, LLC is progressive towards enhancing its product portfolio for which it is introducing new products in market. Its existing products line is getting re-engineered and is getting launched as a range of water bottles that have thermal base. It is enhancing different aesthetic features of its existing products in terms of graphics and design in order to retain its current customer base. O2Cool LLC acquired Zing Anything, which owns a patent for its products. Bobble is the other company acquired by O2Cool to cater The Unilever Group’s brands dealing with personal care and household products.
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