Monday, 19 December 2022 09:00 AM
Company Update
NEWARK, DE / ACCESSWIRE / December 19, 2022 / According to Future Market Insights, the global hydration backpack market size is expected to reach US$ 388 Million and is projected to grow at a CAGR of 12%. Due to increasing participation in sports and leisure activities, the global market will reach 5,735 million US dollars by 2033.
In the last five years, the popularity of sports and military backpacks has grown by leaps and bounds. functions of hydration. Emerging trends that will influence the market over the coming years include the increasing use of pressurized water jets and removable bladders.
Several health concerns associated with the use of plastic and bottled water have led consumers to switch to eco-friendly hydration packs, increasing the demand for hydration packs.
Technologically advanced materials and the need to maintain water temperature will increase market growth in the near future. As a result, the demand for hydration packs will explode in the coming years.
A recent report from the World Development Report Institute indicates that growing consumer interest in cycling, walking and running in Brazil, India and China is expected to accelerate the growth of the pusher market. Moreover, due to the health benefits offered by this product, the market is expected to grow in the near future due to the health benefits it offers.
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Key Takeaways from the Market Study
- According to the report, the hydration backpack market is expected to reach US$ 388 million by 2023.
- The hydration backpack industry is expected to grow at a CAGR of 12% between 2023 and 2033.
- Hydration backpacks are expected to reach a valuation of US$ 1205 million by 2033.
- By distribution channel, the specialty stores segment dominates the market with a 47% share, which is expected to continue over the forecast period.
- North American hydration backpack sales are expected to grow 41% by 2033.
"Growing consumer awareness about healthy lifestyles and outdoor activities including trekking, hiking, biking, and marathons are expected to lead to an increase in the market demand for hydration backpacks in the near future," comments an analyst at FMI.
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Competitive Landscape
Vista Outdoor Inc. (CamelBak), Columbia Sportswear Company, Osprey Packs Inc., High Sierra, Gregory Mountain Products, Source Tactical Gear, Hydro Flask, Mazama Designs, LLC., USWE Sports AB, and TETON Sports.
To gain a competitive advantage and increase their market share, these firms are pursuing a number of strategies including the launch of new products, the expansion of their facilities, mergers, collaborations, partnerships, and acquisitions in an effort to improve their competitive situation. For instance,
- In June 2022, GenZ Outdoor unveiled an exclusive backpack designed for the Electric Forest. As the founder and designer of GenZ, Ryan Lange ensured that the product would stand out from the crowd. As a nod to the return of one of the nation's most renowned music events, GenZ Outdoor created a hydration pack dubbed the RaveRunner. GenZ x EF collabs provide Forest Dwellers with everything they need for weekend-long frolics, including two liters of water and warm clothing for the evening.
- In September 2022, the 2022 International Design Excellence Awards honored Whipsaw with multiple awards. In the Medical & Health category and in the Sports, Leisure & Recreation category, Whipsaw was awarded silver awards for Fluidigm's Biomark X and MXXY Hydration Backpack.
More Valuable Insights Available
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The study divulges essential insights on the hydration backpack market analysis report by End User (Sports, Military), by Distribution Channel (Specialty Stores, Departmental Stores, Online Retail), and by By Region - Global Forecast 2023-2033
About Consumer Goods at Future Market Insights
The consumer goods domain at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
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About Future Market Insights, Inc.
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