Grab and Go Bottles Market to Top US$ 75 Bn as Growing Sustainability Concerns Pushes the Adoption by 5% CAGR FMI
A detailed study by the Future Market Insights (FMI) on the grab and go bottles market uncover critical trends favoring the demand outlook. It also provides insights into key factors and opportunities creating growth prospects for the market across various segments on the basis of material type, capacity, and end use over the coming decade.
DUBAI, UAE, Dec. 8, 2021 /PRNewswire/ -- Future Market Insights (FMI), Dubai: As per a newly released data by FMI, the global grab and go bottles market is projected to total US$ 75 Bn by the end of 2021. Increasing use of grab and go bottles for packaging syrups, soups, sauces, and others across the food industry is facilitating the demand in the market.
Grab and go bottles are increasingly being used as packaging solutions for ready-to-drink beverages, owing to the convenience associated with it, suitable for the on-the-go millennial and Gen-Z's. On account of this, the market is estimated to expand at a 5% CAGR over the forecast period 2021-2031.
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Hence, increasing consumption of soft drinks, juices, and others and growing availability of aforementioned beverages in supermarkets, convenience stores, and many retail outlets are creating high revenue generation opportunities in the market.
With rising concern regarding the environment, leading beverage manufacturers are aiming at introducing sustainable liquid packaging solutions. For instance, Coca-Cola Co. announced launching sustainable grab and go bottles made of 100% recycled polyethylene terephthalate (PET) for its soft drink in February 2021.
A multiplicity of new products launches is expected to aid the market. Against this backdrop, the global grab and go bottles market is set to register 4.4% year-on-year growth between 2020 and 2021.
Based on material type, plastic is anticipated to remain the most preferred material in the market, accounting for nearly 3/4th of the sales in 2021. Attributes favoring the growth in the segment are low cost, lightweight, high durability, and versatility as compared to glass bottles.
"Growing preference of personal care and cosmetic product manufacturers towards adopting sustainable grab and go packaging solutions for serums, liquid foundations, body lotions, shampoos, and others is accelerating the growth in the market," says a FMI analyst.