Incredible Opportunities in the Drinkware Industry

In any grocery store or department store, you’re always bound to see a cute tumbler or mug with unique designs. The global drinkware industry is having a massive growth, with projected revenue of an estimated $11.7 billion by 2023 with a CAGR of 3% from 2018 to 2023. Much of this growth is thanks to the growing hotel and catering industries, an increase in beverage consumption, and a boost in the middle-class disposal income. With the future of the industry looking up, the best time to enter the industry is right now. Here are a few of the top business opportunities you can grab in the drinkware industry:

Sell custom engraved mugs and tumblers

Although mugs are probably one of the most used up gifts of all time, a new twist is helping it make its comeback. Customized designs that have a personal meaning to the consumer is a huge trend right now. Even companies want their logos printed on mugs and tumblers. Brands also use mugs and tumblers for promotional purposes. In fact, according to the Promotional Products Association International, drinkware generated a massive 8.4% of the total sales of promotional products in 2017.

What you can do is to offer tumbler and mug engraving services using laser technologies. Your main market will be brands that want to produce promotional products and drinkware for their employees, as well as consumers who want to give gifts to their loved ones. You can also target specific niches such as sports, fandoms, professions, and more.

Offer eco-friendly drinkware

Coffee Frappe

Another huge trend across many industries is the increasing demand for eco-friendly products and materials. From bags to pieces of jewelry, the consumers’ demand for the use of sustainable materials is transforming supply chains. This is why glass remains the top material used for drinkware. They’re environmentally friendly and have low health risks. Another trending drinkware is the biodegradable cups. You should also consider selling bamboo, glass, or metal straws to replace plastic straws.

Even if eco-friendly drinkware may cost more than plastics, you have little to worry since a 2015 study by the University of Bon found that consumers were willing to pay around 30 percent more for ethically produced goods and products.

Watch out for technological unicorns

Have you heard about this kid who invented a phone-charging coffee mug? Ann Makosinski has been named Popular Science’s young inventor of the year for her ingenious invention. Her coffee mugs use heat energy to charge phones with the use of Peltier tiles and a USB port. Her “eDrink” can charge a phone for 30 minutes at a time.

She shared that she was inspired to look for a solution when she noticed how her friends were always low on battery and their coffee took too long to cool down. Innovations like this in the drinkware space can lead to a breakthrough not only for your business but for the environment as well. If you have a brilliant idea that can solve not just one but two problems like Makosinski did, it will be a game-changer.

The drinkware industry offers a lot of potential for any entrepreneur. From mug engraving to eco-friendly tumblers, there’s no limit to what you can do in this industry.

Categories Banking
0Shares
0 0 0